Automotive Wi-Fi Modules Market Size, Share, Growth Analysis, By Technology(Wi-Fi Direct, Dual Wi-Fi Bluetooth), By Sales Channel(OEMs, Aftermarket) - Industry Forecast 2024-2031

Global Automotive Wi-Fi Modules Market size was valued at USD 3.18 billion in 2022 and is poised to grow from USD 3.54 billion in 2023 to USD 8.33 billion by 2031, at a CAGR of 11.3% during the forecast period (2024-2031).

Market growth is anticipated to be accelerated by the increase in data traffic on a global scale and consumer demand, notably from the communications sector. WI-FI Modules must be used for data transit and storage due to the growing adoption of cloud-based technologies, which accelerates the market's growth pace. In order to assist initiatives for digital transformation in a post-pandemic environment, Alibaba Cloud said in April 2020 that it would invest $28.2 billion over the ensuing three years in cloud infrastructure and the construction of data centers. The growth of the Internet of Things (IoT), the demand for more flexible and scalable WiFi management systems, and the need for better security and analytics capabilities are just a few factors that have contributed to the increased use of cloud computing in the WiFi industry.

The communications industry is assisting WiFi's expanding usage of cloud computing in the following ways. Cloud-based tools for WiFi management In the communications industry, cloud-based WiFi management solutions are a standard offering that let businesses control their WiFi networks from a central location. When using wireless networks, security and privacy issues must be considered. With the massive growth of cutting-edge technology like IoT and smart devices. The vulnerability of Wi-Fi equipment to hijacking, cyberattacks, and other threats, including wireless network interface restrictions, slows the market's growth rate. Forbes reports that in 2019, cyberattacks on IOT devices grew by 300%. These factors significantly reduce the market's rate of growth throughout the expected time period.

One type of Wi-Fi equipment, wireless network interface controllers (NICs), is vulnerable to hijacking and other security issues. This prevents nearby attackers from using Wi-Fi signal interception to steal sensitive data or take control of the network. According to the Security Organization, cyberattacks will become a global issue by May 2021, costing USD 10.5 trillion annually by 2025. Additionally, while the pandemic, its restrictions, and efforts to create vaccines diverted focus from other issues, cybercrime grew globally. The Federal Trade Commission estimates that there would be 1,479 cybercrimes reported per day in 2020. (FTC). According to the International Business Machines Corporation (IBM), 524 firms from 17 different countries and 17 different industries are expected to have had security breaches in 2020. The average loss to the business from these data breaches was $3.86 million.