The global Wi-Fi market is projected to grow from $9.437 million in 2020 to reach $25.244 million by 2026, at a Compound Annual Growth Rate (CAGR) of 17.8% during the forecast period, according to ResearchAndMarkets.
The major growth drivers for the market include increasing need for robust network connectivity and adoption of Wi-Fi solutions in various verticals such as education, healthcare and life sciences, and retail and e-Commerce, BFSI, and IT and telecom.
Among component, hardware segment to hold a larger market size
The hardware segment is expected to hold the largest market size during the forecast period. The Wi-Fi hardware segment comprises access points, WLAN controllers, wireless hotspot gateways, and others.
The others segment includes repeaters and relay. The integration of Wi-Fi with other devices has led to improved connectivity. Several verticals such as healthcare and life sciences and BFSI are highly dependent on wireless connectivity, and any kind of loss of connection may hamper their daily business operations.
Healthcare and life sciences vertical to grow at the highest CAGR
Wi-Fi market is segmented into education, healthcare and life sciences, transportation and logistics, retail and e-Commerce, government, manufacturing, hospitality, and others.
The healthcare and life sciences vertical uses Wi-Fi for the centralized management of data to increase the scalability and reliability of the services offered. In the healthcare and life sciences industry, cloud Wi-Fi services enable easy and secure access to the medical history and other critical information of patients from anywhere at any time.
The healthcare vertical covers PHI and critical patient data. The advancements in cloud technology also provide cost-efficient and reliable cloud Wi-Fi services to healthcare providers.
Several healthcare organizations have adopted cloud-based technology as it allows real-time exchange of healthcare information between healthcare organizations and patients with agility and quality, and at reduced costs.
Wi-Fi market by 2026: APAC to grow at the highest CAGR
APAC countries are increasingly investing in Wi-Fi projects. The Wi-Fi market in APAC has been sub-segmented into China, Japan, India, and the rest of APAC. A rapidly growing customer base, due to the increasing prominence of SMEs, coupled with the reduction in TCO, is expected to drive the Wi-Fi market growth in APAC.
APAC is witnessing an upsurge in the adoption of smart devices and internet, mandating the need for reliable and secure internet connectivity.
Moreover, as broadband and mobile infrastructures are improving in the Asia-Pacific region, the mobile workforce and BYOD trend are also gaining momentum. These trends in the Asia-Pacific region are expected to lead to the increased adoption of Wi-Fi technology, which is expected to fuel the growth of the Asia-Pacific Wi-Fi market.
Being a developing region, the major concern of small and medium enterprises in the Asia-Pacific region is the cost that they have to bear for the deployment of on-premises WLAN solutions.