Wi-Fi Module Market Growing at a CAGR of 11.2% - In -Depth Analysis of Top Impacting Factors with Leading Players urata Manufacturing Co., Ltd., Taiyo Yuden Co., Ltd., Azure Wave Technologies, Inc., Silicon Laboratories Inc., Laird PLC, Broadlink, Advante

Global Wi-Fi Module Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global Wi-Fi module market was valued at $26.48 billion in 2017, and is projected to reach at $59.14 billion by 2024, growing at a CAGR of 11.2% from 2018 to 2024.

A Wi-Fi module is an independent system on a chip (SoC) that is integrated with the help of TCP/IP stack enabling microcontrollers to provide access to the Wi-Fi network. The main purpose of the Wi-Fi module is to connect numerous electronic devices to the internet mainly, smartphones, tablets, laptops, and other smart appliances that include household electronic devices such as washing machine, air-conditioner, water heater, smart television, refrigerator, and others.

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The global Wi-Fi module market is segmented based on type, application, and region. By type, the market is segmented into router scheme Wi-Fi module and embedded Wi-Fi module. Further it is divided based on technology as smart grid & smart appliance, handheld mobile device, medical & industrial testing instrument and router. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Murata Manufacturing Co., Ltd., Taiyo Yuden Co., Ltd., Azure Wave Technologies, Inc., Silicon Laboratories Inc., Laird PLC, Broadlink, Advantech Co., Ltd., Shanghai MXCHIP Information Technology Co., Ltd., Silex Technology, Inc., Microchip Technology Inc. are some of the key players operating in the industry.

Adoption of cloud computing and rise in telecommunication, residential, and commercial sectors impact the growth of the market. However, increase in privacy and security issues affect the growth of the global Wi-Fi module market. These factors are anticipated to either drive or hamper the market growth.

In recent years, most of the industries are shifting towards cloud computing to reduce cost by eliminating various investments required for hardware storage and physical infrastructures. In addition, cloud computing provides various advantages such as viability, scalability, and swiftness. Moreover, data storage and retrieval are some of the added advantages of cloud computing. These factors help propel the market, as in the process of data transfer or storage on cloud the need for a Wi-Fi module is essential.

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Growth in urbanization, rise in global population and technological advancements have increased the demand for internet, which creates lucrative growth opportunities for the Wi-Fi module market. For instance, smart home appliances are the major trend that is witnessed in recent years, which enable various devices that are utilized in daily household activities such as washing machines, televisions, smartphones, air-conditions, cooking range such as oven, microwave and others that connect with the help of Wi-Fi module.

Increase in technological advancements such as internet of things (IoT) enables the smart electronic devices connect to the internet and can be accessed remotely with the help of Wi-Fi module. However, the disadvantage is that the smart devices that are connected with the help of Wi-Fi technology can be accessed remotely which makes it less secure and vulnerable to hacking as no security is provided. This is estimated to restrict the growth of the Wi-Fi module market.

Analyst Review:

The global Wi-Fi market is driven prominently by the smart grid & smart appliances application. The adoption of cloud computing and increase in use of smart & connected devices mainly in the commercial, residential, and industrial sectors fuel the growth of the Wi-Fi module market. The robust growth in the electronics industry in North America and the increase in demand for smart connected devices has driven the market in the region.

In recent years, numerous industries are shifting their focus towards cloud computing components in order to eliminate investment costs required for hardware storage and physical infrastructure. Moreover, cloud computing provides certain advantages such as viability, scalability, and high-speed. Furthermore, cloud computing also helps in data storage and retrieval. These factors are expected to propel the growth of the Wi-Fi modules.

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Among the analyzed geographical regions, North America accounted for the highest revenue in the global market in 2017 followed by Europe, Asia-Pacific, and LAMEA. However, Asia-Pacific is expected to grow at a higher growth rate, predicting a lucrative market growth for the Wi-Fi module market.

Murata Manufacturing Co., Ltd., Taiyo Yuden Co., Ltd., Azure Wave Technologies, Inc., Silicon Laboratories Inc., Laird PLC, Broadlink, Advantech Co., Ltd., Shanghai MXCHIP Information Technology Co., Ltd., Silex Technology, Inc., and Microchip Technology Inc. are the key market players that occupy a significant revenue share in the Wi-Fi module market.

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