According to Future Market Insights, the global home Wi-Fi security solutions market is estimated to grow from US$ 23.0 Bn in 2022 to US$ 107.6 Bn by 2032 with overall sales accelerating at 16.7% CAGR throughout the forecast period.
Rapid urbanization, increasing penetration of internet and connected devices, surge in the number of cyberattacks, and growing need for securing wireless networks are some of the key factors driving growth in the global wi-fi security solutions market.
Wi-Fi/internet is an essential part of today’s world. Internet is a boon that provides several advantages in day-to-day life, by staying connected to learning new skills and protecting homes. Around 5 billion people have internet access across the globe and this number is expected to further surge during the next ten years. Driven by this, demand for wi-fi security solutions is expected to grow at a prolific pace.
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Similarly, rise in urbanization is amplifying the adoption of Wi-Fi security devices to sustain security and protect homes. Thus, Wi-Fi penetration and rising occurrence of urbanization will continue to fuel the demand for home Wi-Fi security solutions over the next ten years.
Key Takeaways: Home Wi-Fi Security Solutions Market
- By component, the hardware segment accounted for the largest market share of 74% in 2021 while the software segment is estimated to grow at the highest CAGR of 16.7% through 2032.
- Based on network architecture, the modem and router as one devices segment is likely to grow at the highest CAGR of 4% during the forecast period (2022-2032).
- By Home Type, the independent homes segment is anticipated to grow at the fastest CAGR of 17.5% between 2022 & 2032.
- North America will continue to dominate the global home Wi-Fi security solutions market while South Asia & Pacific is likely to emerge as the fastest growing region during the forecast period.
- The Indian home Wi-Fi security solutions market is expected to grow by 8.1X during the forecast period.
- The home wi-fi security solutions market in Indonesia is expected to grow at a CAGR of 22.1% during forecast period.
“Factors such as emergence of the internet of things (IoT), implementation of artificial intelligence (AI), and deep learning in home security systems will continue to fuel the demand for the home Wi-Fi security solutions across the globe,” says FMI analyst.
Growing Internet Penetration Across the Globe To Boost the Demand for Home Wi-Fi Security Solutions
The Wi-Fi security solutions market will keep growing as more people utilize smart devices and internet subscriptions. Rising internet usage, the advent of cybercrime networks, and the commercial availability of toolkits that create hazardous software are all pushing individuals to install home Wi-Fi security solutions.
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Who is Winning?
Market players operating in wi-fi security solutions market include 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, and Securifi among others.
These leading players are constantly upgrading their product portfolios to provide advanced solutions to end users. Besides this, they are adopting strategies such as partnerships, mergers, acquisitions, collaborations, and facility expansion to gain a competitive edge in the market.
More Valuable Insights on Home Wi-Fi Security Solutions Market
Future Market Insight’s report on the home Wi-Fi security solutions market research is segmented into four major sections – component (hardware and software), network architecture (Wi-Fi router, modem and router as one device, modem and router as separate device, and Wi-Fi range extender), home type(independent homes and condominiums/ apartments), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the home Wi-Fi security solutions demand outlook.
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 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.
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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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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