Next-Gen Communication Protocols Market
The market is primarily driven by the increasing demand for high-speed and reliable data transmission in a connected world.
PORTLAND, OR, UNITED STATES, September 6, 2024 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” Registering with 20.9% of CAGR | The Next-Gen Communication Protocols Market Reach USD 259.3 Billion by 2032 Globally.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global next-gen communication protocols market was valued at $45.8 billion in 2023, and is projected to reach $259.3 billion by 2032, growing at a CAGR of 20.9% from 2024 to 2032.
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Increase in demand for high-speed and reliable communication networks to support emerging technologies and growth in adoption of cloud-based services and the need for secure and efficient data transmission are the factors expected to propel the growth of the global next-gen communication protocols market. However, high initial investment costs for implementing new communication protocols and infrastructure upgrades are anticipated to hamper the growth of the global market.
The next-gen communication protocols market is segmented into technology, end user and region. On the basis of technology, the market is divided into wireless communication technologies and wired communication technologies. On the basis of end user, the market is divided into telecom, consumer electronics, military and surveillance, enterprise application, automotive and Others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By technology, the wireless communication technologies segment held the highest market share in 2023, owing to increase in demand for mobile devices and the convenience of wireless connectivity. People rely on smartphones, tablets, and other wireless devices for communication and internet access, which is further expected to propel the overall market growth. However, the wired communication technologies segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to the need for reliable and high-speed internet connections in homes and businesses. Wired connections can offer more stability and faster speeds compared to wireless options, making them a preferred choice for certain applications, which is driving the growth of this segment in the global next-gen communication protocols market.
By end user, the telecom segment accounted for the largest share in 2023, owing to the widespread use of communication technologies in everyday life. Telecom companies provide services such as phone calls, messaging, and internet access to a large number of consumers, which is further expected to propel the overall market growth. However, the military and security & surveillance segment is expected to attain the largest CAGR from 2024 to 2032 and is projected to maintain its lead position during the forecast period, owing to rapid growth due to increasing concerns about national security and the need for advanced communication technologies in these sectors. Governments and organizations are investing in cutting-edge communication systems to enhance security measures and surveillance capabilities, thereby driving the growth of this segment in the global next-gen communication protocols market.
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By region, North America held the highest market share in terms of revenue in 2023, owing to the presence of major tech companies, strong infrastructure, and high adoption rates of advanced communication technologies in countries such as the U.S. and Canada, anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR from 2024 to 2032, owing to rapid technological advancements, increase in internet penetration, and a growth in population of tech-savvy consumers in countries such as China, India, and Japan. The region’s expanding economy and focus on digital transformation drive the demand for next-gen communication technologies, is further expected to contribute to the growth of the market in this region.
The major players operating in the Next-Gen communication protocols industry include AT&T Inc., Verizon, Huawei Technologies Co., Ltd., Nokia, Qualcomm, Ericsson, NTT DoCoMo, SK Telecom, ZTE Corp., Samsung and so on.
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Industry Trends:
● In February 2024, L&T Technology Services Limited, a prominent global digital engineering and R&D services company, collaborated with AT&T, one of the largest telecommunications companies worldwide, strategic alliance aimed at curbing global emissions. This collaboration utilizes the combined resources and expertise of both companies to develop advanced solutions that can significantly reduce environmental impact.
● In December 2023, AT&T announced to lead the U.S. in commercial scale open radio access network (Open RAN) deployment. This industry-leading move, in collaboration with Ericsson, will further the telecommunications industry efforts and help build a more robust ecosystem of network infrastructure providers and suppliers. AT&T is expected to spend roughly $14 billion over the 5-year term of the contract with Ericsson.
● In November 2021, Amdocs, a leading provider of software and services to communications and media companies, announced that AT&T has selected Amdocs’ CES cloud-native platform to support its business support systems evolution (BSSe) program. Amdocs will also provide next-generation cloud operations for BSSe under a long-term agreement.
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