Market Size –
The next generation wireless communication market size has grown exponentially in recent years. It will grow from $31.35 billion in 2023 to $37.70 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to increasing demand for high-speed connectivity, evolution of mobile devices, growing internet penetration, spectrum efficiency improvements, demand for seamless connectivity.
The next generation wireless communication market size is expected to see rapid growth in the next few years. It will grow to $76.21 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to proliferation of IoT (internet of things) devices, rising demand for ultra-reliable low-latency communication (URLLC), deployment of 5G networks, increasing need for massive machine type communication (mMTC), growth of edge computing. Major trends in the forecast period include exponential growth in connected devices, enhanced security measures, development of new business models, acceleration of remote work and virtual collaboration, evolution towards autonomous and connected vehicles.
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Scope Of Next Generation Wireless Communication Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Next Generation Wireless Communication Market Overview
Market Drivers –
The growing demand for faster communication technology is expected to propel the growth of the next generation wireless communication market going forward. Faster communication technology refers to advanced systems and solutions that significantly reduce latency, increase data transfer rates, and enhance overall speed in transmitting information across various networks and devices. The growing demand for faster communication technology is primarily driven by the need for seamless connectivity, rapid data transmission, and support for bandwidth-intensive applications. The next generation of wireless communication provides higher data speeds, lower latency, and increased network capacity, meeting the evolving needs of users and enabling the seamless adoption of bandwidth-intensive applications and services. For instance, in June 2023, according to 5G Americas, a US-based wireless industry trade association, global 5G connections reached 1.2 billion in the first half of 2023 and are anticipated to grow to 1.9 billion by the end of the same year, with a projected further increase to 6.8 billion by the end of 2027, while North American 5G connections, currently at 36% population penetration, are expected to reach 601 million by the end of 2027, averaging roughly 100 million additions per year. Therefore, the growing demand for faster communication technology is driving the growth of the next generation wireless communication market.
Market Trends –
Major companies operating in the microgrid monitoring market are developing innovative technologies, such as advanced microgrid energy storage systems, to increase their profitability in this market. It is utilized in microgrid monitoring to optimize energy distribution, ensure grid stability, and seamlessly integrate renewable energy sources. For instance, in February 2024, San Diego Gas & Electric (SDG&E), a US-based utility company, launched four advanced microgrids in Clairemont, Tierra Santa, Paradise, and Boulevard communities. These microgrids offer real-time monitoring, quicker responses to grid events, efficient energy storage management, and improved grid resilience. These microgrids can operate autonomously or with the broader regional grid, boasting a total storage capacity of around 39 MW and 180 MWh spread across four SDG&E substations. These microgrids are equipped with state-of-the-art safety technologies and utilize lithium iron phosphate (LFP) battery cells to provide advanced safety and fire prevention features.
The next generation wireless communication market covered in this report is segmented –
1) By Device: Smartphones, Tablets, Laptops, Wearables
2) By Services: Voice, Data, Multimedia
3) By Technology: 5G, Wi-Fi 6, Li-Fi, Zigbee, Bluetooth 5.0, LTE-A, WiMAX 2.1
4) By Application: Consumer Electronics, Telecommunication, Aerospace And Defense, Retail, Automotive, Healthcare, Other Applications
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Regional Insights –
North America was the largest region in the next generation wireless communication market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the next generation wireless communication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the next generation wireless communication market are Apple Inc., Alphabet Inc. (Google), Samsung Electronics Co. Ltd., Microsoft Corporation, China Mobile Limited, Verizon Communications Inc., AT&T Inc., Deutsche Telekom AG, Facebook Inc., Reliance Industries Limited, Huawei Technologies Co. Ltd., T-Mobile International AG, Sony Corporation, LG Electronics Inc., Intel Corporation, Panasonic Corporation, IBM Corporation, Vodafone Group plc, Cisco Systems Inc., Qualcomm Technologies, Telefónica S.A., Xiaomi Corporation, Broadcom Corporation, BT Group plc, Ericsson AB, Nokia Corporation, NEC Corporation, MediaTek Inc., ZTE Corporation, Bharti Airtel, Telenor ASA
Table of Contents
1. Executive Summary
2. Next Generation Wireless Communication Market Characteristics
3. Next Generation Wireless Communication Market Trends And Strategies
4. Next Generation Wireless Communication Market – Macro Economic Scenario
5. Global Next Generation Wireless Communication Market Size and Growth
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31. Next Generation Wireless Communication Market Other Major And Innovative Companies
32. Global Next Generation Wireless Communication Market Competitive Benchmarking
33. Global Next Generation Wireless Communication Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Next Generation Wireless Communication Market
35. Next Generation Wireless Communication Market Future Outlook and Potential Analysis
36.Appendix
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