BANGALORE, India, Dec. 15, 2020
BANGALORE, India, Dec. 15, 2020 /PRNewswire/ -- Millimeter Wave Technology Market is segmented by Component (Solution and Services), Deployment (On-Premise and Cloud), End User (Commercial, Individual and Others), Application (Access VPN, Intranet VPN, Extranet VPN and Others). This report is published on Valuates Reports in the Internet & Telecom Category. It also covers Global & Regional Opportunity Analysis and Industry Forecast to 2027.
The global millimeter wave technology market size is expected to reach USD 3.88 Billion by 2027 from USD 369.9 Million in 2019, growing at a CAGR of 37.1% from 2020 to 2027.
Major factors driving the growth of Millimeter Wave Technology Market size are, increase in broadband and mobile speeds with growing utility and demand, rise in usage of millimeter waves in small-cell backhaul networks, and substantial demand in the use of millimeter wave technology in security and radar applications.
This study comprises an analytical depiction of the global millimeter wave technology market size and shares along with the current trends and future estimations to depict the imminent investment pockets.
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TRENDS INFLUENCING THE MILLIMETER WAVE TECHNOLOGY MARKET SIZE
The increase in demand for connected devices among consumers, such as smartphones, tablets, and others, is driving the growth of millimeter wave technology market size. Millimeter wave technology provides various advantages over fiber optics, such as high bandwidth, high speed, and more reliable transmission.
Increased demand for millimeter wave technology in the military, defense, and aerospace (MDA) sector due to simple and faster exchange of information such as orders, commands from one location to another with high connectivity and protection through the use of various applications such as electronic warfare, radar, tactical and satellite communications. This increase in adoption by the military and defense sector is expected to drive the Millimetre Wave Technology Market size.
The rising demand for unmanned vehicles due to changing customer preferences from regular cars to smart driving assistant cars, which assist in automatic parking, braking, GPS navigation, and blind-spot collision prevention, are driving the growth of the millimeter wave technology market size.
The rise in adoption of multimeter wave technology in the healthcare sector is expected to fuel the growth of the Millimeter Wave Technology Market size. Hospitals are now using autonomous millimeter wave technology for medical imaging. Furthermore, the spikes in hospitalization volume and social distance enforcement due to COVID-19 fuel the need for advanced connectivity in healthcare. Using video conferencing and many cloud-based IoT endpoints, 5G-enabled telemedicine, including remote patient monitoring, is expected to allow access to medical care without potential exposure to COVID-19 and reduce hospital bed demand.
MILLIMETER WAVE TECHNOLOGY MARKET SHARE ANALYSIS
North America is expected to hold the largest Millimeter Wave Technology Market share during the forecast period. This dominance of North America is attributed to the higher adoption of millimeter wave technology in the mobile and telecom application in the region. Furthermore, North America is the hub of all major players in the Millimeter Wave Technology market.
Based on Application, the telecom segment is expected to hold the largest Millimeter Wave Technology Market share. Growth in this segment is mainly due to the large-scale adoption of millimeter wave technologies in 5G mobile phones and telecommunications infrastructure.
Asia Pacific region is expected to witness the highest growth during the forecast period. The rapid growth in this region is attributed to its developments and upgrades being carried out in its telecom infrastructures. Furthermore, the installation of new telecommunications equipment, based on the Millimeter wave technology, is also expected to drive the overall demand across the region at a significant rate.
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