The new report by Expert Market Research titled, ‘Global 5G Technology Market Analysis, Share, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global 5G technology market assessing the market based on its segments like by major offerings, basis of connectivity, applications, end uses and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 6 Billion
- Forecast CAGR (2021-2026): 05%
- Forecast Market Size (2026): USD 700 Billion
The 5G ecosystem is projected to develop at a 3–4 times higher pace than other networking transitions. This is due to the exponential advancement of networking virtualization, as well as the number of applications that need a latent-free link. In addition, the growing market appetite for high-speed data access in both developed and developing countries around the world, as well as the increased proliferation of smartphones and wired devices through a variety of industries, are rapid technical developments in various industries.
5G Technology Industry Definition and Major Segments
5G refers to a fifth-generation telecommunications network that allows a modern kind of network capable of connecting almost all, including computers, things, and smartphones. The wireless infrastructure promises multi-gigabit per second peak data speeds, ultra-low latency, stability, large network bandwidth, and increased performance. The 5G technology research includes deep-dive research of hardware, software, and services that are crucial for the success of 5G technology.
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The major offerings of 5G technology are:
The market can be broadly categorised on the basis of its connectivity into:
- Enhanced Mobile Broadband (EMBB)
- Ultra-reliable Low Latency Communication (URLLC)
- Massive Machine Type Communication (MMTC)
Based on its applications, the market is segmented into:
- Connected Vehicles
- Monitoring and Tracking
- Smart Surveillance
- AR and VR
- Enhanced Video Services
The major end uses of 5G technology are:
- Energy and Utilities
- Transportation and Logistics
- Media and Entertainment
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
5G Technology Market Trends
The rise in the number of IoT devices and adoption of edge computing, as well as increased demand for video delivery services and low latency networking in industrial automation, are driving the global 5G technology market expansion. Small cell deployment and fibre backhaul implementation issues, on the other hand, are impeding business expansion. In contrast, due to opportunities in autonomous vehicles and increased spending in smart cities, the market share of 5G technologies is projected to grow significantly in the immediate future. These trends are expected to either accelerate or stifle demand growth.
Asia Pacific is expected to have the highest market share in the coming future. In terms of the introduction of emerging technology across different industries, the area is undergoing rapid transformation. The increasing rollout of 4G and 5G networks in Asia Pacific, especially in Japan, South Korea, Australia, Singapore, China, and India, presents massive opportunities for the introduction of 5G technology. Because of the region’s large smartphone subscriber base, businesses are becoming more innovative and focused on providing quality customer support.
Key Market Players
The major players in the market are Samsung Electronics Co Ltd, Nokia Corporation, Huawei Technologies Co., Ltd., Qualcomm Technologies, Inc., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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