5G Technology Market Research Report- Forecast till 2030
The global 5G technology market is growing pervasively, mainly due to the demand for high data speed and connectivity. Besides, the surging demand for reliable and ultra-latent connectivity drives the market, revolutionizing business models. Other megatrends positively impacting the market growth include the rising demand for network connections with extremely high bandwidth and seamless IoT devices.
With rapid developments in IoT, the market value is projected to escalate further during the assessment period. Market Research Future (MRFR) states that the global 5G technology market is estimated to register a growth of USD 612.58 BN by 2030, posting a 40.2% CAGR during the forecast period (2022-2030). The expanding access to unprecedented 5G performance and rapidly growing ultra wideband services create vast market opportunities.
Also, advances in 5G technology that can provide game-changing speeds and nationwide 5G technology coverage substantiate market sales. Additionally, shifting consumer preference from premise-based to cloud-based solutions impacts the market shares positively. Increasing deployments of smart connected devices without latency issues push the market rise.
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The report is segmented into communication infrastructures, services, network technologies, chipset types, applications, and regions. The communication infrastructure segment is sub-segmented into small cells, macrocells, radio access networks, distributed antenna systems, and others. The service segment is categorized into professional services and managed services.
The network technology segment is sub-segmented into software-defined networking, network functions, virtualization, mobile edge computing, fog computing, and others. The chipset type segment is sub-segmented into radio frequency integrated circuit (FRIC), application-specific integrated circuit (ASIC), millimeter-wave technology chips (MMWave), and field-programmable gate array (FPGA).
The application segment is sub-segmented into automotive, energy & utilities, healthcare, retail, industrial automation, consumer electronics, and others. The region segment is sub-segmented into Asia Pacific, Europe, North America, and rest-of-the-world.
Global 5G Technology Market – Regional Analysis
North America leads the global 5G technology market, witnessing the early adoption of 5G networks. Besides, the presence of several notable technology providers rolling out 5G technology and various telecom companies acts as a key tailwind for the market growth. The rising uptake of advanced technologies, such as IoT, and increasing smart city projects in the region substantiate market growth.
The US, Canada, and Mexico hold considerable shares in the regional market. Also, high-speed network performance requirements and assessment of 5G technology frequencies by the Federal Communications Commission (FCC) boost market growth. Moreover, rising application areas of 5G technology foster the market in this region.
Global 5G Technology Market – Competitive Analysis
Fiercely competitive, the 5G technology market appears fragmented due to the presence of several well-established players. Industry players incorporate strategic approaches such as collaboration, mergers & acquisitions, expansion, and product & technology launches to gain a larger competitive share.
Players active in the global 5G technology market include Samsung (South Korea), Qualcomm Technologies Inc. (US), Nokia (Finland), China Mobile Limited (China), MediaTek Inc. (Taiwan), Cisco Systems Inc. (US), Verizon (US), NTT DOCOMO Inc. (Japan), Huawei Technologies Co. Ltd (China), Telefonaktiebolaget LM Ericsson (Sweden), and AT&T Inc. (US), among others.
Industry/ Innovation/ Related News
Apr.12, 2021 — Deputy Minister of Information and Communications Vietnam and Qualcomm Technologies Inc. announced their collaboration to intensify future cooperation on 5G and 6G technology in the country. Vietnam’s digital transformation is expected to develop the digital economy. Therefore, the country is focusing on the rollout of 5G and associated data centers, accelerating the national digital transformation process.
The digital technology industry plays a causal role in developing a sustainable digital economy of a country, enabling digital infrastructure, including cloud computing and 5G technology. Qualcomm is a leader in 5G technology, and it is working with mobile network operators in the country to pilot 5G across 16 cities and to develop smart cities. Qualcomm would share its experience in the deployment of 5G standalone, mmWave technology, and research of 6G in Vietnam.
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5G Technology Market: By Communication Infrastructure (Small Cell, Macro Cell, Radio Access Network and Distributed Antenna System), By Services (Professional Services and Managed Services), By Network Technology (Software-Defined Networking, Network Function, Virtualization, Mobile Edge Computing and Fog Computing), By Chipset Type ( Application-Specific Integrated Circuit (ASIC), Radio Frequency Integrated Circuit (FRIC), Millimeter Wave Technology Chips and Field Programmable Gate Array (FPGA) and By Application (Automotive, Energy and Utilities, Healthcare, Retail, Industrial Automation, Consumer Electronics and Others) – Forecast till 2030
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