5G is the up-coming fifth-generation wireless broadband technology which is based on the IEEE 802.11ac standard. 5G connectivity is going to provide better speeds and coverage than other connectivity. The technology operates with a 5 GHz signal and offers a speed up to 1GB per second. The signal technology also provides better coverage and signaling efficiency. The 5G technology is expected to launch by 2020.
The factors contributing to the growth of the 5G technology are the shift toward new broadband technology, growing demand for high data speed, huge network coverage, and stable growth in the mobile data traffic, increasing demand for machine-to- machine communication in organizations and the increasing demand for broadband services over other mobile networks. The continuous demand from subscribers for better mobile broadband experiences is encouraging the growth of the 5G technology market. The market is expected to grow at a fast pace in 2020.
The 5G technology will include LTE advanced and Wi-Fi coupled with new technological solutions to meet the requirements such as machine control and augmented reality. For instance, Huawei a major player in China expects that 5G will provide better speeds up to 100 times faster than 4G connection.
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Major Key Players
Huawei Technologies Co. Ltd. (China),
Nokia Networks (Finland),
NEC Corporation (Japan),
Verizon Fios (U.S.),
Broadcom Corporation (U.S.),
Mobile TeleSystems (MTS) (Russia),
AT&T Inc. (U.S.)
Cisco Systems, Inc (U.S.)
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.
According to Market Research Future, market has been segmented into usability, applications and region.
On the basis of applications, market has been segmented into consumer electronics, healthcare, retail, home automation, energy & utility, automotive, industrial automation, intelligent building infrastructure and public safety & surveillance among others.
Out of these applications, consumer electronics and healthcare accounted for the largest market share majorly due to high adoption of the 5G services. Also, in the healthcare sector patient diagnosis can be done through mobile phones with better high speed internet.
By Region, MRFR analysis shows that, Asia-Pacific region is expected to grow over the forecast period, 2017-2023, majorly due to improved mobile broadband penetration, increasing sale of 5G enabled smartphones and increasing awareness of digital transaction. Also, various countries such as Japan are now coming up with innovation throughout during the PyeongChang 2018. They are planning to showcase it through summer Olympics 2020. This in turn will increase the growth of the 5G technology market.
For instance, in 2014, Ericsson entered into an agreement with SK Telecom Co. Ltd for joint research on these technologies in South Korea. Various players are now focusing on introducing innovative technologies in order to gain competitive advantage.
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Regionally, North-America accounted for the largest market share from countries such U.S. among others. The region is attributed to the increasing number of subscribers and also the Federal Communications Commission has already begun its assessment of the allocation of 5G frequencies.
However, Asia-Pacific region is expected to grow over the forecast period, 2017-2023. The reason is attributed to large consumer base and ongoing initiatives and developments on 5G technology.
- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
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