Albany, NY -- (SBWIRE) -- 08/12/2016 -- The global home networking device market is progressing at a CAGR of 7.0% between a forecast period from 2015 to 2023 in terms of revenue. According to the research report released by Transparency Market Research, this market is expected to reach US$23.24 bn by the end of 2023. The leading market intelligence agency also states in the report that the global home networking device market is expanding at a CAGR of 10.1% within the same forecast period, in terms of volume. This market was measured at 444.8 mn units in 2014 and is expected to continue growing in volume over the given forecast period.

TMR has stated this in a new research report, titled "Home Networking Device Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." The report encapsulates every detail regarding the market's trends, opportunities, and restraints till 2023 into 114 pages. The report is aimed at market players and prospective investors looking to make the right business decision.

According to the report, the global home networking device market is currently being driven by a surge in the demand for connected devices. Over the recent past, and expectedly in the coming years, the demand for home networking devices is expected to continue growing rapidly as the market is being filled with a large array of connected devices. This is further supplemented by improvements in the connectivity means themselves.

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The accelerated growth of the global home networking device market is caused especially by the growing demand for Wi-Fi enabled connected devices. End users prefer connecting devices over Wi-Fi due to the ease with which they can be connected, along with the increased distance of connectivity. Homeowners in Europe and North America are increasingly preferring wirelessly connected devices over wired ones, further boosting the global home networking device market.

From the development angle, manufacturers are adding to their innovation efforts in terms of improving bandwidth of connectivity, consequently speeding up the communication between devices.

Nearly 62% of the global home networking device market was occupied by wireless devices in 2014, in terms of networking device solutions. The most commonly used devices were the ones that implemented Wi-Fi connectivity. In the near future, this segment is expected to be bolstered by a high demand for wireless devices enabled for Z-Wave and ZigBee connectivity.

Developing economies are showing a greater interest in the home networking device market, with network devices expected to be in high demand for the given forecast period.

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On the basis of components, the global home networking device market was led by routers in 2014, with a share of nearly 34%. Adapters, extenders, and routers are all expected to enjoy a higher demand in the coming years. On the other hand, home networking devices that use powerline connectivity are expected to experience a loss of market share, due to a low exposure rate of the technology in developed economies.

The key players in the global home networking device market, as stated in the report, include ASUSTeK Computer Inc., Netgear, Inc., Huawei Technologies Co. Ltd., D-Link Corporation, Buffalo, Inc., Legrand SA, ZyXEL Communications Corp., Devolo AG, and TP-Link Technologies Co.

Key Segments of the Global Home Networking Device Market

Home Networking Device Market

By Solution

Wired
Network line
Powerline
Wireless
Wi-Fi
ZigBee and Z-Wave

By Component

Hub and Switch
Router
Extender
Adapter
Wireless Access Point (WAP)

By Geography

North America
Europe
Asia Pacific
Middle East and Africa
Latin America