Driven by the demand for connected devices among end users, particularly wireless devices, the global home networking device market is expected to reach a value of $23.2 billion by 2023, according to a new Transparency Market Research report. Between 2015 and 2023, the research firm forecasts that the market will grow at a CAGR of 7 percent. Further, in terms of volume, the home networking device market stood at 444.8 million units in 2014 and is expected to increase at a CAGR of 10.1 percent during the eight year forecast period.
Wireless home networking devices took the dominant share of 62.6 percent in 2014. Wi-Fi, ZigBee and Z-Wave based home networking devices are expected to contribute to the growth of the wireless home networking device market in the next few years. Transparency Market Research said that Wi-Fi based home networking devices are expected to grow at a consistent rate during the forecast period from 2015 to 2023.
From a regional perspective, Asia Pacific was the largest market for home networking devices, taking about 28.9 percent market share. The research firm said that Asia Pacific has a high adoption rate of home networking devices due to increase in number of fixed broadband subscribers. Release