PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1627720
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1627720
Factors such as rising demand for connected devices, increasing online commerce for retail goods & services, rapid digitalization, and rising platforms for media and entertainment content are expected to drive the market growth during the forecast period. Additionally, the growing adoption of smart homes is also contributing to overall market growth. The rising adoption of smart devices such as smartphones, tablets, and smart TVs is also responsible for the market expansion. Over the last two years, the high demand for fast internet connectivity due to the increasing trend of online transactions through mobile banking apps, web browsing, and online learning has been driving the market growth. With the increasing advancement and development in technologies such as IoT and AI, there is a growing demand for high-speed internet connectivity, which is anticipated to impact the overall market growth positively.
The rising number of internet users in various countries is expected to positively influence the market for consumer Wi-Fi routers in the forecasted period. For instance, according to the GSM Association, more people are now accessing the internet through mobile devices than ever before. Mobile internet users grew to 4.6 billion by the end of 2023, accounting for 57% of the global population. However, the growth rate at which people adopt mobile internet has remained flat, and significant digital divides persist. Closing these digital divides has significant socioeconomic benefits and is more crucial than ever.
Global Consumer Wi-Fi Router Market Drivers
Most residential sectors are being transformed into smart homes that require high-speed internet to facilitate many functions. The advancement of smart TVs and smart speakers, such as Amazon Echo and Google Home, has boosted the wi-fi router market's growth. Institutions also depend on cloud storage for combining massive data sets in one place for advanced analytics and integrated insights. This has increased the demand for fast-paced internet connection across the BFSI sector, which, in turn, is expected to drive the overall market growth.
Moreover, increased government initiatives to improve internet access will propel market expansion in the coming years. For instance, the Biden-Harris Administration is making good on its pledge to connect all Americans to high-speed, reliable, affordable Internet service by 2030. Since the President took office, more than 2.4 million previously unserved homes and small businesses have been connected to high-speed Internet service.
The Administration will have invested $90 billion toward closing the digital divide and will commit another almost $50 billion by NTIA to close that digital divide under multiple grant programs.
By geography, the global consumer Wi-Fi router market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. Asia Pacific region is expected to hold a considerable market share due to the availability of a wider selection of wireless networks from network providers. Additionally, the increased number of connected devices due to the rising demand for connectivity and innovation from various market players will propel the markets during the forecast period. The North American market is also expected to grow significantly due to its increasing adoption of smart devices such as smartphones, tablets, and smart TVs.
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