5G technology market is Expand at a CAGR of 71.9% 2022-2028

 

The global 5G technology market is set to enjoy a valuation of US$ 9.6 Bn in 2022, and further expand at a CAGR of 71.9% to reach US$ 248.4 Bn by the year 2028.

The 5G technology growth will continue to accelerate due to the continuous developments in telecommunication technologies. The growth of this market is driven by factors such as increasing adoption of Internet of Things (IoT) and smart technologies, growing number of internet users, ongoing digital transformation in telecom, growing demand for wireless communications and increasing investment in telecommunication sector by emerging countries. 5G technology market is nearly 25% of telecommunication market, globally. 

Government Initiatives to Speed up 5G Technology

The US is expected to be the first country to introduce 5G technology, wireless applications and networks, as regulators pave the wave for rapidly growing next-generation services. In North America, enterprises such as AT&T Inc. and Verizon Communication Inc. are coming together to commercial 5G technology. Also, increasing number of initiatives by the government is boosting the growth of 5G technology market.

For instance, in July 2016, the US government launched initiatives worth US$ 400 Mn to conduct research on 5G wireless networks. Also, the Government of Canada is strongly committed to boosting engagement in next-generation networking and 5G technology by opening an innovation ecosystem to accelerate the growth of ICT.

Moreover, in enterprise application, the substantial adoption of advanced technologies, such as the internet of things and cloud solutions, is expected to boost the adoption of 5G technology by transforming the focus from consumer-centric cellular coverage to more machine-centric communications. Moreover, in the beginning of 2018, 5G technology has launched in the specific regions of GCC countries, and large-scale commercial roll outs are expected in commercial areas by 2020.

Dominance of Western Countries in 5G Research Prevails

It has been observed that, in the European region, countries such as Germany, France, and the UK are leading the research that is being conducted for the commercialization of 5G technology. Enterprises such as Deutsche Telekom, Vodafone, and Ericsson are testing various frequency spectrums and advanced technologies to deploy 5G technology efficiently. Moreover, these enterprises have launched customer trails in several geographical areas which will form the base for 5G technology.

In June 2017, Belgium BASE signed a partnership agreement with ZTE Corporation, a telecom equipment provider based in China. The main objective of this partnership is to conduct research on LTE advanced, Internet of things, and 5G technology.

Increasing number of Contracts between Telecommunication Service Providers

According to FMI analysis, providers of 5G technology and telecommunication services are focusing on collaborating with each other to increase their revenue share as well as reach new potential markets. For instance, in July 2018, T-Mobile and Nokia announced a US$ 3.5 Bn agreement to accelerate the deployment of a 5G technology and networks across the U.S.

According to the agreement, Nokia will provide its end-to-end 5G technology, software, and services portfolio to T-Mobile, which will assist the latter in bringing the 5G network to the market for customers in the critical first years of the 5G technology cycle. Some of the other key players in the 5G technology includes Ericsson, Telecom Italia, AT & T, Inc., Huawei Technologies Co., Ltd., Orange S.A., China Mobile Limited, KT Corporation, Qualcomm, and Verizon Communications, Inc.

Key SegmentOn the basis of technology

 

  • 5G RAN
  • 5G NG Core
  • NFVI
  • Routing Backhaul
  • Optical Backhaul
  • Others

On the basis of application

  • Virtual & Augmented Reality
  • Connected Automotive
  • Smart Manufacturing
  • Connected Energy
  • Wireless eHealth
  • Connected Drones
  • Smart Cities
  • Others

On the basis of vertical

  • Manufacturing
  • Automotive
  • Energy & Utilities
  • Transportation & Logistics
  • Public Safety
  • Healthcare
  • Agriculture
  • Others

Read More - https://www.futuremarketinsights.com/reports/5g-technology-market

 

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