Adoption of advanced technologies in automotive sector will offer promising opportunities for wireless connectivity market players
Latest market study on "Wireless connectivity Market to 2027 - Global Analysis and Forecasts by Technology (Wi-Fi, Bluetooth, Cellular, Zigbee, GNSS, and Others); End-Use (Industrial, Construction & Infrastructure, Energy & Utilities, Automotive & Transportation, Healthcare, Consumer, and Others) and Geography", the Wireless connectivity market is estimated to reach US$ 127,880.0 Million by 2027 from US$ 46,051.8 Million in 2018. The report includes key understanding of the driving factors of this market and also highlights the prominent players in the market and their developments.
With the growing integration of advanced technologies such as IoT and artificial intelligence in the next generation automobiles, the automotive sector is expected to contribute a significant part in the global wireless connectivity market. The applications of artificial intelligence in the automotive and transportation industry is driving the evolution of the next generation of intelligent automotive systems. The current advancements in Google’s Driverless cars and Tesla’s Autopilot features, it has been already proved that integration of these advanced technologies will drive the future of the automotive industry in the coming future. The applications of AI, IoT, 5G in the automotive is impacting automakers and transport companies worldwide, and this trend is expected to boost the wireless connectivity market in the coming years. There are major transformations being experienced by the automotive & transportation industry that include autonomous driving, road safety & traffic efficiency services, digitalization of transportation & logistics, intelligent navigation and information on the road. All these technologies require a robust wireless connectivity infrastructure that would enable two-way communication between vehicles while on the go. Hence, the advent of intelligent and smart automobile presents an excellent opportunity for the growth of the wireless connectivity market worldwide.
The global market for wireless connectivity market is anticipated to exhibit high growth in the near future. Some of the major driving factors contributing to the market growth include increasing demand for smart consumer devices and the proliferation of IoT and connected devices over the network. Also, an exponential rise in the number of wireless subscribers in India and China is expected to drive the wireless connectivity market significantly. However, the huge initial investment costs for installations and implementations coupled with data and privacy concerns in some of the leading end-use application sectors such as consumer & healthcare may adversely impact the growth of the market in the coming years. Despite the factors restraining the market growth, the surge in the number of connected devices as a result of IoT integration and also the accompanying influx of vast amounts of data post the advent of big data is projected to generate substantial demand opportunities for wireless connectivity technology implementations during the forecast period.
The key companies operating in the field of wireless connectivity market that are profiled in the report include Broadcom, Inc., Cypress Semiconductor Corporation, Intel Corporation, MediaTek Inc., Microchip Technology Incorporated, NXP Semiconductors N.V, Panasonic Corporation, Qualcomm Incorporated, STMicroelectronics N.V., and Texas instruments incorporated among others.
Wireless connectivity Market — Region Breakdown, 2018