As employees return to the office around the world and as consumers continue to be cautious of their expenditure, the market continues to witness weakening demand.
IDC said consumers are prioritizing travel and entertainment over smartphone purchases and uncertainty still lingers, which is dampening consumer sentiment.
The decline in smartphone and PC shipments in 2022 took its toll on overall shipments for Wi-Fi-enabled products, causing them to fall for the first time ever in Wi-Fi's decades-long history.
Smart TVs, which represented the largest category, experienced a 4.3% decline in 2022 due to tough year-over-year comparisons as the market for TVs and other products was extremely strong in 2021 due to Covid-related purchasing.
Smartwatches, the only category that maintained positive growth, grew 23.3% during 2022, reaching 80 million units. Apple surpassed Huawei to become the market leader.
Education was the only segment to grow in 2022, thanks to government initiatives and sizable education projects in India, Korea, Malaysia, Taiwan, and the Philippines.
Along with the struggling PC market, PC monitor shipments contracted 18.3% year over year in the fourth quarter of 2022 (4Q22) leading to an annual decline of 5.9% for the full year 2022, according to research firm IDC.
IDC said ink tank products are increasing in prominence with a growing trend of SMEs and SOHOs shifting their preference from entry level laser to ink tank, whereas demand for ink cartridge continues to see a downtrend with shrinking home printing usage.
The Philippine PC market decreased by 18.5% quarter over quarter (QoQ) and fell by 48.9% year over year (YoY) sitting at 464,000 units in the fourth quarter of 2022, according to research firm IDC.
