Global 6G Market Report and Forecast 2024-2032

Global 6G Market Outlook

The Global 6G market size was nearly USD 5.7 billion in 2023. The market is estimated to grow at a CAGR of 24.7% during 2024-2032, to reach around USD 41.2 billion by 2032.

Key Trends in the Market

6G technology refers to cellular technology that can provide lower latency and higher capacity than 5G networks. It is expected to roll out commercially by 2030 and possesses multiple features, including very high data transfer speed, greater network reliability, energy efficiency, and ultra-low latency network functions.

• The internet is an inexorable part of human life and forms the building block of the modern world. The sixth generation of cellular network technology, 6G, is poised to replace 5G in the future and revolutionise the age of the internet through faster speed, hyperconnectivity, improved user experience, and lower latency.

• Governments globally are increasingly investing in promoting the development of 6G technology due to its high-volume data transmission, low latency, enhanced bandwidth availability, and ability to support technologies like augmented reality, metaverse, and Industry 4.0. For instance, in November 2023, the South Korean government announced an investment of USD 345.5 million to advance the research and development of 6G networks, and efficiently provide services that require low latency of 6G technology, such as virtual reality and urban air mobility.

• The global 6G market growth in the forecast period is expected to be fuelled by the integration of artificial intelligence (AI) and machine learning (ML) with 6G technology. AI and ML-powered 6G technology is anticipated to provide improved quality in user-centric applications, enable sensory and immersive digital experiences, and facilitate rapid responses for real-time decision-making crucial for applications like augment and virtual reality experiences and autonomous vehicles.

• Rapid urbanisation and the rising population demanding high-quality healthcare and education as well as employment opportunities have necessitated the development of smart cities, aiding the 6G market expansion. 6g technology, offering rapid data transfer, enhanced connectivity, and seamless communication, is expected to enhance the efficiency of waste, traffic, and energy management, facilitate real-time citizen feedback on various services, and support the development of solutions that can improve the quality of life of citizens in smart cities in the coming years.

• With 6G technology providing higher performance than 5G technology, key players are attempting to invest in research and development (R&D) activities to expand the accessibility to 6G coverage. For instance, in June 2022, NTT DOCOMO, INC. and NTT announced a collaboration with NEC, Fujitsu, and Nokia to develop 6G technology and commercially launch it by nearly 2030.

Similarly, in February 2022, Samsung Research signed a Memorandum of Understanding (MoU) with Keysight Technologies to advance the research and development of 6G networks.

6G Market Segmentation

Based on device, the market is segmented into mobile devices, and IoT and edge computing devices, among others. On the basis of industry verticals, the market is divided into agriculture, automotive, healthcare, government, and manufacturing, among others. The major regional markets for 6G include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter’s five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global 6G market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Broadcom Inc. 

• Cisco Systems, Inc. 

• Telefonaktiebolaget LM Ericsson 

• Huawei Technologies Co., Ltd. 

• Nokia Corporation 

• AT&T Inc. 

• NTT Docomo, Inc.  

• Orange SA 

• NEC Corporation 

• Fujitsu Limited 

• Others

Market Share by Industry Vertical

As per the global 6G market analysis, 6G technology is anticipated to revolutionise the agricultural sector in the coming years. The ultra-fast speed and improved connectivity of 6G networks is expected to surge their utilisation in agricultural applications such as virtual assistance-based farming, genetic engineering, and process automation, among others.

Moreover, farmers can leverage low-latency benefits of 6G technology to utilise advanced IoT sensors and network monitoring tools for efficiently managing crops. The growing adoption of smart farming technologies is also anticipated to fuel the segment’s growth in the forecast period.

Market Share by Region

Europe accounts for a significant global 6G market share due to the robust growth of the telecommunication sector. As Europe has established its position as a leader in mobile communications, governments and organisations are introducing multiple initiatives to develop 6G network and drive research and development activities in the region.

For instance, in December 2021, the European Union launched 6G innovation and research programme, Smart Network and Services Joint Undertaking (SNS JU), to shape the future of 6G. In October 2022, it selected 35 new projects under the SNS JU worth EUR 250 million for promoting 6G research and technological capabilities.

Meanwhile, the Asia Pacific is anticipated to witness a healthy growth in the forecast period, buoyed by the increasing focus of countries like China, India, Singapore, Japan, and South Korea to develop 6G infrastructure.

Competitive Landscape

Broadcom Inc. is an international technology infrastructure company built on innovation, collaboration, and engineering excellence. It provides diverse products and solutions such as optical products, mainframe software, cybersecurity systems, data centre solutions, and enterprise storage products, among others.

Huawei Technologies Co., Ltd. was founded in 1987 and is a global provider of information and communications technology (ICT) infrastructure and smart devices. The company has developed multiple businesses and 100 scenario-based solutions for various industries, including waterway and port, government, public services, and smart road, among others.

Nokia Corporation was founded in 1865 and is a technology company that operates in areas of networking and advanced technologies. It provides expertise and solutions in diverse sectors, including energy, manufacturing and logistics, and transportation, among others.

Other global 6G market players include Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, AT&T Inc., NTT Docomo, Inc., Orange SA, NEC Corporation, and Fujitsu Limited, among others.

Key Highlights of the Report