The 6G Market: Pioneering the Next Generation of Connectivity
6G networks represent the upcoming evolution in wireless communication, promising unprecedented speeds, near-zero latency, infinite bandwidth, and heightened security. While 5G deployments are still maturing globally, research initiatives focused on 6G have intensified over the past few years, aiming to conceptually shape this future technology. Driven by several catalysts, the 6G market outlook remains highly positive this decade.
6G Market Segmentation:
The 6G market can be segmented by component, end-user industry vertical, and geographical region. Components include hardware like antennas, sensors, chips, devices as well as software and services. Key end-user verticals span consumer electronics, industrial automation, manufacturing, healthcare, automotive, energy and utilities. The major regional markets are North America, Europe, APAC, Latin America and MEA. APAC is expected to account for a leading market share, with China and South Korea at the forefront of 6G research.
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Market Growth
While commercial 6G deployment is only expected in 2040, the market is predicted to expand rapidly over the following decade. According to MRFR, the global 6G market revenue will surpass USD 340,510.2 million by 2040. Growth will be fueled by rising investments in driving 6G standards and pilots worldwide this decade. In terms of CAGR, the market is forecast to chart an impressive growth of 28.10% during 2031-2040.
Key Companies
Some major companies driving 6G research include
Samsung, Nokia, NTT DoCoMo, SK Telecom, NEC, Huawei, LG Electronics, Ericsson, and Apple. Collaborative efforts among academia, industry and startups are gaining momentum to accelerate 6G advancement. Global initiatives include the 6G Flagship program by the University of Oulu and the Next G Alliance with members like ATT and Google. The first 6G specs are likely to be framed by 2030.
Market Drivers
Multiple factors are catalyzing the development of 6G:
- Exponentially increasing wireless traffic and connected devices demanding higher capacities
- Need for connecting massive IoT deployment at scale
- Requirement for hotspot capacities exceeding 1 Tbps
- Ultra low latency needs for industrial automation, robotics and AR/VR/MR
- Heightened security and privacy mandates with quantum-safe cryptography
- Sustainability goals for energy-efficient, intelligent connectivity
Limitations of 5G underpin the rationale for commencing 6G research now to realize its momentous potential.
Regional Insights
Owing to robust telecom infrastructure and 5G leadership, North America and Asia Pacific will drive early 6G advancements. The US, South Korea, Japan and China will lead in RD initiatives and trials. Europe will also emerge as an important hub with countries like Finland, UK and Germany building 6G testbeds. As markets mature, developing regions will join the 6G wave.
Industry Latest News
Notable developments in the budding 6G industry:
- Samsung and Keysight collaborating in 2022 on 6G prototype design validation
- University of Oulu launching the first 6G research center back in 2018
- China unveiling its first 6G test satellite ‘Konstellation-1’ in 2022
- DoCoMo and Nokia successfully testing 6G in a Japan lab environment in 2021
- Huawei filing over 6,000 6G patent families by April 2022 spanning diverse capabilities
- Apple unveiling a paper in 2021 to shape intelligent 6G terahertz networks
While pioneering research takes shape, commercial 6G rollout remains over a decade away. Near-term progress will focus on conceiving core technical architectures. With 5G deployments scaling globally, the stage is set for trailblazing innovation to materialize the 6G vision by 2030.
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