5G Technology Market Size Expected to Grow at a CAGR of 40.2% | In-depth market analysis, trends, industry size, share and forecast 2030
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) and by Application (Automotive, Energy & Utilities, Healthcare, Retail, Industrial Automation, Consumer Electronics, and Others) – Forecast to 2030
5G Technology Market Research Report – Forecast to 2030
The global 5G technology market is witnessing pervasive growth primarily driven by the demand for high data speed and connectivity. Additionally, the growing demand for reliable and ultra-latent connectivity is driving the market, revolutionizing business models. Other megatrends positively impacting the growth of the market include growing demand for network connections with extremely high bandwidth and transparent IoT devices.
With the rapid developments of IoT, the market value is expected to increase further during the evaluation period. Market Research Future (MRFR) indicates that the global market 5G technology market is expected to register a growth of USD 612.58 billion by 2030, showing a CAGR of 40.2% during the forecast period (2022-2030). Widening access to unprecedented 5G performance and the rapid growth of ultra-broadband services are creating vast market opportunities.
Additionally, advancements in 5G technology that can provide breakthrough speeds and nationwide coverage of 5G technology are driving the market sales. Additionally, the shift in consumer preference from premises-based to cloud-based solutions is having a positive impact on market shares. Rising deployments of smart connected devices without latency issues are driving the market higher.
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The report is segmented into communication infrastructure, services, network technologies, chipset types, applications and regions. The communication infrastructure segment is sub-segmented into small cells, macro cells, radio access networks, distributed antenna systems and others. The services segment is divided 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 applications segment is sub-segmented into automotive, energy and utilities, healthcare, retail, industrial automation, consumer electronics and others. The regional 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. Furthermore, the presence of several notable technology vendors deploying 5G technology and various telecom companies acts as a key tailwind for the growth of the market. Growing adoption of advanced technologies, such as IoT, and rise in smart city projects in the region are driving the growth of the market.
The United States, Canada and Mexico hold considerable regional market shares. Additionally, high-speed network performance requirements and frequency assessment of 5G technology by the Federal Communications Commission (FCC) are driving the market growth. Additionally, growing application areas of 5G technology are driving 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 are integrating strategic approaches such as collaboration, mergers and acquisitions, expansion, and product and technology launches to gain greater competitive share.
Main actors :
Active players 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
April 12, 2021 – Vietnam’s Vice Minister of Information and Communications and Qualcomm Technologies Inc. announced their collaboration to intensify future cooperation on 5G and 6G technologies in the country. Vietnam’s digital transformation is expected to develop the digital economy. Therefore, the country is focusing on rolling out 5G and related 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 is working with mobile network operators nationwide to pilot 5G in 16 cities and develop smart cities. Qualcomm would share its experience in rolling out standalone 5G, mmWave technology and researching 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 gate array Field Programmable (FPGA) and by Application (Automotive, Energy & Utilities, Healthcare, Retail, Industrial Automation, Consumer Electronics and Others) – Forecast to 2030
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