The global WiGig market value stood at $1,078.7 million in 2018, and it is predicted to surge to $4,386.1 million by 2024, exhibiting a CAGR of 27.9% from 2019 to 2024 (forecast period). The major factors driving the growth of the market are the burgeoning need for high-speed internet, rising implementation of the bring-your-own-device (BYOD) policy at workplaces, and mushrooming sales of portable consumer devices.

The ballooning sales of tablets, laptops, and smartphones are credited to the various advanced features being offered by manufacturing companies in order to attract customers and the growing disposable income of people, particularly in developing countries. Thus, with the emergence of newer wireless communication standards, including the 802.11ad WiGig standards that operate at 60 GHz, many consumer electronic companies are increasingly incorporating these standards in their products.

Besides, the growing requirement for high-speed internet connections is also propelling the advancement of the WiGig market across the globe. Moreover, the soaring popularity of the bring-your-own-device (BYOD) policy, on account of its ability to provide huge cost savings and convenience to employees who prefer working on their personal systems, is also driving the expansion of the industry. 

As employees carrying their own systems to work are required to connect their systems to peripherals, such as keyboard, local area network (LAN) cable, and mouse, organizations implementing the BYOD policy are increasingly adopting solutions, such as the WiGig enabled docking stations that offer connectivity to all system peripherals. Apart from these factors, the booming healthcare sector is also creating lucrative growth opportunities for the players operating in the WiGig market. 

Hence, it is safe to say that the market will grow substantially in the coming years, primarily because of the growing smartphone and internet penetration and increasing implementation of the BYOD policy at workplaces around the world.