Home Networking Device Market to Reach US$23.24 bn by 2023, Helped by Soaring Demand for Connected Devices

According to a new market report published by Transparency Market Research “Home Networking Device Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” the global home networking device market is expected to reach a value of US$23.24 bn by 2023. The market is estimated to expand at a CAGR of 7.0 % during the forecast period from 2015 to 2023. Further, in terms of volume, the home networking device market stood at 444.8 Mn Units in 2014 and is expected to increase at a CAGR of 10.1% during the forecast period from 2015 to 2023.

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Increase in demand for connected devices among end users is expected to support the demand for home networking devices in the coming years. Specifically, the high demand for wireless home networking devices can be attributed to the popularity of Wi-Fi based devices among end users. Further, there is an increasing demand to replace wired with wireless home networking devices in North America and Europe. Home networking device manufacturers are increasingly focusing on partnerships with service providers and dealers in order to expand their market share across different geographic regions. Manufacturers are focusing on product innovations based on the requirement to increase internet bandwidth and thereby enhance user ergonomics.

In 2014, Asia Pacific was the largest market for home networking devices, accounting for a share of around 28.9%. Asia Pacific has a high adoption rate of home networking devices due to increase in number of fixed broadband subscribers.

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By various solutions offered, wireless home networking devices held the largest share of around 62.6% in 2014. Wi-Fi, ZigBee and Z-Wave based home networking devices are expected to contribute to the growth of the wireless home networking device market in the coming years. Network line sub-segment is expected to contribute a higher market share owing to its popularity in developing nations. Wi-Fi based home networking devices are expected to grow at a consistent rate during the forecast period from 2015 to 2023.

By component, router was the largest segment of the home networking device market, accounting for approximately 34% of the total market in 2014. Increasing adoption of Wi-Fi based home networking devices is expected to support the growth of routers, extenders, and adapters in the coming years. The application of powerline based home networking devices is expected to decline in the coming years owing to limited market exposure in the North American and European region. ZigBee and Z-Wave segment is expected to register high growth rate due to the increasing adoption of ZigBee and Z-Wave enabled smart lighting and security systems.

Belkin International, Inc., D-Link Corporation, Actiontec Electronics, Inc., Netgear, Inc., TP-Link Technologies Co., Ltd., Devolo AG, ZyXEL Communications Corp., Huawei Technologies Co. Ltd., Legrand SA, ASUSTeK Computer Inc., and Buffalo, Inc. are major players that have been profiled in the home networking device market report.

The home networking device market is segmented as below:

Home Networking Device Market

By Solution

Wired
Network line
Powerline
Wireless
Wi-Fi
ZigBee and Z-Wave

By Component

Hub and Switch
Router
Extender
Adapter
Wireless Access Point (WAP)

By Geography

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

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