NEW CASTLE, Delaware, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Next-Gen Communication Protocols Market by Technology (Wireless Communication Technologies and Wired Communication Technologies), and End User (Telecom, Consumer Electronics, Military and Surveillance, Enterprise Application, Automotive and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the next-gen communication protocols market was valued at $45.8 billion in 2023, and is estimated to reach $259.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
Prime Determinants of Growth
Increase in demand for high-speed and reliable communication networks to support emerging technologies and growth in adoption of cloud-based services and the need for secure and efficient data transmission are the factors expected to propel the growth of the global next-gen communication protocols market. However, high initial investment costs for implementing new communication protocols and infrastructure upgrades are anticipated to hamper the growth of the global market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $45.8 billion |
| Market Size in 2032 | $259.3 billion |
| CAGR | 20.9% |
| Segments covered | Technology, End User, and Region |
| Drivers | Increase in demand for high-speed and reliable communication networks to support emerging technologies |
| Growth in adoption of cloud-based services and the need for secure and efficient data transmission. | |
| Opportunities | Expansion of 5G networks and the development of Internet of Things (IoT) devices. |
| Integration of artificial intelligence and machine learning technologies to enhance communication protocols and network efficiency. | |
| Restraints | High initial investment costs for implementing new communication protocols and infrastructure upgrades |
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The wireless communication technologies segment dominates the market.
By technology, the wireless communication technologies segment held the highest market share in 2023, owing to increase in demand for mobile devices and the convenience of wireless connectivity. People rely on smartphones, tablets, and other wireless devices for communication and internet access, which is further expected to propel the overall market growth. However, the wired communication technologies segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the need for reliable and high-speed internet connections in homes and businesses. Wired connections can offer more stability and faster speeds compared to wireless options, making them a preferred choice for certain applications, which is driving the growth of this segment in the global next-gen communication protocols market.
The military and security & surveillance segment is expected to maintain its lead position during the forecast period.
By end user, the telecom segment accounted for the largest share in 2023, owing to the widespread use of communication technologies in everyday life. Telecom companies provide services such as phone calls, messaging, and internet access to a large number of consumers, which is further expected to propel the overall market growth. However, the military and security & surveillance segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to rapid growth due to increasing concerns about national security and the need for advanced communication technologies in these sectors. Governments and organizations are investing in cutting-edge communication systems to enhance security measures and surveillance capabilities, thereby driving the growth of this segment in the global next-gen communication protocols market.
Asia-Pacific region is expected to maintain its dominance by 2032.
By region, North America held the highest market share in terms of revenue in 2023, owing to the presence of major tech companies, strong infrastructure, and high adoption rates of advanced communication technologies in countries such as the U.S. and Canada, anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to rapid technological advancements, increase in internet penetration, and a growth in population of tech-savvy consumers in countries such as China, India, and Japan. The region's expanding economy and focus on digital transformation drive the demand for next-gen communication technologies, is further expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- AT&T Inc.
- Verizon
- Huawei Technologies Co., Ltd.
- Nokia
- Qualcomm
- Ericsson
- NTT DoCoMo
- SK Telecom
- ZTE Corp.
- Samsung
The report provides a detailed analysis of these key players in the next-gen communication protocols market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development:
- In March 2024, Qualcomm launched a new design center in Chennai, which focuses on wireless connectivity solutions and Wi-Fi technologies. The Chennai Design Center entails an investment of $2.48 million, and it is expected to generate up to 1, 600 tech jobs. This center will support the San Deigo, California-based company’s global efforts in research and development of next-gen 5G cellular technology.
- In February 2023, Qualcomm Technologies, Inc. collaborated with SES-imagotag, and both companies are developing technology that enables new electronic shelf labels (ESLs) based on the recently announced ESL wireless standards from the Bluetooth Special Interest Group (SIG) . Until now, ESL systems have relied on proprietary protocols for wireless communications. Qualcomm Technologies and SES-imagotag led the Bluetooth SIG working group to help establish the new standard with the end-goal to create scalable, ultra-low power, highly secure, standard-based ESLs to enable retailers to improve operational efficiencies, empower employees, and enhance their customers’ experiences.
- In February 2023, L&T Technology Services Limited, a leading global pure-play engineering services company, is selected by Thales to offer 5G driven next-gen connectivity solutions, which will include collaboration with Qualcomm Technologies, Inc., allowing it to provide cutting edge solutions for the benefit of urban railway operators. The solution leverages LTTS’ chip-to-cloud expertise, as well as technology portfolio of connected IoT devices and 5G small cells based on Qualcomm Technologies, to develop and deploy solutions for the Global 5G Private Network Industry, with digital offerings aimed at accelerating transformation across a range of industries including railway networks, aerospace, and automotive.
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