The Wi-Fi market is expected to be worth approximately US$ 14.08 billion in 2023. Over the next ten years, it is anticipated to experience a consistent growth rate of 20.2%, reaching a value of nearly US$ 88.90 billion by the close of 2033.
The global Wi-Fi market expanded at a CAGR of 18.1% between 2018 and 2022. The rising advancement of the Internet of Things (IoT) is to create new avenues for the key market players shaping the Wi-Fi industry in the upcoming 10-year epoch.
The Wi-Fi market is dynamic and continually evolving, driven by increasing demand for wireless connectivity across various sectors including residential, commercial, and industrial. Key factors shaping the market include advancements in technology, the proliferation of smart devices, the emergence of new applications such as IoT and 5G, and the need for faster and more reliable internet access. Major players in the market include technology giants like Cisco, Huawei, and Ericsson, alongside numerous smaller players contributing to innovation and competition.
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Global Wi-Fi Market: Drivers and Restraints
With more people switching to smartphones, laptops, and other Wi-Fi-enabled devices, there is a greater demand for better connectivity, network, and more importantly wireless connectivity in outdoor setups. These are the major driving factors for the Global Wi-Fi market.
Too many users using the same access point, causing contention loss, acts as a restraining factor for the Global Wi-Fi market. Also, the lack of awareness in under developed countries would reduce the market, as most users in these countries are less keen to pay more.
Keeping in mind the worldwide use of the internet and its expanding growth, industries today are coming up with improved standards to provide better connectivity and mobility to their users. In the current scenario, a lot of advancements are going on in the Wi-Fi market. Wi-Fi or Wireless Fidelity is used for connecting the devices to networks.
This communication protocol is vital for machine-to-machine (M2M) communication, hot spots, and in-flight. The global Wi-Fi market is expected to grow significantly over the years. The major drawback that this market faces apart from the high initial cost, is the security threat. Wireless hacking can endanger sensitive information of the users along with privacy. Also, the lack of skilled labors to troubleshoot the wireless devices creates another problem for the market.
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