The increasing demand for robust network connections and the adoption of Wi-Fi solutions across industries is significant growth drivers for the global Wi-Fi market.
The worldwide Wi-Fi market is anticipated to increase from $9.437 million in 2020 to $25.244 million by the end of 2026. This will take place at a compound annual growth rate of 17.8% during the estimated period, claims a recent research study by Research And Markets.
The significant growth drivers for this market include the increasing demand for robust network connections and the adoption of Wi-Fi solutions in different industry verticals. This includes education, healthcare, e-commerce, BFSI, IT, and telecom companies.
In the case of components, the hardware segment is most likely to hold the major market size for the forecasted period. The Wi-Fi hardware segment includes access points, wireless hotspot gateways, WLAN controllers, and others.
The other division includes repeaters and relays. The integration of Wi-Fi with other applications has led to improved network connectivity. Different verticals such as healthcare, life sciences, and BFSI are highly reliant on wireless connectivity.
Here, any kind of loss of connection could hamper their daily, critical business operations. As a result, the healthcare and life sciences sector is expected to grow with the highest CAGR. The market is overall segmented around education, healthcare, logistics, e-commerce, manufacturing, government, hospitality, and others.
Today, healthcare companies use Wi-Fi for the centralized management of data to augment the scalability as well as reliability of the services offered. In this industry, cloud Wi-Fi services allow easy and secure access to medical history and other critical patient information – from anywhere and at any time.
Most healthcare organizations have been adopting cloud-based technology as it enables real-time exchange of healthcare data and sensitive information between healthcare organizations and patients. This is done with agility and quality, along with reduced costs.
From the market perspective, the APAC countries are increasingly investing in innovative Wi-Fi projects. The market in the APAC region has been sub-segmented into Japan, China, India, and the remaining APAC regions.
In fact, a rapidly growing customer base because of the increasing prominence of SMEs – coupled with the reduction in TCO is likely to drive the Wi-Fi market growth in this area. APAC is also witnessing an upsurge in smart devices and internet adoption, mandating the requirement for secure internet connectivity.
Furthermore, with broadband and mobile infrastructures improving in the Asia-Pacific region, mobile workforces, as well as BYOD trends, are also gaining momentum. Such market trends in the APAC region are anticipated to lead to the increased adoption of Wi-Fi technology, fuelling the market growth.
Given the fact it is a developing region; the key concern of small and medium organizations is the cost that they are bearing for the deployment of the on-premises WLAN solutions.