6G is anticipated to serve a crucial function in enhancing the effectiveness and efficiency of telecommunication systems within both industrial and consumer realms. As the Internet of Things (IoT), Industry 4.0, and home automation continue gaining traction, sophisticated network solutions have become a fundamental component of the telecommunications sector.
This entails optimizing the network and its application, utilizing low-latency rates and advanced data transfer methods to facilitate the advancement of smart technologies, automation, and artificial intelligence across diverse industries.
According to the BIS Research report, the Asia-Pacific 6G market (excluding China) is projected to be $3.57 billion in 2029, and it is expected to grow at a CAGR of 106.42% and reach $275.91 billion by 2035.
The expansion of the 6G market is due to the significant focus on low-latency networks tailored for applications and the increasing uptake of internet services, alongside the proliferation of edge computing devices, among other factors.
Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the 6G market.
The region is experiencing the highest growth rates in various technologies. According to industry experts, digital transformation in the region is on par with European and North American counterparts. The growing electronics industry and new entrants in telecommunication industry such as Jio will benefit in the development of 6G technology.
The APAC region lacks skilled labor, which hinders the development of new technologies.
Also, certain parts of this region are in the developing phase, such as India, which requires both infrastructural and equipment improvements. Countries like India, Malaysia, Indonesia, the Philippines, and others are very cost-sensitive, which will act as a problem in investments in the 6G technology.
BIS Research report on the 6G market covers the segments: region, application, industry, product type, and material type segments of the market.
This next-generation technology is anticipated to drive the industrial revolution and attain complete digitalization, offering distinct advantages over 5G. 6G's telecommunication standard aims to integrate ultra-low latency for minimal delay and high data transmission rates, pivotal for achieving full automation in industries.
With respect to geographical regions, China is indeed expected to dominate the 6G market in the coming years. The region has witnessed significant growth in the telecommunication industry.
Several advancements and applications in the 6G market:
Keysight Technologies unveiled the PathWave Advanced Design System (ADS) 2024 in June 2023, aimed at expediting 5G mmWave product design and anticipating necessities for the development of 6G wireless communications.
Telefonaktiebolaget LM Ericsson and the government of Canada revealed intentions in April 2023 to invest approximately $350 million in research and development centers situated in Ottawa, Ontario, and Montreal, Quebec.
Resonac Holdings Corporation disclosed plans in March 2023 to commence the development of new semiconductor materials for 6G at a newly established innovation base.
In February 2023, Nippon Telegraph and Telephone Corporation announced a collaboration with Telefonaktiebolaget LM Ericsson and Keysight Technologies for the expansion of 6G.
Nokia Corporation announced in February 2023 that the company had reached two significant technological milestones in 6G, in collaboration with partners NTT Corporation and NTT Docomo, Inc.
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “The 6G market has the ability to grow multi-fold in the coming years, owing to the ongoing developments and adoption of M2M communication and computing devices along with increasing demand for industry automation and adoption of smart technologies in different industries.”
Increased government initiatives and backing worldwide are anticipated to propel the expansion of the 6G market. However, specific technical hurdles, like the absence of universal security protocols for 5G and 6G and the rising concerns about data security and privacy risks, could impede the market's growth. Anticipated to debut in select developed areas by 2028, 6G technology is forecasted to experience substantial growth across all regions starting from 2030.
