Mobile operators and partners who sell wireless services, get ready to seize the day!
The global Wi-Fi market is poised to more than double by 2020, from $14.8 billion to $33.6 billion, according to a new report by MarketsandMarkets.
Increase in Internet use and growth in mobile data are the major drivers.
North America accounted for the largest share of the global Wi-Fi market in 2015. Factors included an increase in use of smart devices, demand for free public Wi-Fi hotspots, a need to increase public transportation ridership and increased investments in the wireless technology sector.
Also, use involving education, health care, retail and hospitality helped fuel the growth, according to the report.
However, cyberattacks, wireless hackers, other security concerns, Wi-Fi coverage and speed issues, and low after-sales service are holding back even more Wi-Fi growth in North America.
The top players in the market include Aruba Networks (being purchased by HP), Alcatel-Lucent, Cisco Systems, Ericsson, Netgear, Ruckus Wireless, Juniper Networks and Motorola Solutions. Key players such as Cisco and Juniper offer Wi-Fi products and services for enterprises, service providers, and indoor and outdoor networks.
Major companies are collaborating with small and midsize enterprises to serve customers with seamless Wi-Fi. AT&T, for example, provides Wi-Fi to McDonalds, Startucks, FedEX, Hilton and others. The top players also collaborate with stadiums and other larger venues to deploy Wi-Fi.
A compound annual growth rate (CAGR) of 17.8 percent is expected in the global market through 2020. However, the Asia-Pacific and Latin American regions are expected to grow at 22.6 percent and 20.2 percent, respectively.
The major challenge this market faces is the lack of skilled and experienced labor to handle the problems and issues that arise daily in wireless devices and connectivity, according to the report.
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