The global Wi-Fi hotspot market is projected to witness exponential growth in the ensuing years, on account of rising penetration of smart devices across the globe, serving an array of purposes such as video calling, geo-tracking, temperature control, home security, entertainment, and much more. In an era embroiled by state-of-the-art technological advancements, the utilization of Wi-Fi hotspots holds more value than is estimated. A Wi-Fi hotspot creates an area with wireless internet accessibility, often used in places like airports, offices, colleges, and coffee shops.
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Hardware components are likely to capture around 55% revenue share of the Wi-Fi hotspot market by 2024. Gateways, mobile hotspot devices, and controllers are the various hardware components of a Wi-Fi network used to provide authorization to users. These components are experiencing a robust demand across residential as well as commercial applications.
The demand for software components, on the other hand, is expected to rise at a 16% CAGR through 2024. This demand will be primarily driven by the widespread adoption of cloud-based services among business and corporate enterprises. Customized software services can help to better manage users and protect the network more efficiently.
In terms of the applications, the commercial segment is estimated to account for over 15% of the Wi-Fi hotspot market by 2024. Respective governments have undertaken several steps over the past few years to provide reliable and secure internet services to users in public places such as cafes, retail outlets, hotels, trains, planes, airports, and municipalities.
Wi-Fi hotspot deployment in community spaces is slated to grow at a healthy 12% CAGR in the coming years. The trend of home automation and the adoption of smart home devices are rapidly gaining momentum throughout the world, driven by a notable uptick in people’s household income levels. The next few years are set to witness increased use of connected devices powered by IoT.
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Europe is likely to hold a substantial 35% revenue share of the Wi-Fi hotspot market by 2024. The regional government is actively investing in the deployment of hotspot services in public spaces such as hotels, cafes, restaurants, and retail stores. Ongoing efforts towards further advancement of the digital infrastructure will complement the regional outlook.
Meanwhile, the Wi-Fi hotspot market in the Asia Pacific is poised to expand at a robust 15% CAGR through 2024. The regional growth will be primarily driven by the penetration of smart devices that require wireless connectivity. Ongoing government projects for the development of the digital infrastructure in India and China will certainly fuel mobile hotspot deployment projects in the future.
Major Wi-Fi giants along the likes of Ipass, Nokia Networks, Aptilo Networks, Netgear, Ericsson, Boingo Wireless, Cisco Systems, and Aruba Networks partaking in the Wi-Fi hotspot market sphere, are expected to largely rely on collaborations and acquisitions to expand their revenue share in the ensuing years.
Major Key Points from Table of Content:
Chapter 5. Wi-Fi Hotspot Market, By Component
5.1. Key trends, by component
5.2.1. Market estimates and forecast, 2013 - 2024
126.96.36.199. Market estimates and forecast, 2013-2024
188.8.131.52. Market estimates and forecast, 2013-2024
5.2.4. Mobile Hotspot devices
184.108.40.206. Market estimates and forecast, 2013-2024
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Hotspot management software
220.127.116.11. Market estimates and forecast, 2013-2024
5.3.3. Security software
18.104.22.168. Market estimates and forecast, 2013-2024
5.3.4. Billing software
22.214.171.124. Market estimates and forecast, 2013-2024
5.3.5. Cloud-based software
126.96.36.199. Market estimates and forecast, 2013-2024
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Professional service
188.8.131.52. Market estimates and forecast, 2013-2024
5.4.3. Managed service
184.108.40.206. Market estimates and forecast, 2013-2024
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