The Wireless Mesh Network Market Size Is Expected To Reach $12.7 Billion By 2027 At A CAGR Of More Than 11% - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Oct. 2, 2023 /PRNewswire/ -- As per The Business Research Company's Wireless Mesh Network Global Market Report 2023, the global wireless mesh network market is poised for substantial growth, with the market size expected to expand from $7.41 billion in 2022 to $8.30 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 12%. This trend is projected to continue, with estimates suggesting that the market will reach $12.78 billion in 2027, at a CAGR of 11.4%. The growth is attributed to various factors, including government support, global population growth, urbanization, increased demand for smart connected devices, and the rising need for industrial automation.
The global wireless mesh network market features a diverse array of players, resulting in a fairly fragmented landscape. Telefonaktiebolaget LM Ericsson led the wireless mesh network market with a 9.5% share, followed by Hewlett Packard Enterprise Company, Cisco Systems Inc., Zebra Technologies Corporation, Hitachi, Ltd., Qualcomm Incorporated, TP-Link Technologies Co Ltd., Qorvo Inc., Netgear Inc., and Digi International Inc.
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IoT Driving Innovation
Companies in the wireless mesh network market are leveraging the Internet of Things (IoT) to extend network range and functionality. IoT devices in mesh networks communicate according to predefined protocols, enabling seamless data transmission. An illustrative example is BlueUp, an Italian company that recently launched the world's first Wirepas gateway based on ESP32, revolutionizing Wirepas Mesh IoT and beyond.
Market Segmentation and Growth Opportunities
The global wireless mesh network market is segmented as follows:
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Asia-Pacific emerged as the largest region in the wireless mesh network market, with a market worth of $2.4 billion in 2022.
The growth of the wireless mesh network market in Asia-Pacific is driven by infrastructure upgrades, digitization efforts, and a growing internet penetration rate. The surge in adoption of the Internet of Things (IoT) and the increasing need for internet connectivity have been instrumental in driving market growth. In 2022, Asia-Pacific boasted 2.6 billion internet users, representing 62% of the population, up from 1.7 billion (41% of the population) in 2017.
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