Ultra-Wideband Market Size

Ultra-wideband Market size was valued at USD 1.2 Billion in 2023 and is likely to cross USD 12.4 Billion by the end of 2036, expanding at more than 19.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of ultra-wideband is estimated at USD 1.41 Billion. The growth of the market can primarily be attributed to the spiking penetration of smartphones and other personal electronic devices across the globe. UWB technology is particularly precise in terms of interior navigation and position tracking, making it a useful solution for use in consumer gadgets such as smartphones. Smartphones and other portable electronic devices are rapidly being used to perform high-bandwidth applications that demand low-latency wireless connections, such as watching online video and gaming. Therefore, UWB technology is ideal for these kinds of applications, and it is anticipated to surge the market’s growth in the upcoming years. For instance, smartphone subscriptions were estimated to hit approximately 5000 million in 2018 and are projected to reach about 7000 million by the year 2027 globally.

Global ultra-wideband market trends such as significant expansion in the IT sector and the growing prevalence of wireless sensor networks are projected to influence the growth of the market positively over the forecast period. For instance, in 2022, the IT sector spent about USD 1 trillion on telecommunication across the globe, and that is expected to rise in the coming years. Moreover, up-surged mobile data traffic on the back of a rising number of internet users is further expected to fuel the market growth over the forecast period. Hence, all these factors are estimated to propel the growth of the market over the forecast period.