The global ultra-wideband technology market is estimated to grow with a high CAGR during the forecast period, i.e., 2022-2030. Since the last few years, the need for wireless wideband communications systems has increased significantly owing to increasing number of new applications such as mobile networking and data collection through a wireless sensor network. In addition, major factors expected to drive the growth of the market include the growing demand for ultra-wideband technology in RTLS applications in automation, growing penetration of smartphones, and the rising adoption of the Industrial Internet of Things (IIoT). According to the data collected from GSMA, the estimated adoption of smartphones in developed and developing countries are 80% and 82%, respectively. Furthermore, growing advancements in new application areas of UWB technology in the wireless sensor network and the rising deployment of the technology in mobile devices are anticipated to increase the scope of UWB technology in the upcoming years. Along with these, another critical factor that lifts the market growth of ultra-wideband technology in the near future is its capacity to track assets accurately.
The market is segmented on the basis of application into RTLS, imaging, communication, and others. Out of all the segments, the RTLS segment is anticipated to grab the most significant share by the end of 2030 as RTLS provides solutions that are ideal for various environments such as indoor tracking and material flow to employee location tracking for safety reasons. Additionally, based on application, the consumer electronics segment in the global ultra-wide-band technology market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the fact that ultra-wide-band technology improves the experience of consumers of home entertainment products, such as TVs, laptops, and audio equipment. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility worldwide and numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) has significantly boosted economic growth in the last two decades. As of April 2021, more than 4.5 billion users were actively using the internet globally. Moreover, the increase in the ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending, among other transformations of economies in different nations. The production of goods and services in the ICT sector contributes to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.81 in 2015 to 11.53 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in South Korea, 8.74% in the United States, and 35.01% in Vietnam. These are some of the essential factors that are boosting the growth of the market.
The market is segmented by region into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the presence of multiple ultra-wideband technology companies in the region and the rapidly growing adoption rate of these technologies across various sectors, namely healthcare and retail. Furthermore, the market is also expected to grow in the forecast period ascribing to the growing demand for its implementation in indoor location tracking equipment in both residential and industrial applications in in the region. Furthermore, in 2030, the market in North America is projected to grab a notable share on the back of the growing trend of automation in various verticals such as healthcare, automobile, and others. As per the Association of Advancing Automation analysis, the need for automated machines in life sciences increased by 69%, in food and consumer goods grew by 56%, and in plastics and rubber industry grew by 51% increase, and automotive industry increased by 39% in 2020. Moreover, the early adoption of this technology in sectors such as consumer electronics, healthcare, and manufacturing industries in North America, especially the United States, is also predicted to lead to the growth of the ultra-wideband technology market in the region.
The global ultra-wideband technology market is further classified on the basis of region as follows:
Our in-depth analysis of the global ultra-wideband technology market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for UWB in RTLS applications and increased adoption of industrial internet of things (IIoT) are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
Interference from other narrowband wireless systems is estimated to hamper market growth.
The market in Asia Pacific region is anticipated to provide more business opportunities for market growth on account of growing demand for its implementation in indoor location tracking equipment in both residential and industrial applications.
The major players dominating the ultra-wideband technology market are Texas Instruments Incorporated, Johanson Technology Inc., Alereon, Inc., NXP Semiconductors N.V. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user, and by region.
With respect to application, the consumer electronics segment captures the largest segment as ultra-wide-band technology improves the consumer's experience associated with home entertainment products.
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