Northbrook, IL 60062 -- (SBWire) -- 11/09/2023 --The global Wi-Fi Market size is expected to grow from USD 14.5 billion in 2023 to USD 39.4 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 22.2% during the forecast period, according to research report by MarketsandMarkets™.
People use smart devices and smart technologies extensively to improve their living standards. The development of various Wi-Fi-enabled devices in the market has increased consumers' demand, which, in turn, has increased the sale of smart home and work devices.
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Devices like lighting systems and thermostats are already installed in homes and workplaces across developed countries, such as the US, Japan, and Germany. Developed countries witness large-scale deployments of smart home security and other vehicle infotainment devices. Smart devices need to connect with other devices via homogeneous or heterogeneous networks.
The indoor segment is expected to lead the Wi-Fi market during the forecast period.
The Wi-Fi market is segmented into indoor and outdoor based on location type. The growing adoption of smart home devices, including smart TVs, thermostats, security cameras, and voice assistants, which rely heavily on indoor Wi-Fi connectivity, will drive the market. Also, the growing reliance on the internet for work, education, entertainment, and communication is a significant driver. As more people use multiple connected devices indoors, the demand for robust indoor Wi-Fi networks rises.
Smart home devices segment is expected to hold the largest market share during the forecast period.
Wi-Fi smart home devices have become increasingly popular in recent years, revolutionizing the way people interact with and manage their homes. These devices leverage wireless internet connectivity to provide convenience, energy efficiency, security, and automation in residential settings. Wi-Fi-enabled smart home devices allow users to automate various tasks, control devices remotely, and create personalized routines. The rapid growth in the number and variety of smart home devices, including smart TVs, thermostats, lights, security cameras, and appliances, drives the need for robust Wi-Fi networks.
Asia Pacific likely to emerge as the fastest-growing segment during the forecast period.
The growth of the Wi-Fi market in the Asia Pacific is highly driven by rapid digitalization, and widespread smartphone adoption has led to an exponential increase in demand for fast and reliable internet connectivity. Also, the growing number of smart homes, IoT devices, and digital initiatives in various sectors like healthcare and education have created a need for robust and scalable Wi-Fi solutions.
Market Players
The major vendors covered in the Wi-Fi market include Cisco (US), Ericsson (Sweden), Extreme Networks (US), Huawei (China), Juniper Networks (US), Panasonic (Japan), Fortinet ( US), Aruba (US), Alcatel-Lucent Enterprise (France), NETGEAR (US), Broadcom (US), Airtel (India), Orange Business Services (France), Comcast Business (US), Vodafone (UK), Telstra (Australia), Fujitsu (Japan), AT&T (US), Ubiquiti Networks (US), Lever Technology Group (UK), Redway Networks ( England), Superloop (Australia), Cambium Networks (US), Casa Systems (US), Fon (Spain), D-Link (Taiwan), Actiontec Electronics (US), ADB Global (Switzerland). SDMC Technology (China), Edgewater Wireless Systems (Canada).
Key Dynamic Factors For Wi-Fi Market:
Technological Developments: The need for quicker and more dependable wireless access is being driven by ongoing technological developments, such as the creation of new Wi-Fi standards like Wi-Fi 6 and Wi-Fi 6E. Both consumers and companies update their Wi-Fi infrastructure in response to emerging technologies.
Increased Data Usage: A notable rise in data usage has been caused by the spread of streaming services, IoT devices, data-intensive apps, and remote work. This makes more expansive and bandwidth-dense Wi-Fi networks necessary.
IoT Expansion: To accommodate the increasing number of linked Internet of Things (IoT) devices in households and businesses, strong Wi-Fi networks are needed. The demand for Wi-Fi is being driven by smart cities, smart homes, and industrial Internet of things applications.
5G Integration: Especially in cities, the incorporation of Wi-Fi with 5G networks is becoming increasingly crucial. Together, Wi-Fi and 5G may offer seamless connectivity, and their combination has the potential to be a market-moving factor.
Security Concerns: As more data is transferred across Wi-Fi networks, security becomes more and more important. The requirement for strong security measures to guard against cyberattacks and data breaches has an impact on the industry.
Trends in Remote Work: The COVID-19 epidemic hastened the adoption of remote work, necessitating dependable and robust Wi-Fi connections for both individuals and enterprises. The rise of remote work will continue to have an impact on the need for Wi-Fi solutions.
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Competitive and Segmentation Analysis:
The market for Wi-Fi is marked by fierce rivalry and wide-ranging segmentation, which reflects the changing needs of both consumers and companies. Prominent technological corporations, like Cisco, Huawei, Aruba Networks (a Hewlett Packard Enterprise subsidiary), and Ruckus Networks (a CommScope business), engage in intense competition for market supremacy by continuously introducing innovative solutions that enhance speed, security, and dependability of wireless communication. Furthermore, a plethora of smaller firms and startups add to the competitive environment by concentrating on specialised industries, cutting-edge technologies, or niche markets. Better connectivity alternatives for end users are facilitated by this competition's developments in Wi-Fi standards, security protocols, and network administration tools.
The Wi-Fi market is segmented in several ways, which reflects the variety of application areas and consumer needs. It consists of enterprise Wi-Fi, which provides enterprises with reliable network infrastructure, and residential Wi-Fi, which serves households for internet access and smart home applications. Beyond this, the market is divided into segments according to frequency bands (2.4 GHz and 5 GHz, with 6 GHz on the horizon) and Wi-Fi standards (such as Wi-Fi 6 and Wi-Fi 6E). Public Wi-Fi networks have grown in importance in urban and transit environments, and the growth of Internet of Things (IoT) devices has opened up potential for industrial and commercial Wi-Fi solutions. Moreover, the market include cloud-managed Wi-Fi, Wi-Fi equipment manufacturers, and service providers.
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2023 Wi-Fi Market to Set an Explosive Growth in Near Future, SWOT Analysis by Key Players 2028
This research report categorizes the Wi-Fi market to forecast revenues, analyze trends, offering, density, location type, application, vertical and region.