The global 5G Market will reach USD 198.44 billion at a 47.6% CAGR by 2030, states the new Market Research Future report.
5G Market Drivers
Growing Need for High-speed Data Connectivity to Boost Market Growth
The growing need for high-speed data connectivity for unified IoT applications like smart home energy management will boost market growth over the assessment period.
Increased Need for Internet Subscriptions to offer Robust Opportunities
The increased need for internet subscriptions coupled with the growing need for comprehensive and high-speed network coverage will offer robust opportunities for the market over the forecast period.
Revenue Forecast in 2030:
USD 198.44 Billion
CAGR of 47.6% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Restraints and Challenges
Small Cell Installations to act as Market Restraint
The small cell installations and high installation cost of 5G network may act as market restraints over the forecast period.
5G Market Segmentation
The global 5G market is bifurcated based on applications and components.
By components, the 5G market is segmented into device-to-device communication and phantom cell.
By applications, the 5G market is segmented into healthcare, utility, energy, retail, automotive, and consumer electronics.
The COVID 19 pandemic's propagation has caused significant disruptions in businesses all across the world. The current situation is difficult, and numerous businesses and industries throughout the world are dealing with it and developing methods to make up for the losses brought on by the pandemic. The global pandemic has significantly altered how businesses conduct their operations, and as for the 5G rollout services by the tech giants, the primary goal is to provide services to the communication providers in accordance with industry standards and to raise awareness among the public to adopt the technology among various established industries. The communication operators are being given options under COVID 19 to increase the scope and pace of their 5G investments.
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5G Market Regional Analysis
North America is one of the top markets for 5G infrastructure in terms of research and development (R&D) efforts, network design and deployment, and the presence of important industry players. It is well known that North America quickly adopts new, cutting-edge technologies, such as wearable technology, autonomous and linked vehicles, and the Internet of Things (IoT). The dependable and rapid connectivity required for these technologies is addressed by 5G. The aforementioned market in North America may consequently look forward to strong growth opportunities. The 5G services market is dominated by the United States in the North American area, which is its largest geographic component. Due to the increasing need for 5G networks, the market for 5G services is expanding in North America. The region will have more than 270 million 5G subscriptions by 2019, making up over 60% of all mobile subscriptions, according to Ericcson's Mobility Report from June 2019. This suggests that the region has a lot of potential for 5G services. Significant regional telecom players are based in North America, and they are constantly investing in expanding and modernizing their infrastructure. During the projection period, this is anticipated to increase the use of 5G services.
APAC to Have Admirable Growth in 5G Market
China, Japan, & South Korea have the biggest market shares in the Asia-Pacific 5G services market, which is the region with the quickest rate of growth. One of the key elements advancing the market for 5G services in the Asia-Pacific region is the deployment of new and enhanced technology. Market participants are embracing cutting-edge technologies like blockchain, edge computing, and 5G core technology to advance the development of the 5G services market in the region. The expansion of the information technology sector also helps the market for 5G services expand and develop. Due to the implementation of next-generation infrastructure for the manufacturing sector, media & entertainment, healthcare, and other industries, it is anticipated that the 5G services market would accelerate the expansion of the Asia Pacific area throughout the projection period.
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5G Market Key Players
Eminent market players profiled in the global 5G market report include Verizon Wireless (U.S.), LM Ericsson (Sweden), AT&T Inc. (U.S.), Alcatel-Lucent (France), Huawei Technologies Co. Ltd. (China), China Mobile Ltd. (China), NTT DOCOMO, Inc. (Japan), Bharti Airtel Limited (India), and Vodafone Group PLC (UK).
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches, geographic expansions, and others.
About Market Research Future:
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.
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