Asia Pacific Home Wifi Security Solutions Market was valued at US$ 14.05 Billion in 2022, and is projected to reach US$ 27.92 Billion by 2030, exhibiting a CAGR of 9.0% over the forecast period (2023-2030). According to Asia Pacific Home Wifi Security Solutions Market Report, "By Component (Hardware, Software), By Home Network Architecture (Wi-Fi Router, Modem and Router as a Separate Device, Modem and Router as one Device, Wi-Fi Range Extender)
Home Wifi Security Systems allows the users to monitor and operate security system through electronic devices including smartphones, tablets, laptops, etc. with enabled wifi systems. These systems are employed with the primary aim of preventing unauthorized access, protect the connected devices from malware, virus attacks and hacking attempts. The growing pace of technological adoption in the Asia Pacific region is expected to act as the major driver for growth of the market in the region. Additionally, the increasing demand for wifi network connectivity and awareness regarding cybersecurity and data privacy issues arising from the connectivity to wireless networks is also expected to boost the growth of the Asia Pacific home wifi security solutions market.
Asia Pacific Home Wifi Security Solutions Market- Drivers
Growing demand for a complete approach towards cybersecurity:
The world is increasingly becoming digital since the past few decades. The digitalization process has made its way in all the walks of life. The individual activities of purchases, content consumption, learning, communication, etc. This pace of technological adoption has raised the demand for internet services in the region. These factors coupled with the growing concerns over cybersecurity and data privacy are rising the demand for security solutions for wifi networks to safeguard the personal and sensitive data stored in the connected devices. The users who are getting more aware of the possible threats related to hacking, leaking of data, unauthorized access, etc. are increasingly demanding a holistic approach towards network security solutions which cover all these threats. For instance, in April 2023, Forrester, a leading research firm which evaluated various cloud platform providers based on their approach towards cybersecurity under the ‘Forrester Wave Data Security Platforms’. According to them, Google Cloud is the leader in terms of protection of sensitive user data.
Asia Pacific Home Wi-Fi Security Solutions Market- Restraints
High prices for home wifi security solutions:
The home wifi security solutions market cater to the security and privacy needs of the households. Hence, the pricing of these solutions play a crucial role in their adoption by the households. Currently majority of the companies operating in the market provide the security solutions based on a subscription models with varied price range. The cost of acquiring these solutions is usually high. For instance, TrustConnect, a wifi security solution offered by Comodo Security Solutions Inc. is priced at a monthly plan of $8.99. This pricing often turns out to be the factor that disheartens the individual buyers to buy wifi security solutions.
Asia Pacific Home Wi-Fi Security Solutions Market- Key Developments:
In April 2023, Cujo AI, a leading provider of AI-driven cybersecurity and network intelligence solutions was awarded the Cybersecurity Internet of Things (IoT) Award at RSA 2023 Global Infosec Awards. Cujo was recognized for its outstanding contribution in securing the rapidly expanding IoT landscape. With its advanced AI-driven security solutions Cujo has catered to the growing needs of its individuals as well as businesses towards cybersecurity.
In May 2023, Aruba Networking, a networking security firm announced its further integration as a subsidiary of the global giant in technological world, Hewlett Packard Enterprise Company (HPE). During the recently organized signature event by Aruba named, Atmosphere 2023, the company announced its plans towards development of new ecosystem taking into consideration the concept of Network as a Service (NaaS). This announcement was crucial as it signifies the future plans of the company towards updates in the structural framework of its current services.
In March 2023, Cisco Systems Inc. a leading multinational digital communications company acquired Valtix cloud security platform that provides solutions such as, cloud-based firewall, web application firewall, etc. This acquisition would improve Cisco’s cloud-based firewall technology capabilities by protecting each individual workclouds.
In December 2018, Cognitive Systems Corporation, Qualcomm Technologies, and Plume entered into partnership with Stanley Black & Decker with an objective to Omni security product. This product is enabled by Cognitive’s Wi-Fi motion technology and Plume’s cognitive service curation platform. This security product offers security and motion detection system to users to ensure security at home and businesses.
Asia Pacific Home Wi-Fi Security Solutions Market- Impact of COVID-19
The COVID-19 pandemic had a severe effect on businesses across the globe. The home wifi security solutions market in the Asia pacific region was also significantly impacted. The demand side of the market showed a positive trend as a result of increased demand for home wifi networks due to the adoption of culture of remote working/work from home by the corporates and online learning by educational institutions. This along with the increasing awareness and rising concerns regarding security of network systems and data privacy issues led to the significant shift in the consumer mind-set regarding the perceived need for home network security solutions. Moreover, the covid-19 pandemic can be said to have catalyzed the pace of digitization of daily transactions which would in-turn increase the demand for network connectivity and the necessary security solutions to protect the data within these networks. Hence, the impact of covid-19 on the Asia Pacific home wifi security solutions market can be considered a positive one as the demand for the security solutions was increased during the pandemic period which would help the market to grow during the forecast period.
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Key Trends and Analysis of the Asia Pacific Home Wi-Fi Security Solutions market:
- Under the segmentation by component, the hardware segment held a relatively dominant position in 2022 and is projected to retain its dominance throughout the forecast period. This trend is expected to remain the same during the forecast period, as the developing economies are still on the journey towards increasing the pace of technological adoption. Hence, the hardware components would still continue to enjoy a significant increase in terms of new users.
- China held a dominant position in the Asia Pacific home wifi security solutions market in 2022 and is expected to maintain its dominance during the forecast period, owing to increasing demand for network connectivity acreoss the country would naturally provide the foundation for the network security solutions market to grow.
- Indian home wifi security solutions market is projected to exhibit one of the highest CAGR in the region during 2023–2030. The rapid pace of digitalization of the processes and the initiatives of the government like ‘Digital India’ are rising the demand for network access and its security solutions in the country.
- Europe, Middle East, and Africa are also expected to show significant growth during the forecast period, owing to increasing demand for network security solutions.
- Some of the major players in the global automotive motor market are Cujo LLC, KoalaSafe Inc., and Systems Solutions & Development Technologies Ltd. (SSD-Tech), Cisco System Inc., Panasonic Corporation, Luma Home Inc., Aruba Networks, Inc., Securifi, Keezel Inc., and others
