The global multi-mode chipset market is projected to expand at double-digit growth rate during the forecast period. The market is estimated to be influenced by a wide range of macro-economic and industry-specific factors.
Rapid technological advancement along with increasing deployment of long term evolution (LTE) networks in the field of cellular connectivity is fuelling the market. Additionally, the increasing popularity of gadgets that support 5G with integrated gigabit long term evolution has further helped in the penetration and growth of the global multi-mode chipset market.
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Increased Demand for Better Speed of Connectivity Shoots up Demand
The increasing necessity for high-speed and high-capacity wireless communication networks has increased the utilization of long term evolution networks. Numerous telecommunication operators across the globe are implementing advanced long term evolution networks to deliver seamless mobility with high efficiency and low latency. It also provides over-the-air encryption and improved bandwidth support.
Telecom operators from North America are incessantly making efforts to introduce advanced technologies such as 5G and long term evolution networks to enhance the speed of connectivity. The efforts are to meet the growing consumer demand for high speed data networks. Key trends that are prevailing in the market are multi-mode chipsets for miniaturized multi-mode chipsets, 5G technology devices, smart devices, and multi-mode chipsets with IoT connectivity.
The U.S. accounted for the highest market share in 2017 in North American region. The North American multi-mode chipsets market is forecasted to grow at a considerable CAGR during the period of forecast.
The multi-mode chipset market in Asia Pacific is also expected to grow at the highest rate of growth over the timeframe of forecast. Various Factors such as increasing innovations in the field of technological together with growing adoption of devices that provide support to the 5G technology are expected to give impetus to the Asia Pacific multi-mode chipset market.
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