Increase in the deployment of public Wi-Fi, the proliferation of mobile phones, rise in investments on Wi-Fi analytics, and surge in adoption of big data analytics drive the growth of the global Wi-Fi analytics market
PORTLAND, Oregon, March 4, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Wi-Fi analytics Market by Component (Solution and Service), Deployment (Cloud and On-premise), Application (Wi-Fi Presence Analytics and Wi-Fi Marketing Analytics), and Industry Vertical (Retail, Hospitality, Sports & Entertainment, Transportation, Healthcare, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global Wi-Fi Analytics Market was pegged at $5.64 billion 2018, is projected to reach $31.01 billion by 2026, growing at a CAGR of 23.8% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in the deployment of public Wi-Fi, the proliferation of mobile phones, increase in investments on Wi-Fi analytics, and surge in adoption of big data analytics have boosted the growth of the global Wi-Fi analytics market. However, the lack of standardized regulatory compliance across the world hampers the market. On the contrary, surge in adoption of Internet of Things and mobile-connected smart objects is expected to create lucrative opportunities in the near future.
Solution segment dominated the market
The solution segment held the largest share in 2018, accounting for three-fourths of the global Wi-Fi analytics market, owing to rise in adoption of it to gain insights regarding footfall at their venue and get unassociated device data. However, the service segment is expected to register the fastest CAGR of 26.3% during the forecast period, due to increased adoption of services among end-users as they ensure the effective function of software and platforms throughout the process and surge in demand for cloud-based Wi-Fi analytics.
Sports & Entertainment segment to manifest fastest growth
By industry vertical, the sports & entertainment segment is expected to manifest the fastest CAGR of 25.9% during the forecast period. This is due to its use for improving customer experience and boosting the sales of various sports events across the globe coupled with need for real-time data access and predictive insights of fans preference by sports organization. However, the retail segment held the largest share in 2018, accounting for more than one-fourth of the global Wi-Fi analytics market, owing to the need to analyze customer preference and formulate targeted marketing strategies according to their preference, enhance customer experience, and need for cost-saving.
North America held the lion's share
The global Wi-Fi analytics market across North America held the largest share in 2018, accounting for more than one-third of the market, owing to the presence of a large number of market vendors in North America that use big data analytics and proliferation of smartphones, Internet of Things, and presence of Internet connectivity. However, the market across Asia-Pacific is anticipated to portray the fastest CAGR of 26.3% during the forecast period, owing to continuously rise use of smartphones and an increase in the adoption of fast Internet in the region.
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