According to the new market research report 'WiFi Market by Component (Solutions (Access Points and WLAN Controllers) and Services (Network Planning and Design)), Density (High-Density WiFi and Enterprise-Class WiFi), Vertical, and Region - Global Forecast to 2022', published by MarketsandMarkets, the WiFi market is expected to grow from $5.96bn in 2017 to $15.60bn by 2022, at a Compound Annual Growth Rate (CAGR) of 21.2% during the forecast period.
The proliferation of mobile devices and rapidly growing adoption of BYOD and IoT within enterprises are some of the major factors expected to drive the growth of the WiFi market.
Some of the Prominent Key Players in the WiFi Market are:
• Cisco (US)
• Aruba (US)
• Ruckus Wireless (US)
• Juniper Networks (US)
• Ericsson (Sweden)
• Panasonic (Japan)
• Huawei (China)
• Alcatel-Lucent Enterprise (France)
• Netgear (US)
• Aerohive Networks (US)
• Riverbed Technology (US)
These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships, and collaborations, to enhance their position in the WiFi market. The network planning and design segment is expected to hold the largest market size during the forecast period.
Network planning and design services are executed to maximise the ROI. The network planning and design service is an important part of the WiFi value chain/ecosystem. The operators or service providers should go through proper analysis of their requirements before deploying any wireless network; moreover, there are various decisions to be made by service providers before finalising the deployment.
The digitalisation of businesses has revolutionised the WiFi market space for various verticals. The sports and leisure vertical encompasses the public spaces visited by people to relax or spend leisure time. It includes various facilities, such as stadiums, parks, museums, zoos, movie theaters, casinos, and theme parks.
Businesses in this vertical often have to deal with large crowds. In the competitive space, where enterprises follow the sophisticated strategy of maximising revenue-generating opportunities, WiFi services offer a huge advantage. The rapid adoption of WiFi technology is expected to make North America the largest region in market.
North America consists of developed economies, the US and Canada. In this region, WiFi solutions and services are gaining traction within the businesses. The region’s strong financial position also enables it to invest heavily in the WiFi technology.
These advantages have provided North American organisations a competitive edge in the market. Moreover, the region has the presence of several major WiFi vendors. Therefore, there is strong competition among the players. The number of enterprises adopting WiFi solutions and services is quite high in North America as compared to the other regions.