5G Technology Market

SKU: DMICT1939 | Last Updated On: Sep 09 2022 | Available Formats

> Global 5G Technology Market Expected to reach a high CAGR of 98.17% By 2029 | DataM Intelligence

Global 5G Technology Market is segmented By Application (Automobiles, Energy & Utilities, Retail, Intelligent Buildings & Infrastructures, Industrial Automation, Consumer Electronics, Public Infrastructure, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market overview

[150 Pages Report] The Global 5G Technology Market is expected to grow at a CAGR of 98.17% during the forecasting period (2022-2029).

5G Technology Market - Strategic Insights

Metrics

Details

Market CAGR

 98.17%

Segments Covered

By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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5G networks are digital cellular networks in which providers' service areas are divided into small geographical areas called cells. 5G technology will provide "connectivity" that is virtually ubiquitous, ultra-high bandwidth, and low latency not only to individual users but also to connected objects.

Market Dynamics

Drivers

Rising demands for mobile data services is expected to boost the market for 5G technology.

With the increased use of smart mobile phones and tablets around the world, there is a high demand for 5 G-enabled devices. According to data, approximately 40% of the world's total population owned a smart device in 2018, and the smartphone penetration rate reached nearly 50% in 2020. This has prompted mobile manufacturing vendors to release new 5G-enabled phones into the market. For example, in February 2019, Samsung jumped into 5G industry by releasing the Samsung Galaxy S10 5G, a super-fast variant of the Samsung Galaxy S10. According to data, in 2019, 5G-enabled smartphones accounted for approximately 1% of total smartphone shipments worldwide, which increased to around 20% in 2020. It is forecasted that 5G-enabled smartphones will surpass 4G shipments by 2023, comprising almost 70% of all smartphone shipments. The global number of 5G subscriptions also increased in the past decade and is expected to grow during the forecast period. According to data provided by Global Mobile Suppliers Association, 5G subscriptions more than doubled in the second quarter of 2020 and reached approximately 138 million worldwide (representing 1.5 percent of the entire global mobile market). The high internet speeds that are attained by using 5G networks attract customers to buy more 5G-enabled devices, and these factors are expected to drive the 5G Technology market in the forecast period.

Rising demands for smart electronic devices is expected to boost the market.

The rise in the number of connected smart devices around the world as a result of the Internet of Things (IoT) will drive the 5G technology market during the forecast period. Smartphones are the most widely used devices in the IoT consumer internet and media devices segment, serving as connectors for a wide range of smart devices. In 2020, according to data, the global Internet of Things (IoT) market was estimated to be worth around 390 billion US dollars, and this number is expected to grow during the forecast period. The increasing adoption and large investment in smart cities by various countries around the world will necessitate the use of large connected devices such as smart meters, smart grid, smart, smart video surveillance, and others.  For example, the Government of India (GoI) announced the addition of 30 new cities to the Smart Cities Mission, bringing the total number of proposed smart cities to 90. As a result, by 2020, it is expected that more than 50 billion devices will be connected to mobile networks worldwide. According to the proposed investments, 80% of the funds would be spent on area-based development and the remaining 20% on ICT solutions. These factors are expected to boost the 5G Technology market.

Restraints

The factors restraining the Global 5G Technology Market include high initial infrastructural and operational costs.

COVID-19 Impact Analysis

The COVID-19 pandemic has had a significant impact on industries all over the world, including the 5G technology industry. Many CSPs (Consumer Service Providers) around the world began 5G network trials and rollouts in 2019. Several countries were preparing for the rollouts through spectrum auctions, infrastructure contracts, and other initiatives. Due to the pandemic, CSPs have provided remote working and connectivity for citizens, extensions to data consumption packages, and additional quota during global lockdowns. As a result, the consumer and enterprise transition to 5G will be delayed due to limited coverage and a shortage of component supply due to the current supply chain enablement situation, delaying the growth of the 5G market. In the case of other industries, the impact of 5G technology will be different. 5G is expected to have the greatest impact on the healthcare sector. According to a WIPRO report, containment and distancing will drive the adoption of remote consulting, AR/VR/Robotics assisted procedures, robotics in isolated patient care, drones and computer vision in critical patient care, and containment. The food and pharmaceutical industries are expected to increase their use of IoT in transportation and delivery, aided by 5G and blockchain. This is done to ensure the consignment's safety as well as the absence of contamination during transit.

