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Home networking devices are a collection of gadgets that are interlinked to one another via smart networks and devices such as computers, game consoles, mobile phones, and other devices. Home networking market is divided in two types, wired and wireless. All network devices have easy access to files and directories. Using home network to connect personal devices creates a local area network (LAN). During the forecast period, recent advancements, such as ZigBee's Wi-Fi bulb and Apple's home automation accessories, are expected to revolutionize the home networking devices business.
The companies involved in the manufacturing of home networking device are now focusing on maximizing the sensitivity and quality of the home networking device, which will provide more accurate results. This development will help the home networking device to penetrate more in the market. Home networking devices find their applications in diverse sectors such as telecommunication, smart home, IT industry, and others.
The global home networking device market is segmented on the basis of type, component, product type, industrial vertical, and region. Based on type, the market is divided into wired type and wireless type. In terms of component, the market is categorized into hub and switch, router, extender, adapter, and wireless access point. On the basis of product type, the market is divided into audio equipment, video devices, and gaming consoles. On the basis of industrial vertical, the market is divided into telecommunication, smart home, IT, others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global home networking device industry include HP, TP-Link Technologies, Legrand SA, ZyXEL Communications Corp., PLANET Technology, Buffalo, Inc., Huawei Technologies Co. Ltd., Google, Linux, Devolo, Amazon, Actiontec Electronics, Mechoshade Systems, AsusTek Computer Inc., Nokia, Tenda Technology, Crestron Electronics, Schneider Electric, Lutron Electronic Ltd., Vantage Controls, Inc., Watt Stopper, Siemens AG, Ingersoll-Rand PLC. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global home networking device market.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has severely affected the business of almost all industries. While the COVID-19 pandemic crisis unfolds, regulatory bodies all over the world are in the compulsion to impose strict lockdown and travel bans. Moreover, this has drastically affected the growth rate which in turn has impacted the global home networking device market share.
Due to the COVID-19 pandemic, the supply chain systems were disrupted and the strict instruction of governing bodies to follow social distancing norms forced the industries to work with minimal workforce, which led to the decrease in the production rate of the industries. Thus, all these factors negatively contribute to the growth of the home networking device market.
However, after the COVID-19 pandemic, the diversified and innovative applications of home networking, such as telecommunication and smart home, will drive the growth of the home networking device industry.
Top Impacting Factors
Development of innovative & energy efficient systems, growth in the IoT market, and rise in consumer awareness related to the availability of smart home devices, such as automated security & lighting systems, are the factors that influence the global home networking device market.
The use of home networking device for providing network connectivity in the telecommunication and IT industry is prevalent. Home networking devices provide network connectivity through local area network, virtual area network, and others to connect devices. Thus, these fuel the market for home networking device during the forecast period.
However, remote control solutions dominate the home networking device market, as mobile apps and other modern solutions are expensive in developing nations, and lack of consistency is projected to hamper the home networking device market.
Wide-Scale Innovation in Home Networking Device
The emergence of innovative connected products and low prices of these devices are the main factors that are expected to drive the growth of the global home networking market. The system provides multiple accesses to networked devices and home networking device, such as printer, to take print command from multiple networked and provide higher security for networked devices. These factors help to increase the performance of the home networking device market.
Surge in Usage in Telecommunications and IT Industry
Telecommunications and IT may account for the largest share of global sales of home networking device as single device can operate multiple devices at a time, such as Wi-Fi, which provide data to multiple devices at a time. Thus, it is expected that increase in industrialization in developing countries and the widespread adoption of home network equipment in the telecommunication and IT industry will promote the development and create home networking device market opportunities.
Key Benefits of the Report
Questions Answered in the Home Networking Device Market Research Report
Key Market Segments
Key Market Players