The global home Wi-Fi security solutions market was valued at approximately US$ 19.9 billion in 2021 and is expected to reach around US$ 23.0 billion in 2022. Moreover, as the importance of safeguarding Wi-Fi networks to prevent device hacking continues to rise, the overall demand for home Wi-Fi security solutions is forecasted to grow significantly at a CAGR of 16.7% from 2022 to 2032. This growth trajectory is anticipated to lead to a market value of approximately US$ 107.6 billion by 2032.
Home WiFi security solutions are advanced security devices designed to safeguard your connected devices from virtual threats like viruses, malware, and hackers. These solutions encompass a range of network setups, including Wi-Fi routers, combination modems and routers, Wi-Fi range extenders, and more.
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At present, the market for securing home Wi-Fi networks constitutes approximately 34.0% of the overall global home security solutions market. This percentage is projected to grow significantly in the next decade, primarily because more and more households are embracing a variety of wireless security solutions to protect their homes.
The extensive adoption of home wi-fi security solutions is taking place to efficiently secure wireless connections. They keep data hidden and protect communications while blocking hackers from users’ networks.
Key Takeaways from the Home Wi-Fi Security Solutions Market Report:
- The widespread usage of smart gadgets is expected to be one of the key elements for the expansion of the home wi-fi security solutions market. The rising demand for smart devices like Amazon Echo, Alexa, Google Home, smart TVs, home theatres, fitness bands, and other products is increasing at a robust pace and the trend is likely to continue during the upcoming years. Nowadays internet users and smart devices are integrated due to rising usage, and a substantial surge in the demand for internet users is predicted.
- The internet is responsible for connecting various smart devices which allow users to control features like home security access, temperature, lighting, HVAC control, and entertainment. Extensive utilization of smart gadgets makes it easy to multitask, gives users the power to drastically find information and answers, assists in setting reminders and appointments, and much more.
- Therefore, with the surging penetration of the internet and smart devices all over the world, a substantial surge in overall home security systems is predicted to bolster growth in the market during the forecast period.
- Increasing usage of IoT devices and rising internet penetration are expected to encourage people to install home Wi-Fi security solutions and this trend is likely to bode well for the market in the near future.
- The internet is known to be a boon as it offers so many benefits in daily life, from staying in touch to picking up new skills and protecting houses. Around 5 billion individuals worldwide currently have an internet connection. Due to the widespread usage of the internet across the globe, the need for home wi-fi security solutions is on the rise.
- With the assistance of a smartphone combined with the availability of the internet, it is convenient to manage and automate numerous IoT devices from a distance. The Internet of things (IoT) gadgets is used to efficiently convey information like room temperature, voltage supply, energy usage, live video stream, etc. to the smartphone app and facilitate remote monitoring of homes.
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Competitive Landscape:
Leading players in the home Wi-Fi security solutions market are concentrating on investing heavily in innovation, research, and development practices. They are also adopting strategies such as launching new security solutions and establishing partnerships and collaborations to gain a competitive edge in the market. For instance,
- In September 2021, Bosch Smart Home announced a partnership with Yale to create a secure home.
- In 2022, Spectrum launched Security Shield, an artificial intelligence (AI) enabled cybersecurity solution for advanced WiFi customers across its 41-state service area
- In December 2021, ASSA ABLOY acquired B&B roadway and security solutions.
Major Key Players:
- Honeywell International
- ASSA ABLOY
- Vivint, Inc.
- SimpliSafe, Inc.
- Axis Communications AB
- NETGEAR Inc.
- Hangzhou Hikvision Digital Technology Co. Ltd
- Cove Smart, LLC
- Bosch Service Solutions GmbH
- Metadata
- Eero
- Securifi
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Home Wi-Fi Security Solutions Market Segmentation:
By Component:
- Hardware
- Software
By Network Architecture:
- Wi-Fi router
- Modem and router as one device
- Modem and router as separate device
- Wi-Fi range extender
By Home Type:
- Independent Homes
- Condominiums/ Apartments
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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