“The IoT is driving the need for higher data rates and lower latency. As more and more devices are connected to the internet, the amount of data being transferred is increasing exponentially.”
The Wi-Fi 7 market is estimated at USD 1.0 billion in 2023 and is projected to reach USD 24.2 billion by 2030, at a CAGR of 57.2% from 2023 to 2030. Various key players in the ecosystem have led to a competitive and diverse market. Government initiatives to establish smart cities is expected to drive the adoption of the Wi-Fi 7 market in the future.
“By hardware, system on chip segment to hold the largest market size during the forecast period.”
SoC stands for System on a Chip. It is a type of integrated circuit (IC) that integrates all or most components of a computer or other electronic system on a single chip. SoCs are used in various devices, including smartphones, tablets, laptops, wearables, and smart home devices. The introduction of Wi-Fi 7 has led chipmakers to make new chipsets that would support Wi-Fi that would be cost-effective, interoperable, and easily integrate with all kinds of devices that offer Wi-Fi technology. SoC are essential Wi-Fi 7 components as the production of many devices as it is an integral part of Routers, Gateway, Modems, Access Point, smartphones, laptops, to support Wi-Fi 7 connectivity. Since the inception of this technology, SoC companies started designing and producing these chipsets, which are used in almost all Wi-Fi-related hardware products that support wide applications such as Cloud-based gaming, IoT, Video Streaming, smartphones, laptops, and industrial applications.
Based on vertical, healthcare and life sciences segment is expected to register the fastest growth rate during the forecast period.
Wi-Fi 7 and other wireless technologies are assisting and contributing to the healthcare industry in a variety of ways. Wi-Fi 7 helps to connect medical devices to the internet, allowing healthcare providers to supervise patients vaguely. This can help to improve patient care and reduce costs. Wi-Fi 7 can provide telehealth services, allowing patients to consult with healthcare providers remotely. This can make healthcare more accessible to patients who live in rural areas or who have difficulty traveling. A study by the American Hospital Association found that telemedicine saved hospitals an average of $1,200 per patient. Wi-Fi 7 helps to control surgical robots, which can help surgeons to perform more precise and accurate surgeries. It can also be used to collect data from medical devices and wearables, which can be used to improve medical research. A study by the National Institutes of Health found that using surgical robots can help reduce the risk of complications in surgery.
“Asia Pacific to register the highest growth rate during the forecast period.”
In Asia, the development and uptake of wireless technology has been nothing short of spectacular. Asia has quickly advanced from being a wireless addition to the world’s innovation and adoption leader in just a few short decades. A variety of causes has facilitated this quick rise. The scale of the Asian market is just one factor. Moreover, half of the world’s population, or more than 4.5 billion people, live in Asia. This creates a sizable potential market for wireless services and has assisted in lowering costs and increasing the accessibility of wireless technology for all users. People have had more money as their earnings have increased to spend on luxuries like cellular services. This has caused the demand for wireless products and services to soar, which in turn has encouraged innovation and investment in the wireless industry. Finally, the development of the wireless industry has been significantly aided by the Asian government.
