Low Power Wi-Fi Conversion Market size is expected to cross USD 219.96 Billion by the end of 2036, growing at a CAGR of 52% during the forecast period, i.e., 2024- 2036. In the year 2023, the industry size of low power wifi conversion was over USD 21 Billion. The market is experiencing significant growth owing to the increasing adoption of Internet of Things (IoT) applications across various industry verticals. IoT devices are generating a large amount of data that needs to be transmitted over Wi-Fi networks, leading to a demand for energy-efficient solutions to reduce the energy consumption of these networks. Additionally, the extended life of battery-operated products is becoming increasingly important as the demand for portable devices continues to rise. All these factors have contributed to the growth of the market, and this trend is expected to continue in the foreseeable future. It is anticipated that there will be over 13 billion machine-to-machine (M2M) connections by the end of 2023. The estimated amount of data gathered from IoT devices by 2025 is 79 ZB.
Further, the low power Wi-Fi conversion market is expected to experience growth in the near future due to technological advancements in the information and communication technology (ICT) sector in both developed and developing countries. In addition, low-power Wi-Fi conversion technology is projected to offer growth opportunities by providing an operating range of over 10km in rural areas, while also minimizing costs.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 52% |
|
Base Year Market Size (2023) |
~ USD 21 Billion |
|
Forecast Year Market Size (2036) |
~ USD 219.96 Billion |
|
Regional Scope |
|
Type (Cellular: NB IoT, LTE M/ CAT M1, Non- Cellular: LoRa, SigFox, Weightless)
The cellular segment is anticipated to hold 54% share of the global low power Wi-Fi conversion market during the forecast period. The growth of this segment can be attributed to the widespread adoption of smartphone infrastructure across the world. In addition, these networks can operate at very high bitrates, up to 125 kb/s, which is another factor expected to drive growth in this market segment in the near future. Moreover, the segment for LTE M/CAT M1 is projected to gather the largest share in this segment over the forecast period due to the increasing installation and high data bandwidth of these networks.
Range (Less Than 2km, 2-10km, More Than 10 km)
Low power Wi-Fi conversion market from the more than 10 km segment is assessed to witness the majority revenue share, due to witnessing a tremendous surge in data traffic, resulting in approximately 5 billion people accessing the internet, which is 63% of the world's total population. The number of internet users is growing globally at an annual rate of 3.7 percent, with developing economies experiencing even higher year-on-year growth. Access to the internet has become a necessity for people around the world, and the continuous growth in internet users is a testament to its importance in today's digital age. All these factors are culminately propelling the market’s growth.
Our in-depth analysis of the global low power Wi-Fi conversion market includes the following segments:
|
Type |
|
|
Range |
|
North American Market Forecast
North America low power Wi-Fi conversion market is expected to garner the largest revenue share during the forecast period amounting to 42%. The region has experienced a surge in digitalization initiatives, which can be attributed to the government's efforts to promote technological advancement. Additionally, the region boasts a strong presence of major market players, which has further accelerated the pace of digital innovation. This has resulted in a transformation of the region's economic landscape, with businesses and individuals alike embracing digital solutions for their day-to-day operations.
APAC Market Statistics
Asia Pacific low power Wi-Fi conversion market is estimated to witness noteworthy growth, Due to the increasing prominence of small and medium-sized enterprises and the growing penetration of the internet and smart devices, the market for these businesses is on the rise. For example, in 2020, there were over 69 million small and medium-sized organizations operating in Southeast Asia, accounting for about 98% of the total businesses in the region. Furthermore, the improvement in mobile and broadband infrastructure is also expected to boost the market growth in the region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?