The Wi-Fi market is likely to be valued at around USD 14.08 billion in 2023. With a projected CAGR of 20.2% for the next ten years, the market is predicted to reach a valuation of nearly USD 88.90 billion by the end of 2033. The recent surge in internet users and increased demand for IoT has triggered the Wi-Fi market.
| Attributes | Details |
|---|---|
| Global Wi-Fi Market Size (2023) | USD 14.08 billion |
| Global Projected Market Value (2033) | USD 88.90 billion |
| Global Market Growth Rate (2023 to 2033) | 20.2% CAGR |
| North America Market Share (2021) | 35% |
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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 global Wi-Fi market is predicted to surge ahead at a CAGR of 20.2% and record sales worth USD 88.90 billion by the end of 2033. The United States of America is likely to continue to be the notable market throughout the analysis period accounting for over USD 25.6 billion absolute dollar opportunity in the coming 10-year epoch.
The Hardware Segment is Predicted to Expand with an 18.3% CAGR in the Upcoming 10-year epoch.
Among the various appliances in the hardware segment, the wireless access point is estimated to gain traction in the forthcoming years. One of the key reasons for this growth is the surge in the volume of connected devices in public spaces, households, and workspaces among others.
Another factor involved is the ease of installation associated with a wireless access point, along with its ability to take care of numerous devices simultaneously and effectively. All these attributes are projected to be advantageous to the hardware segment of the Wi-Fi market during the upcoming 10-year epoch.
It is forecasted that the Enterprise-Class Wi-Fi segment is to witness a highly accelerated CAGR of 18% during the forthcoming years. Among the numerous attributes responsible for the growth of the Enterprise-Class Wi-Fi segment, is the surge in digitization coupled with the rapid increase in the requirement for the IoT.
According to a recent article published in Forbes Magazine, the healthcare industry vertical is among the key spheres where IoT finds extensive requirements. Thereby allowing healthcare professionals easy access to data about patient conditions, especially when the risks involved are high.
Among different other benefits, specialized medical devices, including defibrillators, oxygen pumps, insulin pumps, and heart rate monitors among others, are better connected now. These allow them ease of data collection to help medical professionals have a better understanding of patients' lifestyles, while simultaneously allowing them an autonomous working berth for bettering the quality-of-life of their patients.
With devices, like augmented reality and virtual reality (AR/VR) Headsets, witnessing a year-over-year increase of over 92% in their global sales as per the International Data Corporation, the enterprise-class wifi segment is projected to witness a positive market outlook in the forthcoming years.
The Asia Pacific region is anticipated to be extensively significant for the growth of the Wi-Fi market during the forthcoming years. Findings of a recent report noted that as of 2022, the cohort of internet users in Southeast Asia as a share of the total volume of users globally is projected to increase by 3.1% annually.
As of 2019, around 54% of the region’s total populace uses online services of some type. It is also reported that the adoption of smartphones in the populace using the internet in Southeast Asia is to reach 90.1% by 2026, compared to 88% as of 2022.
According to a recent article published in The Economic Times, by 2025, 87% of India’s populace is expected to have an internet connection. The e-governance part of the government-industry vertical has over 62 million users as of 2022 and is set to grow further during the forthcoming years, along with the agri-tech sector.
The ‘PM-Wani’ project was launched in December 2020 by the government of India. This public Wi-Fi system is three-tiered and is aiming at offering last-mile connectivity for bringing the total 1.4 billion populace of the nation online.
Education, healthcare, and e-governance industry verticals have led to a 13% increase, reaching around 299 million internet users, which is over 31% of the rural populace of the nation. All these factors are expediting the requirement for Wi-Fi.
Taking into account data from a recent survey, in 2021, internet penetration is as high as 47% in India, which accounts for around half of the total 1.4 billion populace of the country. India comes second among all the nations based on citizens actively using the internet.
