According to the latest report by IMARC Group, titled “Wi-Fi Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global wi-fi market size reached US$ 24.2 Billion in 2021. Wireless fidelity (Wi-Fi) refers to a wireless network technology that provides wireless connections between two or more devices to allow sharing of data. By sending radio signals from the wireless router to nearby gadgets, it allows multiple electronic devices to connect to the internet, including laptops, tablets, desktops, smartphones, and smart wearables. The waves are then decoded and sent back to the router that links the internet via cables. Wi-Fi routers also enable multiple users to access the Internet without requiring ethernet connections both at offices and homes. Due to the flexibility, convenience, and mobility offered by Wi-Fi at cost-effective prices, it is widely utilized in a wide range of applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Wi-Fi Market Trends:
The global market is majorly driven by the increasing requirement for high-speed internet in numerous end-use sectors due to rapid digitalization. This has led to the escalating demand for responsive, effective, and premium wireless network connectivity for faster operations and ensuring responsive development. Additionally, continual technological advancements that aid in reducing network wiring costs and improving mobility are propelling the market growth. The market is further fueled by the rising integration of the Internet of Things (IoT), artificial intelligence (AI) and machine learning (ML) in numerous industrial applications. Also, a considerable rise in the usage of Wi-Fi as a service (WaaS) across the information technology (IT) and information technology-based services (ITES) sector is creating a positive market outlook. Apart from this, the growing number of employees working from home and the widespread trend of bring your own device (BYOD) are resulting in a higher uptake of Wi-Fi on the global level. Some of the other factors contributing to the market include the flourishing telecom industry, the shifting consumer preference towards online websites and apps, favorable government initiatives supporting smart city development, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 54.53 Billion by 2027, exhibiting a CAGR of 13.70% during 2022-2027.
- Based on the component, the market has been segmented into hardware, solutions, and services.
- On the basis of the density, the market has been divided into high-density wi-fi and enterprise-class wi-fi.
- Based on the location type, the market has been categorized into indoor and outdoor.
- On the basis of the industry vertical, the market has been segmented into IT and telecommunication, education, BFSI, healthcare, logistics and transportation, retail, government, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AT&T Inc., Broadcom Inc., Cisco Systems Inc., Extreme Networks, Fortinet Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Huawei Technologies Co. Ltd., Juniper Networks Inc., Motorola Solutions Inc., Panasonic Corporation, Singapore Telecommunications Limited, Telefonaktiebolaget LM Ericsson, Telstra Corporation Limited, and Ubiquiti Inc.
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