Segment Analysis

Based on Application

The Global 5G Technology Market based on application is segmented into Automobiles, Energy & Utilities, Retail, Intelligent Buildings and Infrastructures, Industrial Automation, Consumer Electronics and Others.

Intelligent buildings and infrastructure have a dominant position in the 5G Technology market and are expected to maintain their dominance over the forecasted period due to an increase in urban population combined with an increase in internet penetration in developing countries such as Brazil, China, and India. The automotive industry is expected to grow at the next highest CAGR during the forecast period due to growing demand for smart and connected vehicles. The modern automobile is rapidly evolving into a sensor-laden mobile Internet of Things device, complete with significant on-board computing power and communication systems. All of these systems, among others, make use of cellular and 5G technologies. 5G service offers improved coverage, increased capacity, lower latency, and much faster data speeds. For example, Ericsson announced plans in December 2019 to integrate its Connected Vehicle Cloud, which will connect approximately 4 million vehicles across 180 countries worldwide. Cloud computing makes use of 5G networks and IoT. According to data, the globally connected car market was approximately worth around 55 billion US dollars in 2020, and this number is expected to grow during the forecast period.

Based on Region

The Global 5G Technology market based on Region is segmented into Europe, North America, South America, Asia-Pacific, Middle East & Africa.

Because of the rise in autonomous vehicles, the video-on-demand market, and the growing trend in smart cities, North America has the largest market share for 5G Technology. North American video-on-demand (VOD) services account for roughly 50% of the global market share in VOD services. Further, the development of fully automated vehicles in the region will boost the market for 5G technology because the low latency of 5G networks allows connected cars to access real-time weather conditions, making the journey safe and secure. Moreover, the region's growing demand for 5G-enabled smartphones will drive the market for 5G technology. Approximately two million 5G smartphones were sold in the United States during 2019, the first year of 5G rollout. This amounts to about 1% of total smartphone sales in the country. This number is expected to grow during the forecast period. According to data, Apple ranked first among vendors in the global rankings for 5G smartphone shipments in the first quarter of 2021, with approximately 40 million units shipped. North East Asia, followed by North America and Western Europe, is expected to have the greatest number of 5G mobile subscriptions during the forecast period. The APAC region is expected to grow at the highest CAGR during the forecast period. High demand for 5G technology, as well as support from the Chinese and Indian governments, will drive the APAC market for 5G technology. According to data, OPPO, a Chinese smartphone manufacturer, ranked second, with approximately 22 million shipped globally in 2021.

Competitive Landscape

Global 5G Technology is a competitive and highly fragmented market with a number of global and regional players. To maintain market competition, key players are implementing strategies such as investing in R&D, launching new products, and expanding 5G technology. Qualcomm, Intel, Ericsson, Samsung, AT&T, Huawei, Nokia, MediaTek, Cisco, Cavium, Analog Devices, Verizon Communications, SK Telecom, and T-Mobile are among the major players.

For instance, L&T Technology Services, an IT company, announced a partnership with telecom gear maker Mavenir in June 2021 to provide end-to-end 5G automation services.

Company Profile: Qualcomm

Overview: Qualcomm is a multinational corporation based in San Diego, California, that was founded in Delaware. It is a semiconductor company that develops and commercializes wireless industry technologies. It was founded in 1985 and is headquartered in San Diego, California.

Product Portfolio: The company specialises in the design and distribution of integrated circuits and system software based on 3G/4G/5G and other technologies for use in mobile devices, wireless networks, and other consumer electronics devices.

Recent Developments: 1) In June 2021, Qualcomm Technologies announced its second-generation Qualcomm 5G RAN Platform for Small Cells (FSM200xx), making it the industry's first 3GPP Release 16 5G Open RAN platform.

2) In July 2021, Qualcomm Technologies, Inc. and Capgemini announced plans to collaborate in order to unlock the benefits of 5G private networks in order to support their clients' digital transformation to an Intelligent Industry.

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FAQ

What is the 5G Technology Market growth?

The market is growing at a CAGR of 98.17%

What is 5G Technology Market size in 2021

The 5G Technology Market size was valued at USD YY million in 2021

Who are the key players in 5G Technology Market?

Qualcomm, Intel, Ericsson, Samsung, AT&T, Huawei, Nokia, MediaTek, Cisco, Cavium, Analog Devices, Verizon Communications, SK Telecom, and T-Mobile are among the major players.

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