In 2021, even in China, the volume of citizens using the Internet is around 939.8 million, after witnessing a surge of over 85 million or 10% from the past year. This is among the advantageous attributes of the growth that the Wi-Fi market is projected to witness with an absolute dollar opportunity of USD 4.1 billion and a CAGR of 18.2% by the end of 2033.
The internet speed in Japan is as high as 319 terabits per second (Tb/s), making it 7.6 million times more rapid compared to the mean internet speed in the United States in November 2021. In 2022, the internet penetration rate in Japan stands extensively high at around 94%. Such attributes are highly advantageous to Japan’s Wi-Fi market during the forthcoming years, along with the speed and the cost-effectiveness of the Wi-Fi provided in the nation.
All of these attributes are responsible for the dominance of the Asia Pacific region for the Wi-Fi market during the forthcoming years.
North America region is estimated to keep its market share of more than 35% intact in the Wi-Fi market during the forecast period. It is estimated that by 2028, there might be 39 million internet users in Canada, expanding to 99.5% of the total population of the nation.
As of 2021, there were around 71% of smart home device users in Canada, which is one of the key attributes responsible for the growth of the Wi-Fi market in the country in the forthcoming years.
Retail E-Commerce is having a revenue of over USD 61 billion and a revenue growth rate of 13.5%, and a digital buyer penetration of 72.5%. In 2021, USD 44 billion has been spent to provide cost-effective 5G and broadband connections to the population by the government of Canada.
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It is expected that the United States of America is likely to maintain its global market share of over 31% during the forecast period. The country is anticipated to witness a CAGR of over 18.3% along with an absolute dollar opportunity of USD 18.9 billion to reach a total market valuation of USD 23.2 billion by the end of 2033. Around 93% of the total population in the USA are internet users, with 77% of the cohort having at-home broadband.
Taking into account the recent data from the CIA (Central Intelligence Agency), the United States of America holds the first position globally accounting for over 7,000 Internet Service Providers (ISPs). These attributes, among others, are anticipated to be beneficial for the Wi-Fi market in the United States of America in the forthcoming years.
In 2021, the E-Commerce industry vertical in the United States of America experienced an estimated growth of 11%, thereby contributing to the 15% growth rate globally.
Amazon.com Inc., one of the leading firms in the E-Commerce industry vertical in the United States of America, which had total revenue of USD 469.8 billion in 2021, experiencing a 21.7% increase compared to the previous year. Among the attributes responsible for the expansion of the E-commerce industry vertical in the nation is the 75% online penetration rate experienced by the USA according to the findings of a recent survey.
The E-Commerce industry vertical is expected to witness an annual growth rate of 5% till 2025. The United States of America is thus anticipated to positively impact the global Wi-Fi demand in the forthcoming years.
Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies, Panasonic Holdings Corporation, D-Link Systems Inc., CommScope, Juniper Networks Inc., Verizon, AT&T Inc., Hewlett Packard Enterprise, Arista Networks, Singtel, Vodafone Group Plc, Superloop, iPass Inc., Fujitsu Ltd., ADTRAN, and Aerohive Networks are among the key players driving the Wi-Fi market.
Recent Developments
The market is pegged to achieve USD 88.90 billion by 2033.
The growth prospects for the market are high, as the market is expected to expand at a CAGR of 20.2%.
Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, and Huawei Technologies show considerable sales.
Escalated demand for enterprise-class Wi-Fi is expected to determine future of the market.
Government initiatives in the developing economies are creating opportunities for market players.
| Market Value for 2024 | USD 5.31 billion |
|---|---|
| Market Value for 2034 | USD 87.11 billion |
| Market Forecast CAGR for 2024 to 2034 | 32.30% |
| Expected Market Value (2022) | USD 20.1 Billion |
|---|---|
| Anticipated Forecast Value (2032) | USD 26.3 Billion |
| Projected CAGR (2022 to 2032) | 5.2% |
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