Press Release

Growing Demand for Low-Latency Networks Expected to Augment Global 6G Market

The Global 6G Market is projected to grow at a CAGR of around 26.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. Increasing reliance on internet technology and communication networks is making individuals, as well as end-user industries less tolerant of data transmission delays, even as short as a single millisecond. This is because these delays can have significant impacts on various business tasks and lead to a decline in their business profits, especially in critical sectors like autonomous vehicles.

Additionally, recent advancements in internet technology are enabling the utilization of interactive applications such as personalized web browsing, online gaming, video conferencing, and financial trading, all of which necessitate minimal latency. Thus, underscoring the critical need for robust and low-latency network infrastructure to meet the expectations of industries transforming to digitalized offerings. This forward-looking approach is poised to strengthen the commitment to the 6G market, further states the research report, "Global 6G Market, 2024."

IT & Telecom Sector Expected to Dominate the Global 6G Market

Based on the end user, the market is divided into Banking, Financial Services and insurance (BFSI), Consumers, IT & telecom, Manufacturing, Healthcare, Retail, Media and entertainment, and Others (Education, Tourism, etc.). Among them, the Telecom & IT sector is poised to be a dominant consumer of 6G services in the foreseeable future. The sector's strong demand for next-generation wireless technology, unparalleled data speeds, and ultra-low latency networks is a key factor for its substantial presence in the 6G market.

The increasing adoption of digitalization and advanced AI solutions across various industries has created a pressing need for real-time data processing, especially for edge computing, IoT, and smart city projects. This demand, in turn, is motivating Telecom operators and IT companies to offer augmented and virtual reality experiences, high-definition video streaming, and seamless cloud services to end users, Furthermore, as global economies lean towards automating the automotive industry, there is a burgeoning requirement for enhanced network connectivity. These factors are expected to drive the demand for 6G in the IT & telecom sector during 2024- 2030.

Asia Pacific Region Expected to Hold Leading Position

Geographically, the Global 6G market is fragmented into North America, South America, the Middle East & Africa, Europe, and Asia-Pacific. The Asia Pacific region is rapidly emerging as a major influencer in the Global 6G Market, driven by its increasing emphasis on satellite communication and notable advancements in this domain. The growing initiative of other Asia-Pacific countries such as China, India, South Korea, etc., to induce R&D investments in the development of 6G technologies and infrastructures, aimed at securing a leading position on the global stage, is further fostering the market growth. For instance,

• In 2023, India released its “Bharat 6G vision” to roll out high-speed 6G communication services in India by 2030.
• In 2023, Japan earmarked around USD450 million for the next Generation 6G research fund to offer communication speeds more than 10 times faster than the current 5G standard.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Telefonaktiebolaget LM Ericsson, Intel Corporation, Ciena Corporation, Nokia, Huawei Technologies Co., Ltd, Orange Business, Samsung, Reliance Jio, ZTE Corporation, MediaTek Inc., NTT DOCOMO Inc., Qualcomm Technologies, Inc., Keysight Technologies, Apple Inc., AT&T Intellectual Property, and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What key factors would propel and impede the industry across the globe?
3. How would the industry evolve in terms of geography & technology adoption?
4. How would the competition shape across various regions, followed by their comparative factorial indexing?
5. How will buying behavior, customer inclination, and expectations from product manufacturers evolve during 2024-30?
6. Who would be the key competitors, and what strategic partnerships or ventures would they come up with to stay afloat during the projected time frame?