Wireless Communication Chipsets Market Trends

Growth Drivers

• Increasing Urbanization Rate – The population movement from rural to urban regions, the concomitant decline in the number of individuals living in rural areas, and the manner in which societies adjust to this transition are included in urbanization. Urbanization is significantly increasing all over the world and is estimated to increase more over the forecast period. Globally, 55% of people lived in cities in the year 2018, and 68% are expected to do so by the year 2050. The urbanization rate is rising as more individuals are showing the tendency of moving to urban areas. As a result, the demand for high-ended technology has been growing, which has increased the usage of wireless communication chipsets for different activities.
• Rise in Research Spending – Growth in the global wireless communication chipsets market during the forecast period can be further attributed to increased investment in research and development activities to continuously find more viable solutions for advanced technology. Research reports show that global R&D spending has more than tripled in real terms since 2000, rising from about USD 680 billion to more than USD 2.5 trillion in the year 2019.
• Rapid Digitization In Diverse Organizations Worldwide – By 2022, nearly 65% ​​of the world's Gross Domestic Product (GDP) is expected to be digitized, with digitized organizations. It is projected to contribute more than half of gross domestic product (GDP). Nearly USD 54 trillion by 2023.
• Rise in smartphone adoption – According to estimates, the number of smartphone users worldwide was around 6 billion in 2021 and is expected to reach 7.5 billion by the end of 2027.
• Rising Internet Penetration – According to The World Bank data, the percentage of the population using the Internet was about 49% in 2018, but in the year 2020 it increased to 60%.

Challenges

• Concerns related to Privacy and Data Security – Privacy and data security are critical aspects of our modern digital world. Privacy refers to an individual's right to keep their personal information and activities confidential and not shared without their permission. Data security breaches refers to the threat to data from unauthorized access, use, disclosure, modification, or destruction, which is expected to act as a major restrain to the market growth.
• Rising Incidences of Data Thefts around the World
• Lack of Awareness about Technology among Old Age Population