The Multiple Input Multiple Output (MIMO) Market is estimated to be valued at US$ 10.93 Bn in 2023 and is expected to exhibit a CAGR of 10.5% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.
Multiple Input Multiple Output (MIMO) is a wireless technology that uses multiple antennas at both the source and the destination to improve communication performance. MIMO enables higher data transfer by taking advantage of multipath propagation to increase throughput. It is widely used in wireless applications such as Wi-Fi routers, wireless LAN, 3G/4G/5G, digital TV broadcasting, and audio/video streaming.
The growth of the MIMO market is primarily driven by the increasing data traffic across the globe and subsequent deployment of 5G networks. According to a report by Cisco, global IP traffic is estimated to grow at a compound annual growth rate of 26% from 2019 to 2023. This surge in data usage has accentuated the need for advanced wireless technologies such as MIMO that offer greater network capacity and bandwidth to handle the traffic. Additionally, the widespread rollout of 5G networks worldwide is expected to bolster market growth during the forecast period. 5G requires higher bandwidth than 4G to support new technologies such as augmented reality, virtual reality, and autonomous vehicles. MIMO plays a key role in maximizing 5G network capacity and meets its throughput needs. Furthermore, MIMO finds extensive adoption in Wi-Fi routers and IoT applications due to its capability to concurrently transmit independent data signals over the same wireless channel, thereby improving performance.
Strength: MIMO technology increases network capacity without additional spectrum or infrastructure investment. It provides strong data security and enhanced coverage by transmitting multiple data streams simultaneously on the same frequency. Advancements in 5G networks and smartphone chipsets have increased compatibility with MIMO systems.
Weakness: Installation of large antenna arrays required for MIMO systems increases device and infrastructure costs. Interference between closely spaced antennas can reduce system efficiency. Complex signal processing algorithms require powerful CPUs and DSP chips, increasing overall system costs.
Opportunity: Growing adoption of 5G networks worldwide is driving demand for MIMO technology to support higher data rates and network throughput. Emergence of IoT devices and smart cities will necessitate robust wireless connectivity solutions like MIMO.
Threats: Alternate wireless technologies such as fiber-optic networks provide higher data rates without the interference issues faced by MIMO. Limited device compatibility and standardization issues can slow wider adoption of MIMO systems internationally.
The global Multiple Input Multiple Output (MIMO) Market Size is expected to witness high growth, exhibiting a CAGR of 10.5% over the forecast period, due to increasing demand for high-speed data services. MIMO technology enhances network capacity without additional cost or infrastructure requirements, allowing operators to meet growing data needs.
The North America MIMO market accounted for the largest share of over 35% in 2023 and is projected to witness strong growth during the forecast period. Presence of leading technology firms and widespread 5G deployments in the US and Canada support regional growth. Meanwhile, Asia Pacific region is estimated to emerge as the fastest growing market, expanding at a CAGR of around 12.5% through 2030. This can be attributed to rising 4G and 5G subscriptions in China, India and other developing countries.
Key players analysis
Key players operating in the Multiple Input Multiple Output (MIMO) market are Qualcomm, Huawei, Intel, Samsung, Nokia, Ericsson, ZTE, NEC, Aviat Networks, Ceragon Networks, DragonWave, CommScope, Texas Instruments, NXP Semiconductors, Analog Devices, Broadcom, MediaTek, Murata Manufacturing, and Qorvo. Major companies are focusing on developing advanced 5G chipsets and antennas with enhanced MIMO capabilities to enable multi-gigabit data speeds.