New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), the 5G Tech Market By Component, By Technology, By Spectrum, By Application, By Region Forecast till 2030. the global 5G technology market was values USD 90.9 billion in 2021 and is projected to garner USD 1799.8 billion by 2030, registering a 40.2% CAGR throughout the assessment period (2022 - 2030). The demand for expanded access to the unprecedented performance of 5G Technology ultra-wideband services is growing rapidly.
The global 5G technology market is growing pervasively. Market growth attributes to the surging demand for reliable and ultra-latent connectivity. Besides, the demand for high data speed and connectivity to revolutionize business models drives the market's growth. Various megatrends of mobile services are affecting the global 5G technology market. 5G connections with extremely high bandwidth are required for the seamless performance of IoT devices. Moreover, rapid developments in IoT (Internet of Things) escalate the growth of the market. According to a leading research firm Market Research Future (MRFR),
5G technology market Major Players:
Players leading the global 5G technology market are-
- BT Group plc
- AT&T, Inc.
- China Mobile Ltd.
- Bharti Airtel Ltd.
- China Telecom Corporation Ltd.
- NTT Docomo
- Vodafone Group
- KT Corp.
- Deutsche Telekom AG
- Verizon Communications, Inc.
- SK Telecom Co., Ltd.
- T-Mobile USA, Inc.
- Telefonaktiebolaget LM Ericsson
- Rakuten Mobile Inc.
- Huawei Technologies Co. Ltd.
- Cisco Systems Inc.
- Qualcomm Technologies Inc.
- MediaTek Inc.
- Samsung Electronics Co. Ltd.
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5G technology market Report Scope:
| 5G Market Report Metric | Details |
| 5G Market Size in 2030 | USD 1,799.8 Billion |
| 5G Market Size in 2021 | USD 90.9 Billion |
| 5G Market Size in 2022 | USD 121.2 Billion |
| 5G Market Growth Rate | CAGR of 40.2% from 2022 to 2030 |
| Key Market Opportunities | Increasing demand for connected cars and machine-to-machine communication Growing benefits of 5G for businesses |
Also, advances in 5G technology with game-changing speeds and nationwide 5G Technology coverage substantiate market sales. Additionally, the shift in consumer preference from premise-based to cloud-based solutions positively impacts the growth of the global 5G technology market. Increasing deployments of smart connected devices without the issues of latency push the market growth. Rising smart city projects worldwide propel the demand for 5G technology.
Global 5G Technology Market - Segments
The market report is segmented into components, technologies, spectrums, applications, and regions. The component segment comprises hardware, software, and services. The technology segment comprises enhanced mobile broadband (eMBB), ultra-reliable low latency communication (URLLC), and massive machine-type communication (mMTC). The spectrum segment comprises 5G NR Sub-6GHz and 5G NR mmWave. The application segment comprises consumers and enterprises. The region segment comprises the Americas, Europe, Asia-Pacific, and rest-of-the-world.
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Global 5G Technology Market - Regional Analysis
North America dominates the global 5G technology market, witnessing vast deployments of 5G networks across the region. Besides, the presence of several notable 5G technology providers rolling out 5G services much ahead of operators in other regions and various telecom companies substantiates the market size. The US, Canada, and Mexico hold considerable shares in the regional market. The rising uptake of the latest technologies, such as IoT and smart connected devices, boosts the region's market shares. Also, increasing smart city projects in the region demand high-speed network performance requirements.
Increasing numbers of 5G subscribers and allocation of 5G technology frequencies by the Federal Communications Commission (FCC) create vast market demand. Moreover, rising application areas of 5G technologies in telecommunications foster market revenues. The US accounts for the largest market for 5G technologies in the region.
Global 5G Technology Market – Competitive Analysis
Highly competitive, the 5G technology market appears fragmented due to the presence of many well-established players. These players incorporate strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launches to gain a larger competitive advantage. They substantially invest in R&D and expand their global footprints. 5G technology providers strive to develop advanced technologies entirely on a different level.
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Industry/ Innovation/ Related News
Feb. 17, 2023 --- Nabstract.io (India), a leading provider of consulting and solutions & services to network providers & industry alliances, announced a partnership with Intel Corporation to develop 5G network applications. The partnership will enable Nabstract to help developers to build network applications across industrial IoT, gaming, healthcare, finance, and V2X (vehicle-to-everything) platforms for quality network devices and services using public or 5G network function capabilities.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
