Dec 05, 2019 (AB Digital via COMTEX) -- Market Synopsis:
ZigBee is an ad-hoc wireless networking technology used extensively for connected devices. In this report, an assessment of the ZigBee market has been included. It unveils that the global market is poised to register 8% CAGR during the assessment period. It also unravels that the market size, in terms of revenue, is presumed to reach USD 3.4 Bn mark by 2023. Increasing deployment of ZigBee devices is anticipated to drive the proliferation of the market in the upcoming years.
ZigBee market is likely to expand on account of the rising deployment of connected devices. According to the statistics available, it has been estimated that there were around 400 million connected devices in 2016. The number is expected to inflate and reach 1.5 billion in 2022. The developments in the IoT technology is anticipated to develop the Zigbee Market over the next couple of years.
Increasing use of home automation services is likely to fuel expansion of the market. The rising urban population is anticipated to propel expansion of the ZigBee market in the years to come. Also, the rising income levels of the middle-income population is expected to boost the growth rate of the ZigBee market in the forthcoming years.
ZigBee market is also poised to capitalize on the rising demand for automation services. Increasing deployment of IIoT in industries for the acceptance of Industry 4.0 is anticipated to catapult the market on its growth trajectory. However, the lack of skilled human resource is a major hindrance to market growth. It can check the expansion pace of the ZigBee market over the assessment period.
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In July 2019, Aqara, Xiaomi Ecological Chain Enterprise, announced the release of its ZigBee 3.0 series of products.
In May 2019, the Zigbee Alliance workgroup has announced the launch of “All Hubs Initiative” for enabling easy development and deployment of smart home and IoT products.
The prominent players in the ZigBee Market are Atmel Corporation (U.S.), Digi International (U.S.), NXP Semiconductors N.V. (Netherlands), Renesas Electronics Corporation (Japan), Microchip Technology (U.S.), STMicroelectronics (Switzerland), Texas Instruments Inc. (U.S.), GreenPeak Technologies (Netherlands) among others.
Based on standards, the ZigBee market has been segmented into ZigBee, ZigBee IP, ZigBee RF4CE, ZigBee remote control 2.0, ZigBee PRO, and ZigBee 3.0.
On the basis of application, the ZigBee market has been segmented into industrial automation, home automation, telecommunication services, retail services, healthcare, and smart energy. The smart energy segment has been sub-segmented into smart grid & smart metering and others.
The regional assessment of the global ZigBee market has been covered in this analysis. It covers the study of four crucial regions, that are - North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). These regional segments are then assessed on the level of country-level basis. North America has the dominant share of the market. It is likely to expand saliently on account of the large-scale adoption of industrial automation. In addition, the rising investments by the affluent class sin home automation are also projected to drive the growth of the ZigBee market in the region. Europe is prognosticated to witness considerable growth rate. The adoption and deployment of IoT in the region are expected to fuel demand for ZigBee devices. Asia Pacific is burgeoning and is prognosticated to strike the highest CAGR across the assessment period. Increasing adoption of automation systems in the industrial sector is expected to drive the growth of the ZigBee market in the region.
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