New York, Oct. 21, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Ultra-Wideband Technology Market’ for the forecast period, i.e. 2023– 2033 which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers
- Challenges
- Key market players and their detailed profiling
Market Scope of Global Ultra-Wideband Technology:
| Market Size Value in 2022 (Base Year) | ~ USD 1100 Million |
| Market Forecast Value in 2033 | ~ USD 5000 Million |
| Growth Rate (CAGR) of Ultra-Wideband Technology Market (Global) | ~20% |
| Forecast Period of Ultra-Wideband Technology Market (Global) | 2023 – 2033 |
Global Ultra-Wideband Technology Market Size:
The global ultra-wideband technology market is to garner a revenue of ~USD 5000 Million by the end of 2033 by growing at a CAGR of ~20% over the forecast period. Additionally, the market has also generated a significant revenue of ~USD 1100 Million in the year 2022. The market's expansion can be attributed to the exploding use of smartphones and other smart digital equipment around the world. It was found during the research that around 7.30 billion people worldwide or more than 91 percent of the world's population—own smart and feature phones.
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Moreover, innovation in data communication is known as ultra-wideband technology. In other words, ultra-wideband technology enables massive data transmission. An increasing number of small and medium-sized end customers are becoming more aware of the value of ultra-wideband and increasing spending on consumer electronics to drive market growth over the years. In 2022, it was predicted that consumer electronics expenditure would be at USD 500 billion and total device shipments would be around 2 billion units.
Global Ultra-Wideband Technology Market: Key Takeaways
- Asia Pacific region gains the largest portion of the revenue
- Healthcare segment to dominate the revenue graph
- RTLS sub-segment remains prominent in the application segment
Growing Import-Export of ICT Products and Rising Investment in Research and Development to Boost Market Growth
Further, the development of the ICT (information and communication technology) sector has significantly boosted GDP growth, worker productivity, and other aspects of economies around the world. The production of goods and services by the ICT industry also promotes economic growth and development. Moreover, the growing import-export of ICT products across the world is estimated to boost market growth. The World Data Bank reports that between 2015 and 2020, the global exports of ICT products climbed from 11.9 percent to 11.43 percent of total exports of goods.
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In addition to this, the rising investment in the research and development sector across the globe is anticipated to boost market growth over the ensuing years. Research studies claim that since 2000, the amount spent globally on research & development has increased by more than three times in real terms, from USD 677 billion to USD 2.2 trillion in 2019. As more and more people started using smart devices and the world is in need of high-speed and secure data management systems, key market players are expected to invest more in ultra-wideband technology, which is anticipated to drive market growth over the forecast period.
Global Ultra-Wideband Technology Market: Regional Overview
The global ultra-wideband technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Healthcare Expenditure to Drive Growth in the Asia Pacific Region
The market in Asia Pacific region is estimated to hold the largest market share by the end of 2033. The growth of the market can be attributed to the increasing patient pool in hospitals, which requires high-end technology for communication and data management. Hence, the increasing investment in the healthcare sector, supported by increasing spending on healthcare are anticipated to drive the market growth. As per the World Bank, healthcare expenditure, considering the total % of the GDP, in the region increased from 6.51% in 2018 to 6.67% in 2019.
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Increasing Usage of Smartphones to Drive Growth in the North America Region
Moreover, the market in North America is estimated to gain a significant market share throughout the forecast period. In light of the increasing use of cutting-edge technologies and the growing bring your own phone (BYOP) trend in workplaces in nations including Canada and the United States, the North American market is predicted to obtain the highest market share over the forecast period. It was observed that with more than 300 million smartphone users in the US as of 2021, this country has one of the largest smartphone markets in the world. Additionally, the presence of significant market competitors in the area and the accessibility of cutting-edge technology are predicted to drive market expansion during the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Ultra-Wideband Technology Market, Segmentation by Application
- Communication
- Imaging
- RTLS
- Others
Out of these, the RTLS segment is estimated to hold the largest market share over the forecast period. The rising adoption of real-time location services across the globe in numerous industries can be attributed to the segment's rise over the estimated time frame. For instance, in 2022, about 58% of various verticals, including public spaces, smart offices, hospitality, healthcare, manufacturing, and were anticipated to have implemented Bluetooth real-time location services.
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Global Ultra-Wideband Technology Market, Segmentation by End-User
- Consumer Electronics
- Healthcare
- Retail
- Manufacturing
- Others
Among these, the healthcare segment is predicted to gain a significant market share over the forecast period. Owing to its favorable contribution to medical monitoring, ultra-wideband technology has risen to prominence in the healthcare industry. By emitting wireless RF waves, ultra-wideband technology is used to track the movement of the patients and identify vital bodily indicators. Moreover, the increasing spending in the healthcare sector is estimated to drive segment growth. As per the World Health Organization, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP up from 8.5 percent in 2000.
Global Ultra-Wideband Technology Market, Segmentation by Positioning System
- Indoor
- Outdoor
Few of the well-known market leaders in the global ultra-wideband technology market that are profiled by Research Nester are Johanson Technology Inc., Alereon, Inc., Texas Instruments Incorporated, Starix Technology, Inc., NXP Semiconductors N.V., Ubisense Limited, Humatics Corporation, Zebra Technology Corporation, Apple Inc., 5D Robotics, Inc., and others.
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Recent Developments in the Global Ultra-Wideband Technology Market
- In August 2022, Sydney Living Lab, a high-tech co-creation place for digital innovation, has opened as part of a network of over 20 facilities globally, including Melbourne, by Infosys, a global leader in next-generation digital services and consulting.
- In June 2021, Ubisense Limited to introduce its new UB-Tag that comes with Simultaneous Ultra-Wideband and the capabilities of BLE tracking. UB-Tag is robust, small, and usable for industrial applications. The device can transmit BLE and ultra-wideband signals at the same time simultaneously.
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