According to MarkNtel Advisors, the Global 6G Market size is estimated to grow at a CAGR of around 26.5% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: 6G market
Global 6G Market Driver:
Growing Demand for Low-Latency Networks Augmenting the Market Growth – Due to the increasing reliance on technology and communication networks, consumers are becoming less tolerant of delays and interruptions in data transmission. Telecommunication systems are an integral part of daily lives, and even a minor delay, as short as one millisecond, leads to a detrimental impact on tasks, especially in critical areas like autonomous vehicles. To stay competitive, service providers are actively working to minimize the slightest chance of network delays. Recent advancements in internet technology have enabled the use of interactive applications such as personalized web browsing, online gaming, video conferencing, and financial trading, all of which demand minimal latency.
Further, the financial and trading sector highlights the universal need for reduced latency. In these sectors, even slight delays can have significant financial repercussions. This growing demand for low-latency networking solutions underscores the crucial need for 6G technology in optimizing user experiences and business operations across various industries.
Global 6G Market Challenge:
The High Investment Costs Restricting 6G Market Growth – The adoption of 6G technology is a formidable challenge stemming from the substantial costs associated with its development and deployment. While the pace of technological advancement is rapid, and industries increasingly demand high-speed internet technologies like 5G, the transition to 6G entails a significant financial commitment. Establishing a comprehensive 6G network infrastructure encompasses a range of expenses, including substantial investments in research and development, the manufacturing of cutting-edge equipment, and the deployment of an extensive network of towers and associated infrastructure. These costs are critical to ensure proper network functionality, meeting the escalating demand for high-speed connectivity that 6G promises to deliver.
Thus, the high initial expenses incurred during the implementation of 6G technology can be a substantial barrier to its widespread adoption. This challenge is particularly pronounced for regions and organizations with limited financial resources, as securing the necessary funding for a 6G network deployment is anticipated to prove to be a formidable task. Consequently, achieving equitable access to the advantages of 6G, such as faster data speeds, ultra-low latency, and support for transformative applications, remains a significant concern.
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Scope of the Report and 6G Market Segmentation:
By Component
- Hardware- Market Size & Forecast 2024-2030F, USD Million
- Antennas- Market Size & Forecast 2024-2030F, USD Million
- Transceivers & Radios- Market Size & Forecast 2024-2030F, USD Million
- Signal Processing Units- Market Size & Forecast 2024-2030F, USD Million
- Others (Routers, Consumer Gadgets, etc.)- Market Size & Forecast 2024-2030F, USD Million
- Software- Market Size & Forecast 2024-2030F, USD Million
- Services- Market Size & Forecast 2024-2030F, USD Million
By Deployment Devices
- Smartphones- Market Size & Forecast 2024-2030F, USD Million
- Laptops/Tablets- Market Size & Forecast 2024-2030F, USD Million
- Wearables- Market Size & Forecast 2024-2030F, USD Million
By Communication Infrastructure
- Fixed- Market Size & Forecast 2024-2030F, USD Million
- Wireless- Market Size & Forecast 2024-2030F, USD Million
- Mobile Broadband- Market Size & Forecast 2024-2030F, USD Million
- Mobile Cellular- Market Size & Forecast 2024-2030F, USD Million
By Application
- Multisensory Extended Reality- Market Size & Forecast 2024-2030F, USD Million
- Networked-Enabled Robotic and Autonomous Systems- Market Size & Forecast 2024-2030F, USD Million
- Distributed Sensing and Communications- Market Size & Forecast 2024-2030F, USD Million
- Blockchain and DLT- Market Size & Forecast 2024-2030F, USD Million
- Smart Cities- Market Size & Forecast 2024-2030F, USD Million
- Others (Internet of Everything (IoE), Wireless Brain-Computer Interactions (BCI), etc.)- Market Size & Forecast 2024-2030F, USD Million
By End User
- Banking, Financial Services and Insurance (BFSI)- Market Size & Forecast 2024-2030F, (USD Million)
- Consumers- Market Size & Forecast 2024-2030F, (USD Million)
- IT & Telecom- Market Size & Forecast 2024-2030F, (USD Million)
- Manufacturing- Market Size & Forecast 2024-2030F, (USD Million)
- Healthcare- Market Size & Forecast 2024-2030F, (USD Million)
- Retail- Market Size & Forecast 2024-2030F, (USD Million)
- Media & Entertainment- Market Size & Forecast 2024-2030F, (USD Million)
- Others (Education, Tourism, etc.)- Market Size & Forecast 2024-2030F, (USD Million)
Among them, the IT & Telecom sector being the primary consumers of network services is foreseen to hold a substantial share globally.
6G Market Development:
- 2022: Telefonaktiebolaget LM Ericsson, announced its commitment to invest a substantial amount of money in 6G mobile research in Britain. This initiative entails partnerships with universities to undertake various projects encompassing hardware security, artificial intelligence (AI), cognitive networks, and quantum computing.
- 2022: Samsung, partnered with Korea University to create a specialized department focused on the advancement of next-generation technologies, including 6G, through research and development
Geographical Analysis:
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Asia Pacific is foreseen to emerge as a pivotal player in the Global 6G Market, primarily owing to its escalating focus on satellite communication and remarkable advancements in this domain.
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