Market Highlights: —
The global 5G technology market is bound to reach roughly USD 73 MN by the end of 2023, at an astounding CAGR of 21% during forecast period (2017-2023), postulates Market Research Future (MRFR) according to its extensive report. To summarize, 5G is the up-coming fifth-generation wireless broadband technology based on the IEEE 802.11ac standard. 5G connectivity will be providing better speeds and coverage than all other connectivity. Factors making a positive impact on this market are the shift toward new broadband technology, huge network coverage, growing demand for high data speed, and stable growth in the mobile data traffic, also increasing demand for machine-to-machine communication in organizations and the increasing demand for broadband services over other mobile networks.
Numerous features offered by this technology are high resolution, supervision tools for fast action, precise traffic statistics and supporting close to 65,000 connections. These features will certainly enhance the appeal of 5G technology and help propel the market growth. Some noteworthy trends in the market include developments of wireless healthcare devices, wireless security systems, wireless classrooms, and wireless gadgets for smart homes, all of which will be dependent on 5G technology in the future.
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Major Key Players
KT (South Korea),
SK Telecom (South Korea),
LG Uplus (South Korea),
NTT DOCOMO (Japan),
Telstra (Australia), TeliaSonera (Sweden), Telefónica (Spain), Vodafone Group (U.K.), Singtel (Singapore), China Unicom (China), and Deutsche Telekom (Germany) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global 5G Technology Market.
Other players in the market include China Mobile (China), Korea Telecom (South Korea), Nokia Networks (Finland), Samsung (South Korea), Turkcell (Turkey), SoftBank (Japan), NEC Corporation (Japan), Huawei (China), Verizon (U.S.), AT&T (U.S.), T-Mobile USA, Inc., LG (South Korea), and China Mobile (China).
According to MRFR, The global 5G Technology Market is expected to reach approximately USD 73 million by the end of 2023 with 21% CAGR during forecast period 2017-2023.
However, lack of skilled engineers to install and maintain 5G network, and costly equipment required for the services are bound to challenge the otherwise potentially growing market. On the other hand, 5G technology services will consume less power compared to the current services proving to be beneficial for many sectors. Due to this, global companies, educational institutes, and governments have started establishing grounds for 5G technology. All of these factors will provide an impetus to the market.
Among all regions, North-America holds the largest market share with countries such as the United States (U.S) part of the share. Increasing number of subscribers and progressing assessment of the allocation of 5G frequencies by the Federal Communications Commission has propelled the potential of market growth in this region. Also, increase in cellular M2M connections, high demand for on-demand video services, and high growth rate of autonomous cars augment the market growth in this region.
On the other hand, Asia-Pacific region is expected to grow steadily over the forecast period (2017-2023). The reason being large consumer base and ongoing initiatives and developments in 5G technology. 5G technology is flourishing due to local government support coupled with potential for immense demand for 5G services. This demand will be an incentive for the market growth in APAC region. For instance, Beijing (China) plans to deploy 5G on a large commercial scale by 2020, and China's top manufacturers strive to meet this timeline. Moreover, the Chinese government has also distributed a good portion of the necessary radio frequencies. Therefore China is benefiting from extensive coordination between government and the manufacturers, with regards to 5G technology market.
In the Europe region, proactive actions are being undertaken by public and private sectors in the field of 5G technology. For instance, to closely monitor the progress of the European 5G connectivity objectives for a competitive Digital Single Market (DSM), there are plans to establish the European 5G observatory by 2025.
The 5G technology market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Segmentation by Usability: Comprises Enhanced Mobile Broadband, Massive Internet of Things and Mission Critical Services.
Segmentation by Technology: Radio Access Technologies (RAT), Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX).
Segmentation by Application: Healthcare, Consumer Electronics, Retail, Home Automation, Energy & Utility, Automotive, Industrial Automation, Intelligent Buildings and Infrastructure, and Public Safety & Surveillance.
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
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• Device manufacturers
• Network Operators
• Research firms
• Software Developers
• Commercial Banks
• Semiconductor Manufacturers
• End-user sectors
• Technology Investors
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