The global demand for 5G technology is projected to grow at an impressive annual rate of 48.3%. By 2023, the market is expected to generate around USD 19.3 billion in revenue. Looking ahead, this growth is set to continue, with revenues estimated to reach USD 994.8 billion by 2033.
One of the main factors driving this demand is 5G’s ability to provide ultra-reliable, low-latency connectivity. This technology supports new services like the remote control of critical infrastructure, vehicles, and medical procedures, which have the potential to transform various industries.
The advancement of digital transformation has significantly assisted industries in updating their present operations and, as a consequence, expanding their profits throughout the years. Technological concepts like the Internet of Things (IoT), Artificial Intelligence (A.I.), and others are predicted to aid in the growth of the global 5G technology market in the coming years.
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According to The GSM Association’s Mobile Economy Report 2019, the number of global IoT connections is expected to quadruple to 25 billion between 2018 and 2025, with IoT income reaching US$ 1.2 trillion., The research stated that over 700 million people were expected to enroll in mobile services by 2025, with 5G technology accounting for only 20% of the technical mix.
Certain key players see a 5G future in which remote monitoring ensures clean water, reduces food shortages, and enhances public safety by providing early warnings of floods, earthquakes, and mudslides.
Network slicing is an important tool for service providers to satisfy the various needs of businesses. The technology enables the provider to construct a dedicated virtual network based on the use case or customer service requirements. For example, the network requirements for healthcare providers are likely to be considerably different from those for smart agriculture.
Network slices designated for specific services enhance the security of mission-critical operations, improving dependability and simplifying processes. In January 2020, a Chinese market player conducted a 5G New Radio test on a 2.6 GHz spectrum during the IMT-2020 (5G) promotion group’s trial. Their leading position in test completion and new findings are expected to help establish uniform global standards, aiding China in successfully completing the second phase of 5G testing.
In North America, vendors are competing to implement 5G networks. The growth of 5G technology is pushing market suppliers to develop wireless test equipment that can effectively support the technology. Meanwhile, the Indian government is planning to create a fund for 5G technology development, which is anticipated to drive market growth in the coming years.
However, the rollout of 5G technology faces challenges. Small cell installations are burdened by regulatory, financial, and administrative hurdles in many regions, which could delay deployment. Additionally, the high cost of installing small cell networks and the lack of security for remote outdoor power systems may hinder the growth of the 5G technology market.
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Key Takeaways from the 5G Technology Market Report:
- Throughout the forecast period, the United States is predicted to have a sizable share of the global 5G technology market. This is because 5G plans offer a comprehensive approach to network technologies. It is achieved by using the ability to innovate and invest while also developing government policies to support and complement those strengths.
- The 5G technology market in Asia Pacific is expected to be significant throughout the forecast period, led by China and Japan. This is attributed to major parties continuing to push for the creation of a 5G plus gigabit fiber network, as well as improving multi-frequency collaboration, co-construction, and sharing.
- Owing to the vital role of 5G technology in assisting governments and public organizations in making cities smart, the “smart cities” application type is expected to hold considerable revenue throughout the forecast period.
- As it contributes to spectral efficiency by reducing signal loss and radio interference, the “5G RAN” technology type and is the most innovative category for key businesses and accounts for a significant percentage.
Major Key Players:
- Ericsson
- Deutsche Telekom AG
- Nokia Networks
- AT&T Inc.
- Huawei Technologies Co. Ltd.
- Orange S.A.
- China Mobile Limited
- K.T. Corporation
- Qualcomm Inc.
- Verizon Communications Inc.
Recent Developments:
- In October 2022, HFCL Limited introduced the Radio Unit 5G 8T8R, a next-generation R.U. with a small form factor that offers digital beamforming, increased energy efficiency, and zero-touch provisioning.
- In January 2021, AT&T launched its 5G+ services in many notable Tampa areas and events, including Channel District and Raymond James Stadium in the United States.
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5G Technology Market Segmentation:
By Technology Type:
- 5G RAN
- 5G NG Core
- NFVI
- Routing Backhaul
- Optical Backhaul
- Others
By Application:
- Virtual & Augmented Reality
- Connected Automotive
- Smart Manufacturing
- Connected Energy
- Wireless eHealth
- Connected Drones
- Smart Cities
- Others
By Vertical:
- Manufacturing
- Automotive
- Energy & Utilities
- Transportation & Logistics
- Public Safety
- Healthcare
- Agriculture
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
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