Next-generation Communication Devices Market Size (2024 - 2029)

Next-generation Communication Devices Market Analysis

The next-generation communication devices market is expected to register a CAGR of over 20% during the forecast period, 2021-2026. The advent of IoT, Industrial 4.0, coupled with increasing technological and automation investments, are demanding more efficient networks. Technologies that address these needs, including asset monitoring, security, transportation, etc., are driving the market for next-generation communication, such as 5G, Li-Fi, wireless sensors network (WSN), etc. driving the for next-generation communication devices market.

• Technolgies such as Visible Light Communication(VLC)/Li-Fi technology enables data transmission via light rather than radio waves at high-speeds through small adjustments in the intensity. The result is a high-speed Internet connection that is more secure, reliable, and able to deliver bandwidth far beyond the capabilities of conventional wireless communications such as Wi-Fi. Thereby, they have huge potential in applications such as military where security and reliability are paramount to their importance. However, the market for Li-Fi is currently in the nascent stage with very few publicly listed companies investing in the technology, with startups are making their way into the market.
• The substantial investments in the industry are expected to develop new sensor technologies, and upgrading existing infrastructure to support IoT and automation have been the primary trends impacting the industry on a global scale.
• Industries, such as oil and gas, waste management, and automotive manufacturing, are the major end-users of industrial WSNs. However, smaller industries, such as the cold storage, are likely to adopt WSNs for enhanced productivity and expected to generate a high demand for WSNs during the forecast period. This is expected to influence the market over the forecast period.
• Overall, the market for next-generation communication depends on infrastructural investments and use cases, which have started accelerating in recent years. Over the forecast period, these technologies are expected to revolutionize communication and led by companies, such as Cisco, Huawei, Ericsson, etc., with the support of telecom providers.
• The year 2020 was predicted to be the year when 5G goes mainstream. Yet, due to the spread of novel coronavirus, 5G rollout in several markets will be delayed further, and its services will be the hardest hit. However, according to ASSIA Inc., there is an 80% increase in PC/phone upload traffic since the beginning of March in the United States, with webcams, laptops, and PCs running video streams all the time. Wi-Fi networks are uploading huge data amounts of data, and a lot of teleconferencing, online education, and even telemedicine applications are not working properly due to network problems. In such instances of high network demand, the prevailing situation of the COVID-19 outbreak could fuel the market's growth.

Next-generation Communication Devices Industry Segmentation

The next-generation communication technologies refer to convergence infrastructure capable of offering a multitude of services, such as video, data, and voice, at a higher speed than conventional communication technologies. The market scope is limited to the infrastructure-enabling network technologies, such as 5G, Li-Fi, and wireless sensor networks.