The commercial application segment is anticipated to register a high growth rate in the wi-fi hotspot market over the projected time. The retail market is expected to grow rapidly due to the widespread adoption of Wi-Fi hotspot services at retail establishments. The retailers are using Wi-Fi-assisted technologies such as the IoT, mobile applications, and POS systems to predict their customer behavior and create a more personalized experience. The residential market is expected to grow due to the increasing data traffic caused by the rising consumption of rich media content. Moreover, the growing disposable income of consumers is also driving the residential market.
The global Wi-Fi hotspot market has expanded at an unparalleled pace lately owing to the rapid adoption of smartphones and other Wi Fi-enabled smart devices. It was reported that the number of smartphone users has crossed the 2 billion mark and with new, more advanced products being offered consistently the smartphone market will observe remarkable growth.
The number people using portable devices like laptops and tablets have increased, encouraging commercial and private sectors to install hotspots across various infrastructure, boosting the Wi-Fi hotspot industry revenue. As most of the public services have become available online throughout the world, governments are undertaking initiatives to develop the Wi-Fi hotspot market in their respective regions.
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Software is projected to attain an annual growth rate of over 16% during the forecast period. The adoption of customized software to manage users and protect the network is the primary factor accelerating the software market. Moreover, the growing popularity of the cloud-based software among the enterprises also promotes wi-fi hotspot market growth.
The mobile hotspot devices are anticipated to attain CAGR of over 17% during the projected timespan. The advancements in WLAN technology and the growing incorporation of IoT devices are driving the adoption of the Wi-Fi Hotspot among the residential and business space. The advancements in technology have allowed the Wi-Fi technology to interconnect multiple devices into a network. Moreover, the rapid adoption of the mobile hotspot devices into the automotive also augments their demand in the wi-fi hotspot market.
The North America region holds a share of more than 25% in the wi-fi hotspot market. The presence of highly-developed network infrastructure along with high penetration of internet service and smartphone adoption fosters the demand for the Wi-Fi Hotspot devices. The widespread adoption of Bring Your Own Devices (BYOD) and enterprise mobility solution among organizations also promote the deployment of Wi-Fi hotspots in the market. In addition, the presence of prominent companies such as Cisco, AT&T, and Verizon is supporting market growth.
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It must be noted that most of the cafes belonging to global brands or local players offer other food items as well, such as sandwiches, pizzas and bakery items, invariably creating a wide range of customer base. With increasing population, rising consumer spending and growing affordability of required hardware, the café segment will experience a notable rate of Wi-Fi hotspot implementation. Comprising of key industry participants like Alcatel-Lucent, Aruba Networks, Cisco Systems, Ipass, Motorola Solutions, Nokia Networks and Ericsson, the Wi-Fi hotspot market is anticipated to register more than USD 23 billion in revenue by 2024.