FREMONT, CA – BIS Research published a report titled “6G Market – A Global and Regional Analysis, Focus on Product, Device, Communication Infrastructure, End-Use Application, Consumer Application, Industrial and Enterprise, Material, and Region – Analysis and Forecast, 2029-2035.” According to the report, the 6G market is projected to be $1.58 billion in 2028, and it is expected to grow at a CAGR of 103.35% and reach $1,293.19 billion by 2035.
6G Market Drivers
The 6G market gets a push from today’s tech-reliant world. Even a millisecond of lag can disrupt tasks, particularly in critical systems such as autonomous vehicles. Advances in internet technology now support interactive applications, such as online gaming and financial trading, which demand minimal latency, often under 100 milliseconds; for instance, effective video conferencing needs at least 8 Mbps download and 1.5 Mbps upload speeds. This growing emphasis on responsiveness is driving a surge in demand for low-latency networking applications, especially in sectors such as finance.
6G Market Challenges
The key challenge to the adoption of the 6G market is lower adoption from the previous generation technologies. The telecom sector is evolving with the introduction of advanced network technologies, such as 5G, launched in 2019. While its features, such as enhanced broadband and low-latency communications, have been adopted in nations such as Finland, South Korea, and Japan, many regions are yet to embrace it. Current devices may not be 5G-compatible, necessitating upgrades that could hinder swift adoption due to associated costs and device availability.
6G Market Opportunities
6G has the potential to greatly advance blockchain, IoT applications, and AI usage. Over recent years, the integration of AI and IoT in communication systems, especially with 5G, has surged. These tech tools create and decode data to derive valuable insights, yet they’ve struggled with slow data speeds, causing lag in responses. The upcoming 6G technology aims to tackle these limitations, improving peer-to-peer connectivity. With 6G, IoT devices can relay vast data quantities faster, facilitating immediate data interpretation.
The key players operating in the 6G market include Apple Inc., AT&T Inc., China United Network Communications Group, Huawei Technologies Co., Ltd., Intel Corporation, MediaTek Inc., Nippon Telegraph and Telephone Corporation, Nokia Corporation, Samsung Electronics Co., Ltd., SK Telecom, T-Mobile US, Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., ZTE Corporation, Reliance Industries Limited, Keysight Technologies, among others. These companies are focusing on strategic partnerships, collaborations, and acquisitions to enhance their product offerings and expand their market presence. In conclusion, the market for 6G is projected to grow and evolve significantly because of factors such as the use of holography in communication, the role of 6G in the growth of IoT, blockchain, artificial intelligence, UN SDGs, and mobile communications.
Key Companies Profiled:
Reliance Industries Limited
Samsung Electronics Co., Ltd.
China Unicom (Hong Kong) Limited
AT&T Intellectual Property
SK Telecom Co., Ltd.
Nippon Telegraph and Telephone Corporation
Telefonaktiebolaget LM Ericsson
Huawei Technologies Co., Ltd.
T-Mobile USA, Inc.
Resonac Holdings Corporation
DAIKIN INDUSTRIES, Ltd.
Recent Developments in the 6G Market
In June 2023, Keysight Technologies introduced PathWave Advanced Design System (ADS) 2024, which can accelerate 5G mmWave product design and foresee requirements for 6G wireless communications development.
In April 2023, Telefonaktiebolaget LM Ericsson and the government of Canada announced plans to invest around $350 million in research and development centers in Ottawa, Ontario, and Montreal, Quebec facilities.
In March 2023, Resonac Holdings Corporation announced plans to start the development of new semiconductor materials for 6G at the newly opened innovation base.
In February 2023, Nippon Telegraph and Telephone Corporation announced a collaboration with Telefonaktiebolaget LM Ericsson and Keysight Technologies for the expansion of 6G.
In February 2023, Nokia Corporation announced that the company had achieved two key technological milestones in 6G, with partners NTT Corporation and NTT Docomo, Inc.
Analysis and Opportunities
Product/Innovation Strategy: The product segment outlines 6G applications based on device, communication infrastructure, material, and end-use application. Given the rising demand for swift data transfer and low latency for enhanced user experience and industrial tasks, the 6G sector is set to be lucrative.
Growth/Marketing Strategy: The 6G market, currently in its conceptual phase, is poised for rapid growth. Opportunities abound for both existing and new players, with strategies ranging from mergers and acquisitions to partnerships and product launches. Partnerships and product development are the dominant approaches for market strongholds.
Competitive Strategy: The study profiles key 6G market players involved in the development and marketing of 6G solutions. Competitive benchmarking provides a clear market overview. It can be used to conduct a 6G SWOT analysis, Porter’s five forces analysis for the 6G market, and more. Further, strategies such as partnerships and collaborations hint at potential market opportunities.