5G Technology Market Scope and Growing Demands to 2030
Constant expanding application along with technological advancement followed by growing investments in the market are key drivers for Global 5G Technology Market.
5G Technology Market is valued around USD 5.53 Billion in 2020 and expected to reach USD 620.72 Billion by 2030 with the CAGR of 58.6 % over the forecast period.
The 5G technology introduction in the telecommunication industry tends to bring major change. This technology offers numbers application in different industries along with high speed connectivity services. 5G technology offers high speed data transmission which is three times faster than conventional technology. This also helps in the enhancement of operational efficiency with various other advantages.
Global 5G Technology Market report is segmented on the basis of offering, connectivity, application, end user and by regional. Based upon offering, the 5G technology market is fragmented into Hardware, Software, and Services. On the basis of connectivity, the market is categorized into Enhanced mobile broadband (eMBB), Ultra-reliable low latency communication (URLLC) and Massive machine type communication (mMTC). On the basis of application, the market is fragmented into connected vehicles, Monitoring & tracking, Automation, Smart surveillance, VR & AR, Enhanced video services, and others. Based on end user, the market is classified into Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, and Others. The regional bifurcation of countries includes North America, Europe, Asia-Pacific, and RoW which are further segmented into major countries such as U.S., UK, France, and others.
The 5G technology market is mainly driven by the constant expanding applications in different industries. There has been constant development in technology along with growing investments followed by presence of developed infrastructure. In addition, rising industrial automation as well as surge in the adoption of digital appliances & technology which is expected to contributes the market growth. There has been growth in IoT devices, edge computing devices & others followed by growing demand of streaming services. Moreover, growing demand for real time data processing as well as growth in smart cities with wireless connectivity services is also likely to promote the market growth. However, high cost of deployment may impede the market growth in the near future.
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The developed regions such as North America and Europe are expected to hold the major market share owing to the presence of technological advancement along with the development of smart cities. Asia Pacific is expected to dominate the 5G technology market in terms of growth rate owing to the rapid industrialization in the region along with rising automation on a large scale. Moreover, growing integration followed by rapid development of infrastructure as well as wide application in the region are also likely to fuel the market growth.
The major market players profiled in the 5G technology market includes Nokia Siemens Networks, Deutsche Telekom AG, Telecom Italia, Orange S.A., Huawei Technologies Co. Ltd., Alcatel-Lucent S.A., BMW Group Research and Technology, Qualcomm Inc., Aalto University, KTH - Royal Institute of Technology, National and Kapodistrian University of Athens, Fraunhofer-Gesellschaft, University of Bremen, Ericsson, Chalmers University of Technology, University of Oulu, Samsung, and RWTH Aachen University among others.
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