Press release
Home Networking Device Market - High Demand for Home Connectivity Likely to Boost Need for Home Networking Devices
Armed with a CAGR of 7.0% within a forecast period from 2015 to 2023, the global market for home networking devices is expected to reach US$14.35 bn by the end of 2016 and US$23.23 bn by the end of 2023.
Wireless solutions not only continue to be the more popular solution in home networking devices, but the disparity between wired and wireless networking device revenues is expected to grow even further. By the end of 2023, the revenue generated by wireless home networking devices is expected to reach US$14.81 bn.
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Routers have consistently been the leading home networking device components in terms of consumption. By the end of 2023, US$8.61 bn are expected to be generated by home networking device providers through the sale of routers.
APAC Leads in Demand for Home Networking Devices
By 2023, Asia Pacific is expected to generate a revenue of US$7.20 bn for its home networking devices providers. This region’s leading share in the global home networking devices market is attributed to its high population density coupled with the increasing disposable income among urban consumers.
North America is expected to lose part of its share to Asia Pacific due to an increased focus by home networking devices companies on emerging economies. North America, nonetheless, will continue to be a key contributor to the global demand for home networking devices.
High Demand for Home Connectivity Likely to Boost Need for Home Networking Devices
“More and more consumers are looking towards wirelessly connected devices operating within their homes. The scope of application of connected devices is increasing day by day, and so is the bandwidth that the devices can communicate on,” states a TMR analyst.
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Connected devices in the home are more or less concerned with home appliances, wearable devices, healthcare monitors, and mobile devices. The communication between these devices is expected to improve even further through the use of innovative communication technologies such as ZigBee and Z-Wave.
Portable Networking Devices Challenge Home Networking Devices
The sales of home networking devices are expected to receive a noticeable setback over the coming years due to the proliferation of portable networking devices. IT giants are planning to offer portable router solutions, such as the OnHub provided by Google, Inc. The growing demand for these devices is expected to hinder the demand for home networking devices over the coming years.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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