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 garner significant traction by 2027, registering an impressive CAGR throughout the review 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.
Global 5G Technology Market - Segments
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 launch to gain a larger competitive share.
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Major Players:
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 ATT Inc. (US), among others.
Industry/ Innovation/ Related News
Sep. 15, 2021 --- Mobily and Ericsson signed agreement to scale up 5G technology applications. The program is part of Ericsson is working on the commercialization of 5G opportunities with hands-on solutions and business plans for communications service providers to take to market. The partnership would introduce Mobily to partners with cutting-edge solutions for education, gaming, and entertainment, to develop innovative 5G services for the consumer market.
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