6G Market worth $40.2 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 15, 2023 /PRNewswire/ -- Future game-changing developments in areas like ultra-high-speed connection, low latency, ubiquitous device connectivity, industrial transformations, collaboration, ethical issues, and economic effect are all very likely to come from the 6G market. Even though it is unclear when 6G will be commercially available, it has the ability to alter connections, restructure sectors, and allow industry-changing software and services.

The 6G Market size from USD 5.1 billion in 2023 to USD 40.2 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 34.2% during the forecast period, according to a new report by MarketsandMarkets™. 6G Market growth is driven by the need for faster data rates and network capacity to enable new technologies and applications.

Browse in-depth TOC on "6G Market"

180 - Tables
49 - Figures
213 - Pages

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Scope of the Report

By deployment device, Internet of Things (IoT) devices are expected to register the fastest growth rate during the forecast period.

With the increasing adoption of IoT across various industries, there is a growing need for reliable and high-speed connectivity to support the massive number of connected devices. 6G technology, with its ultra-low latency, high bandwidth, and enhanced network capabilities, is well-suited to meet the demands of IoT applications. IoT devices like sensors, smart appliances, and industrial equipment require seamless connectivity and real-time data transmission for efficient operations and decision-making. The growth of IoT in sectors like healthcare, manufacturing, transportation, and smart cities is driving the demand for 6G networks to support the massive influx of IoT devices and enable seamless communication and data exchange. As a result, the IoT devices segment is expected to play a significant role in driving the growth of the 6G Market in the coming years.

By application, distributed sensing, and communications segment to dominate the market during the forecast period.

The distributed sensing and communications segment is projected to hold the largest market share during the forecast period. Distributed sensing and communications use advanced technologies and networks to enable real-time data collection, analysis, and communication across various industries and sectors. This application segment is expected to grow significantly due to the increasing demand for high-speed, reliable, and low-latency connectivity to support a wide range of applications such as smart cities, industrial automation, environmental monitoring, and healthcare. Distributed sensing and communications in the 6G network enable the seamless integration of diverse devices and sensors, allowing for efficient data transmission and decision-making.

Asia Pacific likely to emerge as the fastest-growing market during the forecast period

The region's rapid growth can be attributed to several factors, including the increasing adoption of advanced technologies, rising investments in research and development, and a strong focus on digital transformation. Countries like China, Japan, South Korea, and India are at the forefront of technological advancements and actively working to establish themselves as leaders in the 6G Market. These countries have robust telecommunications infrastructure, a large consumer base, and a thriving ecosystem of technology companies, which provides a conducive environment for the growth of 6G technology.

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Top Key Companies in 6G Market:

The major vendors covered in the 6G Market include AT&T (US), Broadcom (US), Cisco (US), DeepSig (US), Ericsson (Sweden), Fujitsu (Japan), Google (US), Huawei (China), InterDigital (US), Keysight (US), LG Corporation (South Korea), MediaTek (Taiwan), National Instrument Corp (US), NEC Corporation (Japan), Nokia (Finland), NTT DoCoMo (Japan), Orange (France), Qualcomm (US), Reliance Jio (India), Samsung (South Korea), SK Telecom (South Korea), Sony (Japan), T-Mobile (US), Verizon (US), China Mobile (China), ZTE (China).

Recent Developments

• March 2023 - In order to enable research on new network technologies, the Indian government announced the official 6G testbed project as well as India's 6G mission, which anticipates a focused initiative for next-generation technology in India. The government has formed a top-tier committee to oversee the Bharat 6G initiative.
• November 2022 - Ericsson, a networking equipment manufacturer, has said that it will contribute millions of pounds to 6G mobile research in Britain, collaborating with universities on projects involving hardware security, AI and cognitive networks, and quantum computing.
• October 2022 - To support the development of 5G ecosystems and advance 6G research in Europe, the Smart Networks and Services Joint Undertaking (SNS JU) has chosen its initial portfolio of 35 research, innovation, and trial projects. The goal is to create a world-class European supply chain for cutting-edge 5G systems and expand Europe's 6G technology capacities with total funding for this new portfolio of about €250 million under Horizon Europe.
• April 2021 - The German government has announced plans to provide up to 700 million euros ($833 million) in financing for research into 6G technologies by 2025.

6G Market Advantages:

• In comparison to earlier generations, 6G is predicted to offer much quicker data transfer rates. Terabits per second (Tbps) or higher speeds could be available, allowing for almost instantaneous download and upload rates. Applications like virtual reality (VR), augmented reality (AR), cloud gaming, and high-definition video streaming could be completely changed by this.
• The time elapsed between data transmission and reception is referred to as latency. Ultra-low latency, possibly in the sub-millisecond range, is what 6G aspires to achieve. By enabling quicker and more responsive interactions, this can significantly improve real-time applications like autonomous vehicles, remote surgery, industrial automation, and Internet of Things (IoT) devices.
• Millions of devices are anticipated to be able to connect at once in a specific region with 6G. This can facilitate seamless networking in smart homes, smart cities, and industrial settings, supporting the rising need for IoT devices. A higher network capacity and better overall system performance may result from the high device density and effective resource allocation.
• To increase spectral efficiency, 6G is likely to use novel waveforms, modulation methods, and multiple access technologies. Thus, more information may be transferred within the available frequency range, increasing network capacity, enhancing dependability, and lowering bit-costs. Additionally, a greater variety of services and applications can be supported.
• With 6G, a plethora of cutting-edge services and applications may become available that were not practical with earlier generations. Advanced cloud services, haptic communication, holographic communication, immersive extended reality (XR) experiences, and other technologies are included in this. Numerous industries, including healthcare, transportation, entertainment, and manufacturing, can be transformed by these applications.

Report Objectives

• To determine, segment, and forecast the global 6G Market based on vertical, application, deployment device, and region in terms of value
• To forecast the size of the market's segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Latin America, Middle East & Africa (MEA)
• To provide detailed information about the major factors (drivers, opportunities, threats, and challenges) influencing the growth of the 6G Market
• To study the complete value chain and related industry segments and perform a value chain analysis of the 6G Market landscape
• To strategically analyze macro and micromarkets with respect to individual growth trends, prospects, and contributions to the total 6G Market
• To analyze industry trends, regulatory landscape, and patents & innovations related to the 6G Market
• To analyze opportunities in the market for stakeholders by identifying the high-growth segments of the 6G Market
• To profile key players in the market and comprehensively analyze their market share/ranking and core competencies
• To track and analyze competitive developments, such as mergers and acquisitions, a new product launched and product developments, partnerships, agreements, and collaborations, business expansions, and Research & Development (R&D) activities, in the market

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