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 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, during the current estimation period from 2022 and 2032, the global market is expected to rise to 16.7% CAGR.
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
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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
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 04, 2023