The wifi as a Service Market was worth US$ 3.6 billion in 2022 and is projected to reach the valuation of US$ 11.70 billion by 2028 and is predicted to register a CAGR of 17.7% from 2023 to 2028.
Wifi is a wireless network technology that allows devices like laptops, desktop computers, mobile phones, and other equipment to connect to the internet via a network interface. These gadgets can communicate with one another and so form a network. A wireless router establishes an internet connection that the router's linked devices can use.
The development of smart cities is on the rise, resulting in an increase in the installation of wifi systems and, as a result, an increase in overall market demand. Small and medium businesses have shown an increased desire for wifi as a service, indicating that this market has a bright future. Inefficient cloud connectivity and data security issues, on the other hand, are some of the market's restraints.
MARKET GROWTH
The expansion of smart cities and the reduction in tariff rates for wifi infrastructure for organisations promises a progressive performance for this market. During the anticipated period, the rising demand for high-speed internet and comprehensive network coverage will give fuel to the overall market expansion.
MARKET DRIVERS
The wifi structure's cost of ownership has decreased, fueling market demand and increasing the acceptance and deployment of wifi systems in various companies. This market is driven by the simplicity of managing wifi infrastructure and remote troubleshooting. A network manager can remotely resolve problems with wifi infrastructure via a network management interface from a remote location thanks to the cloud-based centralised administration.
The development of smart cities is also on the rise, resulting in an increase in the installation of wifi systems and, as a result, an increase in overall market demand. Small and medium businesses have shown an increased desire for wifi as a service, indicating that this market has a bright future.
MARKET RESTRAINTS
Data security and system security risks have expanded dramatically with recent technological breakthroughs in the communication technology ecosystem. Customers' sensitive information, such as e-payment transactions, movement, and location. These programmes are prone to be hacked. Third-party services are brought upon to troubleshoot and recover data in the event of connectivity issues or system breakdown. Data privacy and security may be jeopardised as a result of this. As a result, these factors are projected to limit the worldwide wifi as a service market's growth.
Market Segmentation:
The market is divided into Managed Services and Professional Services based on service. Under managed services, the wifi network is outsourced to a competent managed service provider which boosts employee productivity and also provide a positive consumer experience. Wifi as a service offers professional services such as training, support and maintenance, consultation and installation, and more. During the forecast period, the Professional service segment is expected to dominate the market.
The Wifi as a Service market is bifurcated into Wireless Local Area Network (WLAN) Controllers and Access Points based on the Solution. WLAN is a wireless computer network that helps connecting two or more devices to form a local network within a defined area, such as a school, home, or business building, utilising wireless communication. In an office or a building, an access point is a device that forms a Wireless Local Area Network. An ethernet cable is used to connect to a wired router, switch, or hub to create a wifi signal. Under the solution category, the access point segment is predicted to have the largest market share.
The Wifi as a Service market is bifurcated into Government and Public Sector, Transportation and Logistics Service Providers, BFSI, Manufacturing, and Others based on the Vertical. Infrastructures in the government and public domain contain important data. Wifi as a service can be used to build a specialised network for government proceedings alone, resulting in a more effective and efficient communication route. The ability to access wifi from a remote place thanks to cloud deployment is a helpful feature for the transportation and logistics industry.
On a wifi network, service providers can distribute client feedback forms and do CRM on a broad scale. Wifi as a service that permits the movement of funds from one account to another supports a variety of digital transactions. Wifi as a service is used to count raw materials and build communication routes between different industrial divisions.
The global market for wifi as a service is led by North America. The wifi as a service industry is driven by significant technological advancements and well-established infrastructure in the region. Furthermore, the region's wifi as a service market share is growing due to increased numbers of wifi users and early adoption of advanced IoT and artificial intelligence (AI) technologies.
However, due to a boom in enterprise networking, strong economic growth, mushrooming SMBs, development in enterprise IT infrastructure, and large-scale outsourcing of BPO/KPO operations in countries like India, China, and Malaysia, Asia Pacific market will grow at the fastest rate during the forecast period.
From 2023 to 2028, the European wifi market is predicted to increase significantly. The European Union's continuous attempts to boost wifi six deployments in the region are to blame for the increased regional demand. According to reports, the European Union will free up 480 MHz spectra in the 6 GHz band to deploy wireless network systems in July 2021. It is part of the European Union's plan to improve digital connectivity in Europe by installing wifi 6e technology. The wifi Alliance stated that it would continue to collaborate with the European Union on creating spectrum availability and the regulatory framework needed to sustain Europe's wifi six ecosystems.
During the forecast period, the Middle East and Africa (MEA) wifi as a Service (WaaS) market will grow at the rate of 26.6 per cent. Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) savings using as service models, as well as the expanding Internet of Things (IoT) connection across companies, are the primary reasons driving the growth of the MEA wifi as a service market.
Key Players
Recent Developments:
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