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Home Networking Device Market: Worldwide Industry Analysis and New Market Opportunities Explored
The demand for connectivity in a home is only expected to increase over time and is further supplemented by the increasing bandwidths offered by service providers. Both factors are expected to play a crucial role in the development of home networking devices. Wireless connected home appliances, wearable devices, mobile devices, and healthcare monitors form the bulk of all home networking devices that are in high demand. This will be the primary driver for the proliferation of home networking devices.
Another driver expected to have a greater impact in the near future is the trend of product upgrade. Connected devices are improving in hardware specifications at a very fast pace. Additionally, the improvements in connectivity networks and bandwidth, such as the recent upgrade to the 802.11ac protocol, have promoted the trend of replacing devices at a faster rate.
Home networking devices, however, face a serious challenge from the emerging portable router solutions being offered. The threat of portable networking solutions is low at the moment, but is expected to grow stronger as its technology improves over time.
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The global market for home networking devices is expected to expand at a highly promising CAGR of 7.0% from 2015 to 2023 in terms of revenue. This revenue is expected to reach US$14.35 bn by the end of 2016 and US$23.23 bn by 2023.
APAC Dominance in Home Networking Devices to Continue
Asia Pacific has shown a meteoric rise in its usage of connected devices over the recent past. As of 2016 it is the leading consumer region for home networking devices and is expected to continue leading in this market till 2023. By the end of 2023, the Asia Pacific demand for home networking devices is expected to reach 451.6 mn units. Two reasons responsible for this region’s high volume of home networking devices consumption is its high population density pockets in the urban areas of emerging economies such as India and China. Additionally, these consumers are becoming increasingly capable of purchasing better quality devices due to a rising amount of disposable income.
Although a large part of the Asia Pacific consumer base still prefers wired networks, this is expected to change quickly over the coming years. Meanwhile, North America is expected to lose market share in home networking devices, not due to a decline in demand, but due to the penetration of prominent players in other regions. North America will continue to be a key provider of demand for home networking devices, but not on the same scale as Asia Pacific.
Wireless Networks to Gain Prominence Over Wired Networks in all Regions
Till recent times, a large number of consumers in emerging economies still preferred wired networks to wireless ones, owing to their higher cost. This is expected to change as wireless networking gets cheaper over time. By the end of 2023, wireless networking devices are expected to generate a revenue of US$14.81 bn, far higher than the revenue generated by wired home networking devices.
A key factor attributed to the growth in demand for wireless home networking devices is the high demand for Wi-Fi-based solutions. Furthermore, the increasing proliferation of wireless communication solutions such as Z-Wave and ZigBee are expected to add to the fluidity of wireless communication between devices, further increasing their appeal.
The top providers of home networking solutions from a global perspective include 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., Buffalo, Inc.