The global home wi-fi security solutions market is expected to grow at a phenomenal CAGR of 16.7% over the projection period from 2022 to 2032. The global market size reached US$ 19.9 Billion in 2021 and is anticipated to touch a valuation of US$ 23.0 Billion in 2022.
The market is likely to surpass a valuation of US$ 107.6 Billion by 2032. Growth in the home wi-fi security solutions market is anticipated to grow with the rising need for securing wi-fi in order to protect devices from getting hacked. Impressive growth in the demand for home wi-fi security solutions is witnessed all over the globe resulting in increased sales.
As compared to the historical analysis ranging from 2017 to 2021, the global home wi-fi security solutions market registered a CAGR of 15.2% whereas.
The growth in the market is attributed to the rising penetration of the internet all over the world along with the growing usage of IoT devices, and increased adoption of Wi-Fi protection systems are some of the key factors driving the global home wi-fi security solutions market.
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At present, the home Wi-Fi security solutions market holds for around 34.0% of the global home security solutions market and this number is expected to further increase over the next ten years due to the rising adoption of various wireless security solutions across 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
- 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
Prominent players in the home Wi-Fi security solutions market are heavily investing 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.
More Insights into the Home Wi-Fi Security Solutions Market
The U.S. is expected to dominate the global home wi-fi security solutions market by exhibiting a growth rate of over 13.8% CAGR during the forecast period, reaching a valuation of around US$ 6.8 Bn in 2022. Growing security concerns due to the rise in cyberattacks and the increasing adoption of advanced technologies are some of the key factors driving growth in the U.S. market.
Home Wi-Fi Security Solutions Market Outlook by Category
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
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