DUBLIN, Aug 05: The wi-fi market size is expected to grow from $14.8 billion in 2015 to $33.6 billion by 2020, at an estimated CAGR of 17.8 percent from 2015 to 2020, according to the global wi-fi market forecast from 2015 to 2020 by Research and Markets.
In today's era, people are always striving for higher living standards, which enable them to adopt smart devices and smart technologies. The development of various wi-fi enabled devices in the market has increased the consumer's needs and requirements. The increase in usage of wi-fi has impacted the standard of living of the consumers. This has simultaneously increased the sale of smart home and work devices and vice versa.
The developed countries such as the U.S., Japan, and Germany have already witnessed large-scale deployment of smart home security and other vehicle infotainment devices. These smart devices require connecting with other devices via homogeneous or heterogeneous networks. wi-fi makes integration and inter-connection with other devices easy and less complex. Due to the smart technology integrated in them, the consumers can remotely operate the various devices and manage their operations. The wi-fi feature is a mandatory requirement for smart technology enabled devices. The wi-fi market is driven by the need for wi-fi enabled devices and increase in the adoption of smart devices by consumers.
North America accounted for the largest share of the global wi-fi market in 2015. Factors such as increase in usage of smart devices, demand for free public wi-fi hotspots, need to increase the ridership for public transportation, increase in investments in the wireless technology sector, growth in smart education techniques, advancements in medical and healthcare sector, growth in retail and hospitality due to wireless access for the customers and others are driving the growth of the wi-fi market in North America.
However, cyber attacks, wireless hackers, wireless security concerns, wi-fi coverage and speed issues, low after-sales service are holding the growth of the wi-fi market in North America.