Portland, OR -- (SBWIRE) -- 07/06/2018 -- According to a recent report published by Allied Market Research, titled, Global Wi-Fi Module Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2017-2024, the global Wi-Fi module market was valued at $26.48 billion in 2017, and is projected to reach at $59.14 billion by 2024, growing at a CAGR of 11.2% from 2018 to 2024.

A Wi-Fi module is an independent system on a chip (SoC) that is integrated with the help of TCP/IP stack enabling microcontrollers to provide access to the Wi-Fi network. The main purpose of the Wi-Fi module is to connect numerous electronic devices to the internet mainly, smartphones, tablets, laptops, and other smart appliances that include household electronic devices such as washing machine, air-conditioner, water heater, smart television, refrigerator, and others.

In 2017, North America dominated the global Wi-Fi module market. In the same year, the U.S. dominated the North America market. Rise in adoption of cloud computing and increase in use of smart connected devices in the telecommunications, industrial, and commercial sectors drive the growth of the global Wi-Fi module market. However, rise in security and privacy issues restrict the market growth.

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In recent years, number of industries have shifted their focus towards cloud computing components in order to eliminate investment costs required for hardware storage and physical infrastructure. Moreover, cloud computing provides certain advantages such as viability, scalability, and high-speed. Furthermore, cloud computing also helps in data storage and retrieval. These factors are expected to propel the growth of the Wi-Fi modules.

In 2017, based on type, the router scheme Wi-Fi module segment dominated the global Wi-Fi module market, in terms of revenue. However, based on application, smart appliance segment led the global market in the same year.

The report includes a micro-level study of different regions adopting Wi-Fi modules for various applications. In addition, it discusses the potential opportunities for market players to enter the market. Moreover, it provides an in-depth market analysis of Wi-Fi module, outlining current trends, key driving factors, and potential areas for product investments.

Key Findings of the Wi-fi Module Market:

-In 2017, based on type, the router scheme Wi-Fi module segment dominated the global Wi-Fi module market, in terms of revenue.
-In 2017, the smart appliances segment accounted for the highest revenue.
-North America held the largest market share in 2017.
-Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.