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The predicted growth for the Wi-Fi 6 market share from 2021 to 2026 is USD 9.53 billion at a CAGR of 7.64%.
This Wi-Fi 6 market forecast report extensively covers segmentation by:
The market report offers information on several market vendors, including Broadcom Inc., Cisco Systems Inc., Dell Technologies Inc., Extreme Networks Inc., Fortinet Inc., Hewlett Packard Enterprise Development LP, Huawei Investment Holding Co. Ltd., Intel Corp., NXP Semiconductors NV, and Qualcomm Inc. among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.
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The adoption of digital transformation initiatives is notably driving the market growth, although factors such as rising security threats may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the Wi-Fi 6 industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Market Driver
The adoption of digital transformation initiatives across enterprises is one of the key factors driving the growth of the global WIFI 6 market. The use of WiFi 6 across enterprises helps businesses reduce the cost of installation of connections, which includes physically laying out wired connections. In addition to cost savings, WiFi 6 provides businesses with the flexibility to mobilize or change their location if required. A high degree of flexibility and mobility is also provided to workers who need to stay connected with the mainframe server using portable devices. This allows business owners to keep track of multiple facets of businesses and the personnel handling them without being restricted to one location. The flexibility offered as a result of mobilizing the workforce and business operations helps small businesses compete with larger ones without compromising on the efficiency or productivity of workers. For businesses that have clients or customers in distant locations, business communication plays a vital role in shaping growth. The expediency offered by WiFi 6 helps in interpersonal communication, information sharing, and data exchange across long distances. Thus, the global market for WiFi 6 will grow at a moderate pace during the forecast period.
Key Market Trend
The growing demand for smartwatches is one of the key WIFI 6 market trends fueling the market growth. An integrated smartwatch needs to connect with other computing devices, such as smartphones, for accessing smart features. Integrated smartwatches use Bluetooth or WiFi 6 to pair with smartphones. Using Bluetooth and WiFi, users can access the Internet, receive and send messages, receive social media notifications and weather updates, and listen to music. The demand for integrated smartwatches is likely to grow owing to the increasing penetration of low-cost smartwatches in emerging countries and the entry of several traditional watch manufacturers in the global smartwatches market. Several manufacturers, such as Huami, Lenovo Group Ltd. (Lenovo), and Zeblaze, are offering advanced features in smartwatches at affordable prices. The availability of low-cost smartwatches has increased the sales of smartwatches among millennials in many emerging countries, such as India, Brazil, and China. The new smartwatch incorporates WiFi 6 and Bluetooth connectivity to perform the calling function and shares data with mobile devices such as smartphones and tablets. Thus, the growing demand for smartwatches will drive the global WiFi 6 market during the forecast period.
Key Market Challenges
The rising security threats is a major challenge for the global WIFI 6 market growth. WiFi 6-enabled devices face security threats and are easy targets for hackers as they have limited security features compared with WiFi routers used by organizations. High-security implementation in WiFi 6-enabled devices increases their cost, which limits their adoption among cost-sensitive customers. Data theft is also common in the virtual world. As WiFi 6-enabled devices involve monetary transactions in real time, loss of critical data can lead to a financial loss for consumers. The use of account details for transactions is a concern among consumers because they are unaware of the security of the platform for data entry. Moreover, vendors are highly dependent on local area network (LAN) networks, which makes the systems prone to security-related issues. Any security breach caused by malicious intent or human error or a firewall breach may lead to the disclosure of information. Such privacy and security concerns will hamper the growth of the market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying growth strategies such as focusing on technological advancement to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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