Overview

The global 5G 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.

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Moreover, rapid developments in IoT (Internet of Things) escalate the growth of the market. According to a leading research firm Market Research Future (MRFR), the global 5G services market is projected to garner significant traction by 2023, registering an impressive CAGR throughout the assessment period (2017 – 2023). The demand for expanded access to the unprecedented performance of 5G ultra wideband services is growing rapidly.

Also, advances in 5G technology with game-changing speeds and nationwide 5G 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 Market - Regional Analysis

North America dominates the global 5G technology market. The region has been an early adapter of the 5G networks. The largest market share attributes to the presence of several notable 5G technology providers rolling out 5G services much ahead of operators in other regions. The US, Canada, and Mexico hold considerable shares in the regional market. Besides, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate market growth.

Also, increasing smart city projects in the region boost market growth, promoting high-speed network performance requirements. Increasing numbers of subscribers and assessment of the allocation of 5G frequencies by the Federal Communications Commission (FCC) create substantial market demand. Moreover, the rise in application areas of 5G Market Growth in telecommunications fosters the market in this region. The US accounts for the key share in the regional market.

Europe stands second in the 5G Market Size. This market is flourishing mainly due to the proliferation of smartphones and the resurging economy in the region. Rigorous R & D activities in the region and ongoing customer trials in countries such as the UK, Germany, and France positively contribute to market growth. Additionally, growing investments in the 5G technology industry foster the growth of the regional market. Also, the presence of prominent players and their R & D investments propel the development of the market to an extent.

The Asia Pacific region is a promising market for 5G services. Increasing focus on improving connectivity and high investment in R&D activities in the region catalyze the growth of the 5G technology market. Factors such as technical expertise, the strong presence of key players, and increased industrialization in the region boost the market growth.

Moreover, the rising demand for 5G services in emerging countries such as South Korea and Japan propels the regional market's growth.  Along with the ongoing initiatives and developments in 5G service, the large consumer base acts as a tailwind for the regional market growth.

Global 5G Technology Market   - Segments

The report is segmented into three dynamics;

By Component: Phantom Cell, Access/Backhaul Integration, Device-To-Device Communication, Flexible Duplex Communication, and others.

By Applications: Consumer Electronics, Automotive, Retail, Home Automation, Energy, Utility, Healthcare, and others.

By Regions                  :  Europe, Americas, APAC, and Rest of the World.

Industry/ Innovation/ Related News

October 19, 2020 --- Verizon Communications Inc. (the US), a multinational telecommunication company, announced its partnership with Microsoft Corp. to accelerate the delivery of fast and secure 5G applications, benefiting from reliable & low-latency connections. Verizon's on-site 5G Edge network can enable ultra-low latency, many times faster than the blink of an eye, integrating with Azure edge services, which can help enterprises, create to tap into real-time data analysis and delivery.

Combining Verizon's on-site 5G Edge network with Microsoft Azure can bring more computing power even closer to end customers, allowing businesses to create extremely low lag experiences. Ice Mobility is already using 5G and mobile edge computing (MEC) to help with quality control in their pick and pack process using computer vision to drive efficiencies.

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Global 5G Technology Market – Competitive Analysis

Highly competitive, the global 5G technology market appears fragmented due to the presence of several major technology providers. To gain a substantially larger market share, 5G Technology providers adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & technology launch. Technology providers make substantial investments in transforming the consumer and business landscape in the future.

Major Players:

Players leading the global 5G market include AT&T Inc. (US), Verizon Wireless (US), LM Ericsson (Sweden), China Mobile Ltd. (China), Alcatel-Lucent (France), Huawei Technologies Co. Ltd. (China), Vodafone Group PLC (UK), NTT DOCOMO, Inc. (Japan), Bharti Airtel Limited (India), and others.

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