The global 6G market is set to boom to a valuation of US$ 300 billion by 2033, expanding rapidly at 50% CAGR from 2023 to 2033. With each generation of communications technology, the focus of the network changes. The 2G and 3G eras were focused on human-to-human contact via voice and text. The 4G era represented a fundamental shift toward huge data consumption, whereas the 5G era has shifted its attention to linking the Internet of Things (IoT) and industrial automation systems.
In the 6G age, the digital, physical, and human worlds will fluidly merge to trigger extrasensory experiences. Intelligent information systems will be paired with robust computation skills to make humans infinitely more efficient and to reinvent how we live, work, and care for the earth.
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A 6G network is a cellular network that runs in untapped radio frequencies and employs cognitive technologies such as AI to provide low-latency, high-speed communication at a rate many times faster than fifth-generation networks.
Increasing improvements in next-generation networks are expected to contribute to the overall growth of the 6G market. Increasing internet use has led to a sharp rise in the amount of information. All data and information are transmitted via communication networks. 6G is expected to have at least 20 times the wide-area capability of 5G. Furthermore, the 6G user-experienced data rate, which is expected to exceed 1,000 Mbps, is ten times faster than the 5G user-experienced data rate. Due to the numerous benefits, several countries worldwide are moving toward 6G.
North America, led by the United States, is predicted to account for a major share of the global 6G market owing to the presence of key companies, favorable government efforts, and various other factors.
Key Takeaways from Market Study
- The global 6G market stands at US$ 5 billion in 2023.
- Worldwide demand for 6G is projected to swell at a CAGR of 50% during the forecast period (2023 to 2033).
- The market for 6G products and services is forecasted to garner US$ 300 billion by 2023.
- North America is estimated to lead the global market over the next ten years.
“Several countries are launching initiatives to drive 6G development and are investing substantial time and money to become leaders in the field. Furthermore, demand for high bandwidth needed for the smooth functioning of connected devices and advancements in 6G technologies with groundbreaking speeds and nationwide coverage are expected to bolster market expansion over the coming years,” says a Fact.MR analyst.
Competitive Landscape
Despite the fact that 6G is yet to become a reality, the market appears to be tremendously competitive. Although there are presently a few 6G technology and service providers, the industry seems to be fragmented due to large expenditures and ongoing research into making 6G data transmission successful with improved distance records.
Major telecom companies are developing wireless communication technology to support cellular data networks. Simultaneously, mobile device manufacturers are investigating the feasibility of building 6G compatible devices capable of wireless transmission as well as the reception of 6G THz data across a longer distance outdoors. Moreover, many start-ups are spouting up in the worldwide market.
- In January 2022, Samsung Electronics partnered with Korea University to set up a department devoted to the study and development of 6G.
- The University of Texas at Austin opened a 6G research center in July 2021, with the cooperation of key industry firms such as Samsung, AT&T, and Qualcomm.
- Apple recruited engineers in June 2021 to work on the next generation of wireless technologies, 6G.
Winning Strategy
Many market participants are concentrating on collaboration to accelerate 6G development and acquire market share.
- For example, In November 2022, Keysight Technologies, Inc., a major technology company, collaborated with NOKIA Bell Labs to speed up 5G-advanced and 6G communications. Nokia will employ Keysight’s sub-Terahertz (THz) test bed to verify and enhance the efficiency of 6G transceiver (TRX) modules.
Key Segments in 6G Industry Research
- By Component:
- Hardware
- Software
- Services
- By Communication Infrastructure:
- Wireless
- Fixed
- By Application:
- Multisensory XR Applications
- Connected Robotics and Autonomous Systems (CRAS)
- Wireless Brain-Computer Interactions (BCI)
- Digital Twins
- Smart Cities
- Internet of Everything (IoE)
- Blockchain and DLT
- Others
- By End User:
- Governments
- Consumers
- Industrial
- Enterprises
- By Region:
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global 6G market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on component (hardware, software, services), communication infrastructure (wireless, fixed), application (multisensory XR applications, connected robotics & autonomous systems (CRAS), wireless brain-computer interactions (BCI), digital twins, smart cities, internet of everything (IoE), blockchain & DLT, others), and end user (governments, consumers, industrial, enterprises), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the 6G Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global 6G sales grow until 2033?
- Which are the factors hampering the 6G demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the 6G Market during the forecast period?
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