Global Next-generation Communication Devices Market 2023-2030

Global Next-generation Communication Devices Market 2023-2030

Global Next-generation Communication Devices Market Size, Share & Trends Analysis Report by Technology (5G, Visible Light Communication/ Li-Fi, Wireless Sensor Networks (WSN), and Others) and by End-User Industry (Manufacturing, Military & Defense, Automotive, Transportation, and Others) Forecast Period (2023-2030)

The global next-generation communication devices market is anticipated to grow at a considerable CAGR of 20.0% during the forecast period. The market growth is attributed to factors such as the widespread adoption of 5G technologies, the increasing demand for Visible Light Communication/ Li-Fi, the growing deployment of Wireless Sensor Networks (WSN) in various industries, and the continuous development of other innovative communication technologies. A supportive government policy to boost advance communication technologies is anticipated to propel the market. For instance, in April 2021, The National Science Foundation (NSF) of the US, in partnership with the Department of Defense Office of the Undersecretary of Defense for Research and Engineering, the National Institute of Standards and Technology, and nine leading companies, launched a program to accelerate research on next-generation networking and computing systems. Through a $40 million investment, the NSF-led RINGS program support research on future versions of the cellular, Wi-Fi, and satellite networks. It lay the groundwork for the next-generation wireless connections that enable faster service, networks more resilient to natural disasters and service interruptions, and broader access for people around the globe.

Segmental Outlook

The global next-generation communication devices market is segmented based on its technology and end-user industry. By technology, the market is categorized into 5G, Visible Light Communication/ Li-Fi, Wireless Sensor Networks (WSN), and Other Technologies. On the other hand, the market is segmented by end-user industry, including Manufacturing, Military & Defense, Automotive, Transportation, and Other End-user Industries. Among the technology segments, the Visible Light Communication / Li-Fi sub-segment is anticipated to register significant growth during the forecast period. The growth of this segment is attributed to factors such as the increasing demand for high-speed and secure data transmission, especially in indoor environments where traditional radio frequencies may face limitations.

5G Technology Segment Is Expected To Witness Significant Growth in Global Next-generation Communication Devices Market

Among these segments, the 5G technology segment is expected to witness significant growth due to the increasing adoption of 5G networks worldwide and its transformative potential in various industries.

This forecasted growth of 5G was driven by several factors, including the enhanced connectivity provided by 5G, increased demand for data, the proliferation of IoT and smart devices, adoption in various business applications, development of 5G network infrastructure, consumer expectations for the latest technology, and the competitive landscape among device manufacturers.

Regional Outlook

The global next-generation communication devices market is further segmented based on geography, including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these regions, Europe is anticipated to witness prominent growth in the next-generation communication devices market, driven by advancements in communication technologies, strong government initiatives, and increasing demand from various industries. Growing funding and investment from both private players and government organisations to boost next generation communication technology is driving the market. For instance, in April 2021, Germany's Federal Ministry of Education and Research (Bundesministerium für Bildung und Forschung, or BMBF) allocated $500 million towards 6G R&D during the 2022-2027, with an initial aim of creating the basis for an innovation ecosystem for future communication technologies around 6G.

The Asia-Pacific Region is Projected to Experience Considerable Growth in the Next-generation Communication Devices market

The Asia-Pacific region is projected to experience considerable growth in the next-generation communication devices market owing to the rapid expansion of 5G infrastructure, increasing smartphone penetration, and the growing demand for smart transportation and automotive solutions in countries like India, China, and South Korea. For instance, in February 2019, according to a report released by International Data Corp. (IDC), China's smart city investment is expected to reach $29.8s billion by 2022, led by the Chinese government. This investment is focused on digital trust, resilience, and adapting to current trends such as severe weather, cyberattacks, and pandemic recovery. The goal is to continue the urban digital transformation of smart cities and communities through strategic technology investment roadmaps and associated policies and cultural changes.

Market Players Outlook

The major companies serving the global next-generation communication devices market include Cisco Systems Inc., Huawei Device Co., Ltd., Netgear Inc., Philips, among others leading players in the industry. These market players are considerably contributing to the market growth by adopting various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2021, Cisco acquired Acacia Communications, Inc., a Massachusetts-based company and existing Cisco supplier. Acacia designs, manufactures, and sells a complete portfolio of high-speed optical interconnect technologies addressing a range of applications across datacentre, metro, regional, long-haul, and undersea networks. Cisco’s acquisition of Acacia will enhance Cisco’s 'Internet for the Future' strategy with coherent optical solutions for its customers.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global next-generation communication devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.