The GCC WiFi chipset market is estimated to be valued at US$ 20.5 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
WiFi chipsets are integrated circuits used in wireless devices for WiFi connectivity. These chipsets are optimized for low power consumption and offer high-speed connectivity for WiFi enabled devices. They are increasingly being used in various devices including smartphones, tablets, laptops, smart home devices, access points etc. owing to the growth in WiFi networks and advancements in 5G technology.
Market key trends:
One of the major trends driving growth of the GCC WiFi chipset market is the increasing adoption of Internet of Things (IoT) technology across various sectors such as automotive, healthcare, industrial automation etc. in GCC countries. The rising demand for IoT compatible devices is accelerating the adoption of WiFi enabled chipsets in devices such as sensors, smart appliances and wearables. In addition, growing deployment of public WiFi hotspots in airports, cafes and other public places across GCC is also fueling demand for cost effective WiFi chipsets with high-speed connectivity capabilities. Furthermore, the introduction of new technological standards such as 802.11ax is expected to enhance speed and connectivity of WiFi chipsets, thereby propelling market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high capital requirements for R&D, manufacturing, marketing and brand building. However, the threat increases for specialized and differentiated products.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to the presence of several vendors offering differentiated products. However, buyers have low switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few major chipset manufacturers globally and differentiation in designing is high.
Threat of new substitutes: The threat of substitutes is low as WiFi chipsets have widespread applications and no direct substitutes exist currently.
Competitive rivalry: Intense due to numerous vendors offering similar capabilities.
SWOT Analysis
Strength: Wide range of product portfolio with focus on latest technologies. Strong distribution network globally.
Weakness: High R&D and manufacturing costs. Dependence on few suppliers for core components.
Opportunity: Growing internet penetration and increasing adoption of IoT devices in GCC region. Shift towards new technologies like WiFi 6.
Threats: Trade tensions and regulations. Short product life cycles requiring continuous innovations.
Key Takeaways
The Global Gcc Wifi Chipset Market Size is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing internet penetration and adoption of smart home devices in GCC countries. The market size is projected to reach US$ 36 Bn by 2030 from US$ 20.5 Bn in 2023.
Regional analysis: The GCC region is emerging as one of the fastest growing markets for WiFi chipsets due to digitization initiatives by governments and growing demand for high-speed connectivity solutions. Saudi Arabia dominated the region in 2023 with over 30% market share and is expected to continue leading during the forecast period.
Key players operating in the GCC Wifi Chipset market are Broadcom, Celeno Communications, Infineon Technologies, Espressif Systems Shanghai Co Ltd, GCT Semiconductor Inc., I&C Technology, Intel Corporation, MediaTek, Inc., Microchip Technology Inc. Latest product launches and mergers & acquisitions are the key strategies adopted by major players to gain competitive advantage.
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