Theglobal wireless connectivity technology marketsize is expected to grow fromUSD 63,916.1 million in 2020toUSD 150,375.9 million by 2027, registering a CAGR of 13.0% from 2021 to 2027. Wireless connectivity is a networking technology used to connect two nodes or devices without cords, wires, and cable. Wireless connectivity is a method that allows the customers to avoid costly installation of cables within the properties for connectivity between systems and devices. The penetration of Wi-Fi in the commercial, industrial, and residential sectors as a wireless LAN connection drives the demand for Wi-Fi-enabled smart lighting. The pre-existing Wi-Fi-equipped structure tends to use Wi-Fi connectivity for smart lights.
Additionally, the penetration of IoT-based technologies in emerging economies is lucrative to create future market opportunities. Moreover, Bluetooth is used in smart lighting setup as wireless connectivity technology. This wireless technology inter-links devices and provides remote access to the consumers. For instance, a smart LED bulb by Svarochi provides users with Bluetooth connectivity, which helps them remotely access the device to a hue of lights, control illumination, and other features.
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Factors such as growth in adoption of AI assistants, demand for wireless networks in developing smart infrastructure, and integration of IoT in surveillance cameras drive the market growth. However, maintenance costs and high installation in wireless network systems hamper the market growth. Furthermore, the emergence of AI & IoT technology for smart lightning and development in smart city projects, especially in APAC, is expected to further increase the demand for wireless connectivity technology.
The ongoing spread of the COVID-19 has become the biggest threat to the global economy. It is causing widespread concerns and economic hardship for businesses, communities, and consumers across the globe. The “New Normal” that includes social distance and working from home has created challenges with regular work, daily activities, supplies, and needs, causing delayed initiatives and missed opportunities.
The demand from the wireless communication sector is expected to increase due to factors such as higher demand for cloud services, video streaming, and increased broadband usage. In addition, in the medium to long term, COVID-19 is expected to further push up the need for digital transformation and technologies such as 5G, IoT, AI, and intelligent edge computing for future optimization.
Global Wireless Connectivity Technology Market Dynamics
The development of metropolitan cities into smart cities worldwide demands the interconnectivity of human and material resources. The connectivity has witnessed growth from wired connections to wireless connections. Further, the advancement of wireless connections that have increased data transfer rates is expected to drive the market due to the wide application of wireless networks in smart infrastructures. For instance, in the U.S. average commuter spends around 42 hours a year stuck in traffic, which is higher in mega cities such as Los Angeles or New York. Wherein, smart cities connected traffic lights can analyze traffic patterns and adjust in real-time to reduce congestion and delays.
The installation of wireless networks such as Wi-Fi requires autonomous infrastructure to utilize all features offered. Thus, the installation of smart lighting involves huge costs. It also uses various software and services for its connectivity and control. In addition, the maintenance of wireless network operation and repairing requires trained professionals, which increases the cost of maintenance. Therefore, high installation and maintenance costs of hardware and software hamper the market growth.
The advancements in wireless technology and surge in IoT technology for hyper-connectivity between devices in smart infrastructure are expected to increase the demand for wireless networks in smart lighting. Integration of artificial intelligence and IoT in lighting systems provides operational efficiencies such as auto-dimming and intelligent illumination as per requirement in various applications such as vertical farming, automotive interiors, and smart homes. For instance, vertical farming has adopted a smart lighting system to improve agricultural production. The use of smart lighting in this industry promotes optimum plant growth through auto-light adjustments. Therefore, integrating IoT and AI in the lighting industry offers lucrative opportunities for its market expansion.
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Scope of the Report
The study categorizes the wireless connectivity technology market based on technology, application, and region.
On the basis of technology, the market is segmented into Wi-Fi, Bluetooth, Zigbee, NFC & cellular technology, and others. The Wi-Fi segment was the highest contributor to the market; Wi-Fi had a market share of 25.7% in 2020. Wi-Fi is a popular wireless networking technology that uses radio waves to run wireless high-speed internet and network connections. This technology is used as one of the major wireless technologies, which majorly supports the market. Wi-Fi is used to access the internet services on portable devices such as smartphones, tablets, or laptops. Wi-Fi uses radio waves to transmit the information at specific frequencies, most at 2.4GHz and 5GHz. The penetration of Wi-Fi in residential, commercial, and industrial sectors as a wireless LAN connection pushes the demand for Wi-Fi-enabled smart lighting. The pre-existing Wi-Fi-equipped setup tends to use Wi-Fi connectivity for smart lights. Additionally, the penetration of IoT-based technologies in developing economies is lucrative to create future market opportunities.
Asia Pacific accounts for the highest CAGR during the forecast period
On the basis of region, the global wireless connectivity technology market is analyzed across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global wireless connectivity technology market during the forecast period. The Asia-Pacific wireless connectivity technology market is controlled mainly by advancing economical consumer electronic devices, encouraging sustainable investments in the sector. Furthermore, increased adoption in sports for health diagnosis in the region creates lucrative opportunities for the wireless connectivity technology market expansion. Furthermore, increased adoption of smart technologies in Asia- Pacific creates lucrative opportunities for the growth of the market in the region.
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Technological development in Asia-Pacific will boost the wireless connectivity technology market growth. Regional growth is expected to be influenced by the high demand for smartphones and smart wearables in consumer electronics. In addition, the rise in government initiatives for building smart cities in APAC and upcoming long-term investments in smart technologies will drive the growth of the Asia-Pacific market. Due to the increased adoption of advanced electronics, various technological advancements related to automotive and healthcare verticals propel the market growth.
Key Market Players
The report’s wireless connectivity technology leaders include Intel Corporation, Qualcomm Incorporated, NXP Semiconductors N.V., STMicroelectronics N.V., Texas Instruments Inc., Broadcom, Panasonic Corporation, Infineon Technologies AG, Renesas Electronics, and MediaTek Inc.
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These key players adopt several strategies, such as acquisition, partnership & collaboration, new product launch and development, and business expansion to increase the wireless connectivity technology market share during the forecast period.