The global 5G technology market is bound to reach roughly USD 73 MN by the end of 2023, at an astounding CAGR of 21% during forecast period (2017-2023), postulates Market Research Future (MRFR) according to its extensive report. To summarize, 5G is the up-coming fifth-generation wireless broadband technology based on the IEEE 802.11ac standard. 5G connectivity will be providing better speeds and coverage than all other connectivity. Factors making a positive impact on this market are the shift toward new broadband technology, huge network coverage, growing demand for high data speed, and stable growth in the mobile data traffic, also increasing demand for machine-to-machine communication in organizations and the increasing demand for broadband services over other mobile networks.
Moreover, the continuous demand from subscribers for better mobile broadband experiences stimulates the growth of the 5G technology market. The 5G technology market is projected to grow at a swift pace in 2020. Surging adoption of mobile broadband as well as growing machine-to-machine communication in organizations is presumed to fuel the global 5G technology market size in the coming years. Superior data transfer rates and less power consumption compared to its predecessors will positively impact the demand for 5G technology. Also, large network coverage demands from numerous industry applications such as distant learning, multi-user gaming and video conferencing, telemedicine, and augmented reality fuel the 5G technology market growth. Moreover, it is likely to enhance mobile network performance and is deemed to contribute heavily in establishing foundational infrastructure for smart city development.
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Major Key Players
KT (South Korea),
SK Telecom (South Korea),
LG Uplus (South Korea),
NTT DOCOMO (Japan),
Telstra (Australia), TeliaSonera (Sweden), Telefónica (Spain), Vodafone Group (U.K.), Singtel (Singapore), China Unicom (China), and Deutsche Telekom (Germany) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global 5G Technology Market.
Other players in the market include China Mobile (China), Korea Telecom (South Korea), Nokia Networks (Finland), Samsung (South Korea), Turkcell (Turkey), SoftBank (Japan), NEC Corporation (Japan), Huawei (China), Verizon (U.S.), AT&T (U.S.), T-Mobile USA, Inc., LG (South Korea), and China Mobile (China).
According to MRFR, The global 5G Technology Market is expected to reach approximately USD 73 million by the end of 2023 with 21% CAGR during forecast period 2017-2023.
Among all regions, North-America holds the largest market share with countries such as the United States (U.S) part of the share. Increasing number of subscribers and progressing assessment of the allocation of 5G frequencies by the Federal Communications Commission has propelled the potential of market growth in this region. Also, increase in cellular M2M connections, high demand for on-demand video services, and high growth rate of autonomous cars augment the market growth in this region.
On the other hand, Asia-Pacific region is expected to grow steadily over the forecast period (2017-2023). The reason being large consumer base and ongoing initiatives and developments in 5G technology. 5G technology is flourishing due to local government support coupled with potential for immense demand for 5G services. This demand will be an incentive for the market growth in APAC region. For instance, Beijing (China) plans to deploy 5G on a large commercial scale by 2020, and China’s top manufacturers strive to meet this timeline. Moreover, the Chinese government has also distributed a good portion of the necessary radio frequencies. Therefore China is benefiting from extensive coordination between government and the manufacturers, with regards to 5G technology market.
In the Europe region, proactive actions are being undertaken by public and private sectors in the field of 5G technology. For instance, to closely monitor the progress of the European 5G connectivity objectives for a competitive Digital Single Market (DSM), there are plans to establish the European 5G observatory by 2025.
The market for 5G technology is segmented into usability and application.
By usability, the market is segmented into enhanced mobile broadband, massive Internet of Things (IoT), and mission-critical services. 5G technology will support next-generation IoT services in automotive, industrial, and healthcare and many more sectors. Super speed, high energy efficiency, and pervasive connectivity provided by 5G technology will allow IoT deployments to expand and operate with greater efficiency.
The 5G technology market is segmented on the basis of technology, which is Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX). In GSM segment, 5G technology will transform the mobile broadband experience, and also help develop new security technologies. These factors will drive the demand for 5G technology in GSM market.
On the basis of application, the 5G technology market is segmented into healthcare, automotive, intelligent buildings and infrastructure, retail, home automation, industrial automation, energy and utility, consumer electronics, and public safety and surveillance and, many more. Increasing patients suffering from chronic medical conditions, enhanced wireless communication between doctors and patients, smart medical devices using 5G services, and high definition medical imaging services are expected to drive the demand for 5G technology in the healthcare sector in the coming years.
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- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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