The global market for millimeter wave technology is expected to grow at a CAGR of 42.99% between 2016 and 2022 to reach USD 4,632.8 million by 2022 from USD 346.8 million in 2015. The growth of this market is expected to be driven by the growing demand for bandwidth-intensive applications and increasing usage of millimeter wave technology in the small cell backhaul network.
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APAC and RoW to be the fastest-growing markets for millimeter wave technology during the forecast period
North America accounted for the largest share of the global millimeter wave technology market in 2015 as the region is the early adopter of this technology; the market growth is also due to the high demand for bandwidth-intensive applications in the region. Europe accounted for the second largest share of the millimeter wave technology market in 2015. However, the millimeter wave technology market in RoW and APAC is expected to witness a high growth rate during the forecast period due to the expected developments in the telecom infrastructure and the commercialization of the next-generation (5G) technology by 2020.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews of key opinion leaders in the millimeter wave technology market have been conducted. The break-up of primary participants for the report is shown below:
• By Designation: C-Level Executives– 15%, Directors — 55%, and Others — 30%
• By Region: North America — 35%, Europe — 40%, APAC — 10%, and RoW — 15%
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