On the basis of geographical analysis, the global low power Wi-Fi conversion market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing prominence of small & medium sized enterprises, and growing penetration of internet and smart devices. For instance, as of 2020, there are more than 69 million small & medium sized organizations operating in the Southeast Asia, accounting for about 98% of the total businesses in the region. Apart from these, improvement in mobile and broadband infrastructure is also evaluated to boost market growth in the region. Moreover, the market in North America is predicted to occupy the largest market share during the forecast period, which can be ascribed to the growing number of digitization initiatives undertaken by the government and strong presence of major market players in the region.
The global low power Wi-Fi conversion market is further classified on the basis of region as follows:
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Our in-depth analysis of the global low power Wi-Fi conversion market includes the following segments:
September 2020: Senet secured a deal worth USD 16 million to drive widespread adoption of low power wide area networks and solutions in the United States. The funds will also be used for the expansion of global business developments and co-marketing activities with network operators.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The major growth drivers for the market are the growing use of IoT applications worldwide and technological advancements in ICT sector.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2022 – 2030.
Ans: Technical glitches associated with low power Wi-Fi conversion is estimated to hamper the market growth.
Ans: Asia Pacific region will provide more business opportunities to the market on the back of increasing prominence of small & medium sized enterprises, and growing penetration of internet in the region.
Ans: The major players in the market are Shenzhen RAKwireless Technology Co.,Ltd, Astrocast SA, Actility Energy SAS, Senet, Inc., ACKLIO, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, range, and by region.
Ans: The cellular segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.