6G market size is rising at 5% CAGR to surpass $300Bn by 2033

With each generation of communications technology, the focus of the network changes. The 2G and 3G eras were focused on human-to-human contact via voice and text. The 4G era represented a fundamental shift toward huge data consumption, whereas the 5G era has shifted its attention to linking the Internet of Things (IoT) and industrial automation systems.

In the 6G age, the digital, physical, and human worlds will fluidly merge to trigger extrasensory experiences. Intelligent information systems will be paired with robust computation skills to make humans infinitely more efficient and to reinvent how we live, work, and care for the earth.

A 6G network is a cellular network that runs in untapped radio frequencies and employs cognitive technologies such as AI to provide low-latency, high-speed communication at a rate many times faster than fifth-generation networks.

Increasing improvements in next-generation networks are expected to contribute to the overall growth of the 6G market. Increasing internet use has led to a sharp rise in the amount of information. All data and information are transmitted via communication networks. 6G is expected to have at least 20x the wide-area capability of 5G. Furthermore, the 6G user-experienced data rate, which is expected to exceed 1,000Mbps, is 10x faster than the 5G user-experienced data rate. Due to the numerous benefits, several countries worldwide are moving toward 6G.

North America, led by the US, is predicted to account for a major share of the global 6G market owing to the presence of key companies, favourable government efforts, and various other factors.

Key Takeaways from Market Study

• The global 6G market stands at $5 billion in 2023.
• Worldwide demand for 6G is projected to swell at a CAGR of 50% during the forecast period (2023 to 2033).
• The market for 6G products and services is forecasted to garner $300 billion by 2023.
• North America is estimated to lead the global market over the next ten years.

“Several countries are launching initiatives to drive 6G development and are investing substantial time and money to become leaders in the field. Furthermore, demand for high bandwidth needed for the smooth functioning of connected devices and advancements in 6G technologies with ground-breaking speeds and nationwide coverage are expected to bolster market expansion over the coming years,” says a Fact.MR analyst.

Winning strategy

Many market participants are concentrating on collaboration to accelerate 6G development and acquire market share.

For example, In November 2022, Keysight Technologies, a major technology company, collaborated with NOKIA Bell Labs to speed up 5G-advanced and 6G communications. Nokia will employ Keysight's sub-Terahertz (THz) test bed to verify and enhance the efficiency of 6G transceiver (TRX) modules.

More valuable insights on offer

The study divulges essential insights on the market based on component (hardware, software, services), communication infrastructure (wireless, fixed), application (multisensory XR applications, connected robotics & autonomous systems (CRAS), wireless brain-computer interactions (BCI), digital twins, smart cities, internet of everything (IoE), blockchain & DLT, others), and end user (governments, consumers, industrial, enterprises), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

These insights are based on a report on 6G Market by Fact.MR.