The global home networking device market is expected to witness a substantial growth during the tenure of 2015 to 2023. The growth of the market is attributed to the growing disposable income of the people across the globe and rising awareness about home automation among the people of countries like India, China, and the U.S. The global home networking device market is also expected to witness a robust growth due to rising awareness about the technologies that can secure the house from infiltration and theft. Moreover, with the advancement of technologies like IoT and AI, the global home networking device market shall also witness a substantial growth during the tenure of 2015 to 2023.
Recent Trends in Global Home Networking Device Market
- Home appliances are transforming their operations with the help of technologies like IoT and machine learning. These technologies are making the appliances intelligent and smart. Using the global home networking devices the peripheral devices can be in sync with each other and have proper communication.
- Development of wireless technologies that can setup a secure connection between routers, actuators, and peripheral devices also a major factor that propels the growth of global home networking device market during the tenure of 2015 to 2023.
Global Home Networking Device Market: Snapshot
Owing to the rise in bandwidth offered by various service providers, the demand for connectivity in homes is expected to generate more revenues in the future years. There are three major players in the overall market and the major lead is attributed to large focus on constant innovation of products and wide distribution of network globally. There is high demand for wireless connected wearable devices, healthcare monitors, home appliances and mobile devices which forms the bulk of almost all the home networking devices. This will act as a booster for the growth and proliferation of revenues in the market worldwide.
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An important factor to fuel the growth of the home networking device market is the product up gradation trend. Hardware specifications improvement with the help of connected devices have gained faster speed. Moreover, the network connectivity bandwidths and improvements like the current upgrade to the 802.11ac protocol have led to the promotion of replacing device trend and that too at a faster pace.
However, the market may be hampered with factors like portable networking solution threats. These threats are currently low but may grow strongly within no time and act as barrier in the overall development of the home networking device market in future. Another serious challenge that the home networking device market may face is the emerging porter router solutions that is being offered nowadays. These factors may restrict the market growth in the years to come.
The global home networking device market is anticipated to be worth US$23.23 bn by 2023 with a CAGR of 7.0 %. The forecast period is set to 2015 to 2023 and is presumed to be increasing from US$14.35 bn in the year 2016 as per records.
Wireless Communications Solutions to Contribute More Revenue Generation Owing to Smooth Operations
The global home networking device market is classified on the basis of component and solution. With regard to component, the global home networking device market is segmented into wireless access point (WAP), Adapter, Extender, Router, and Hub and Switch.
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Based on solution, the global home networking device market is categorized into wireless and wired solutions. Further classification in terms of wired solutions are power line and network line whereas the wireless segmentation is further subdivided into ZigBee and Z-Wave. The rise in expansion of wireless communication solutions like Zigbee and Z-wave are anticipated to add to the smooth operation of wireless communication in between devices which will further surge their appeal in the market.