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Global WiGig Market to Grow at a CAGR of 21.5% During 2022-2027, Aided by the Growing Demand for High-Speed Internet in Various Sectors

According to a new report by EMR titled, ‘Global WiGig Market Report and Forecast 2022-2027’, the global WiGig industry attained a value of above USD 1.9 billion in 2021. The market is expected to grow in the forecast period of 2022-2027 at a CAGR of 21.5% to reach more than USD 6.1 billion by 2027.

The WiGig market is driven by the increase in demand for high-speed internet services, in order to manage a significant amount of data. The rising application of the WiGig in the gaming and multimedia sector is anticipated to bolster the market growth. This can be attributed to the ability of WiGig to facilitate high-definition display and audio applications. This technology bolsters the gaming experience and is likely to gain popularity in the gaming industry in the forecast period.

In terms of region, Europe is likely to account for a significant share in the market, owing to the rising demand for high-speed internet and display devices capable of carrying out high-speed data transfer process. The thriving gaming and multimedia sector in the region is likely to provide impetus to the market growth, owing to the ability of WiGig of bolstering the gaming experience by augmenting the display, audio, and graphics. The market in the region will further be aided by the rapid digitalisation in various sectors, including healthcare, pharma, information technology, and gaming, among others.

In July 2021, Cisco Systems (NASDAQ: CSCO) announced the completion of acquisition of Socio Labs, Inc., which is a United States based modern technology platform that manages the full lifecycle of multi-session, multi-track virtual, in-person, and hybrid conferences. Meanwhile in June 2021, Cisco Systems acquired Kenna Security, Inc., in addition to Kenna Security’s industry-leading risk-based vulnerability management platform. With this acquisition, Cisco customers will solve critical security posture challenges by working cross-functionality to rapidly carry out various operations. These operations are likely to be carried out using high-speed internet, which is likely to generate the demand for WiGig.

Market Breakup by Products, Applications, and Region:

  • The market is segmented on the basis of product into display services and network infrastructure services.
  • The major applications of WiGig include gaming and multimedia and networking, among others.
  • Region-wise, the global market for WiGig can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for WiGig is being driven by the rising demand for high-speed internet services and devices, which are capable of transferring data quickly.
  • The rapid digitalisation in various sectors, such as healthcare, pharma, gaming, and IT, among others, will further augment the market.
  • The growing efforts by the governments in the emerging economies, in order to close the digital divide between the rich and poor, is likely to aid the market growth.
  • The market will further be bolstered by the thriving gaming and multimedia industry in regions like Europe, North America, and the Asia Pacific.

Key Offerings of the Report:

  • The EMR report gives an overview of the global WiGig market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, applications, and major regions of WiGig.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global WiGig industry include Panasonic Corporation, Qualcomm Technologies, Inc., Intel Corporation, Broadcom Inc., Peraso Technologies Inc., and Cisco Systems Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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