- Increase in demand for wireless networks in development of smart infrastructure, rise in adoption of AI assistants, and integration of IoT in surveillance cameras fuel the growth of the global wireless connectivity technology market
PORTLAND, Oregon, April 13, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Wireless Connectivity Technology Market By Technology (Wi-Fi, Bluetooth, ZigBee, NFC, Cellular Technology, and Others), and Application (Consumer Electronics, Automotive & Transportation, Healthcare, Aerospace & Defense, IT & Telecom, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global wireless connectivity technology industry was pegged at $52.78 billion in 2019, and is expected to hit $128.47 billion by 2026, registering a CAGR of 12.6% from 2019 to 2026.
Drivers, Restraints and Opportunities
Rise in demand for wireless networks in development of smart infrastructure, increase in adoption of AI assistants, and integration of IoT in surveillance cameras fuel the growth of the global wireless connectivity technology market. On the other hand, high installation and maintenance cost in wireless network system restrains the growth to some extent. However, emergence of IoT & AI technology for smart lightning is expected to create lucrative opportunities in the near future.
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The WiFi Segment to Lead the Trail By 2026
Based on technology, the WiFi segment contributed to nearly one-fourth of the global wireless connectivity technology market share in 2019, and is expected to rule the roost till 2026. Rising penetration in various industry verticals has propelled the growth. The NFC segment, on the other hand, would cite the fastest CAGR of 14.6% throughout the forecast period. High potential of NFC in data sharing, payment gateways and others boosts the growth of the segment.
The Consumer Electronics Segment to Dominate during the Estimated Period
Based on application, the consumer electronics segment held the major share in 2019, generating around one-fourth of the global wireless connectivity technology market. This is due to rise in trends toward wearable technologies. At the same time, the healthcare segment would showcase the fastest CAGR of 16.1% during the study period. High-end integration of IoT and AI in healthcare devices drives the segment growth.
Asia-Pacific Followed By North America to Retain Its Dominance in terms of Revenue
Based on geography, Asia-Pacific accounted for nearly half of the global wireless connectivity technology market revenue in 2019, and is projected to maintain the lion's share from 2019 to 2026. The same region would also manifest the fastest CAGR of 13.9% by the end of 2026. This growth is attributed to increasing technological development by emerging economies. However, North America appeared as the second highest revenue holder in 2019.
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