Wi-Fi Market worth $31.3 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 13, 2022 /PRNewswire/ -- The global Wi-Fi Market size is projected to grow from USD 12.3 billion in 2022 to USD 31.3 billion by 2027, at a compound annual growth rate (CAGR) of 20.4% during the forecast period, according to a new report by MarketsandMarkets™. The increasing adoption of BYOD and CYOD trends among organizations is driving the growth of the Wi-Fi Market.
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The hardware segment is estimated to lead the Wi-Fi Market in 2022.
The Wi-Fi hardware segment comprises access points, WLAN controllers, wireless hotspot gateways, and other hardware. The other hardware includes routers, switches, antennas, relays, and repeaters. The integration of Wi-Fi with other devices has led to improved connectivity. Several verticals, such as healthcare & life sciences and BFSI, are highly dependent on wireless connectivity, and any loss of connection may hamper their daily business operations.
The high-density Wi-Fi segment is projected to grow at the fastest rate during the forecast period.
High-density wireless environments are locations that require the support of hundreds or even thousands of wireless clients in a given area. High-density Wi-Fi is a design strategy for large deployments to provide pervasive connectivity to clients when a high number of clients are expected to connect to Access Points within a small space. A location can be high-density if more than 30 clients connect to an AP.
Indoor location type is set to emerge as the largest market for Wi-Fi during the forecast period.
Indoor Positioning System (IPS) refers to the technology that helps locate people and objects indoors. That location information is then fed into some type of application software to make the information useful. For instance, IPS technologies enable several location-based indoor tracking solutions, including Real-Time Location Systems (RTLS), wayfinding, inventory management, and first responder location systems.
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SMEs are pegged to account for a higher CAGR during the forecast period.
Ease of deployment and availability of a number of vendors of Wi-Fi services are some of the factors leading to the adoption of Wi-Fi in SMEs. The demand for Wi-Fi is high in SMEs to ensure the security of their networks and the quality of their services.
Education is likely to emerge as the largest market for Wi-Fi during the forecat period.
The education vertical is expected to hold a significant market share in the Wi-Fi Market, due to the various benefits provided by MSPs. These benefits include improved performance, reduced IT infrastructure costs, and better connectivity. Wi-Fi solution providers offer consistent connectivity through one reliable network via multiple APs to various educational institutes. Additionally, these solutions and associated services are instrumental in delivering managed and filtered internet access in the education vertical.
Asia Pacific segment is projected to grow with the fastest growth rate during the forecast period.
Asia Pacific is the fastest-growing economic region and the world's largest continental economy by GDP Nominal and PPP. The growth in this region is primarily driven by the strong positive outlook of the regional enterprises and growing awareness, especially in industry verticals such as BFSI, IT, telecom, retail, and healthcare. Many enterprises and commercial customers in this region have started adopting reliable Wi-Fi solutions and services, thereby contributing to the overall growth of the Wi-Fi Market in Asia Pacific. Asia Pacific is witnessing an upsurge in the adoption of smart devices and the internet, mandating the need for reliable and secure internet connectivity.
The major vendors covered in the Wi-Fi Market include Cisco (US), Juniper Networks (US), NETGEAR (US), Aruba (US), Huawei (China), Panasonic (Japan), Alcatel-Lucent Enterprise (France), Ericsson (Sweden), Extreme Networks (US), Fortinet (US), D-Link Systems (Taiwan), LEVER Technology Group (UK), Redway Networks (UK), Casa Systems (US), Broadcom (US), Ubiquiti Networks (US), Airtel (India), Orange Business Services (France), AT&T (US), Comcast Business (US), Vodafone (UK), iPass (US), Superloop (Australia), Telstra (Australia), Fujitsu (Japan), Cambium Networks (US), and Fon (Spain).
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