In simple terms, a home network is what we all use to connect personal electronic devices and other digital devices. The most common types of digital devices used in homes include network printers, laptops and hand-held devices, and security systems. The simplest way to assimilate every piece of connectible tech in the home would be through Wi-Fi or even Bluetooth. But using these technologies for low-end use makes it too expensive for what they are being used for. Thus, with cost as a prime concern, home networking solution providers are looking to better and cheaper options to fill in the gaps.
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The global home networking device market is expected to reach US$23.24 bn in 2023. This market approximated 444.8 mn units in 2014. This number is expected to shoot up rapidly as more consumers become a part of this market, and as the technology becomes easier to afford for the vast working middle class. The global home networking device market is therefore expanding at high rates. In terms of value, this market is expanding at a CAGR of 7.0%, while in terms of volume, its CAGR is 10.1%, both between 2015 and 2023.
Wireless Connectivity Demand Surges and Home Networking Solutions Providers Prosper
Currently, there is a major demand for connected devices across the world. And with more connected devices, comes a greater need for networks to connect to. Wi-Fi networks are finding more and more use among a broader consumer base, further increasing the need for products and solutions in the global home networking device market. Another factor to consider is upgrading of networks. Developed economies in North America and Europe have already possessed home networking solutions to a large extent. They have, however, existed mostly as wired networks or extremely short distance connectivity devices that primarily make use of Bluetooth. As wireless connectivity advances in utility and proliferates through the introduction of a high number of wirelessly connected devices, homeowners are looking to upgrade their wired systems to wireless ones, further feeding the global home networking device market.
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Wireless Connectivity to Get Cheaper as Demand Increases
Conventional connectivity options have always revolved around Wi-Fi and Bluetooth, depending on utility and range. These, however, lead to a rather major disadvantage of making things a bit more expensive. There is also the disadvantage of using Wi-Fi as it could allow external users to connect to your network without your permission. The options available today are low-range, cheap, and highly effective communication devices such as Z-Wave and ZigBee. These network communication technologies can allow homeowners to create cost-effective networks for some of their systems, such as security systems and smart lighting.
The global home networking device market still suffers from several minor issues, such as the limited market exposure of modern tech in developed economies and the higher price of communication devices for developing ones. Regardless of that, the demand is increasing rapidly, and the future of the global home networking device market seems bright.