Global Wi-Fi Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2024-2032)

Global Wi-Fi Market Growth

By the conclusion of 2023, the number of connected Internet of Things (IoT) devices reached 16.6 billion, reflecting a 15% increase compared to 2022. Projections indicate a further growth of 13%, resulting in an anticipated total of 18.8 billion devices by the end of 2024. By 2030, the number of connected IoT devices is expected to rise to approximately 40 billion.

In 2023, three-quarters of overall Wi-Fi-enabled devices shipped globally were equipped with the latest Wi-Fi 6 and Wi-Fi 6E technologies, which offer enhanced speed and reliability over the previous Wi-Fi 5 standard. The implementation of these technologies has significantly improved communication efficiency among IoT devices, thereby enhancing user experiences and overall system performance. Wi-Fi technology is at the forefront of IoT connectivity in various sectors, including smart homes, commercial buildings, and healthcare. Additionally, Wi-Fi 7 began shipping in 2024 and is projected to represent 7% of IoT-related Wi-Fi shipments.

According to the "2023 Ericsson Mobility Report," it is projected that by the end of 2029, global 5G subscriptions will reach 5.3 billion, representing approximately 58% of the total mobile subscriptions worldwide at that time. The growth of 5G networks is significantly contributing to the expansion of Wi-Fi, as it complements and enhances overall connectivity. With 5G facilitating faster speeds and reduced latency, it often operates alongside Wi-Fi to deliver a seamless and reliable internet experience.

Key Trends and Developments

Global Wi-Fi Market Trends

The rapid expansion of Internet of Things (IoT) devices and intelligent technologies necessitates the development of sophisticated Wi-Fi networks. These devices depend on dependable, high-speed connections, which, in turn, increases the demand for the latest Wi-Fi standards, such as Wi-Fi 6 and Wi-Fi 7, to effectively handle the growing data traffic and the density of connected devices.

The increasing prevalence of data-heavy applications, including 4K streaming, online gaming, and virtual reality, further amplifies the need for high-performance Wi-Fi solutions. Such applications require enhanced speeds and expanded network capacity, thereby driving progress in Wi-Fi technology.

Global Wi-Fi Industry Segmentation

Global Wi-Fi Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Latin America is projected to grow at a CAGR of 12.8% during the forecast period of 2024-2032 due to the growing internet and fixed broadband penetration in the region, coupled with the increasing number of connected devices.

Leading Companies in the Global Wi-Fi Market

Major players are focusing on the adoption of advanced technologies to gain a competitive edge in the market.

Cisco Systems Inc.

Cisco Systems Inc., established in 1984, is based in California, United States. The company specialises in the development, manufacturing, and sales of networking hardware, software, telecommunications equipment, and various high-technology services and products.

Hewlett Packard Enterprise Company

Hewlett Packard Enterprise Company was founded in 1939 and is headquartered in Texas, United States. The compa...

Commscope Holding Company Inc.

Commscope Holding Company Inc. was established in 1976 and is based in North Carolina, United States. The orga...

Juniper Networks, Inc.

Juniper Networks, Inc., established in 1996, is based in Sunnyvale, California. The organisation specialises i...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other major players in the market are Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., Fortinet Inc., Ubiquiti Inc., Motorola Solutions Inc., and Cloud4Wi, Inc., among others.