5G Technology Market Size to Hit USD 612.58 Billion at a 40.2% CAGR by 2030 - Report by Market Research Future (MRFR)
5G Market Growth Boost by Rising Applications In Industrial IOT, Enterprise Networking and Critical Communications
New York, US, Oct. 06, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “5G Technology Market: By Communication Infrastructure, Application, Services, Chipset Type, Network Technology, and Region- Forecast Till 2030”, the market is predicted to thrive substantially during the assessment era from 2020 to 2030 at a healthy CAGR of approximately 40.2% to attain a valuation of around USD 612.58 Billion by the end of 2030.
5G Technology Market Overview:
The consistent advancements and innovations in radio technologies and research across industrial fields are anticipated to catalyze the growth of the 5G technology market.
5G Technology Market Competitive Analysis
The list of leading contributors across the global market for 5G technology market includes companies such as:
Huawei Technologies Co. Ltd (China)
Samsung (South Korea)
MediaTek Inc. (Taiwan)
Qualcomm Technologies Inc. (U.S.)
Cisco Systems Inc. (U.S.)
Nokia (Finland)
Verizon (U.S.)
China Mobile Limited (China)
NTT DOCOMO Inc. (Japan)
AT&T Inc. (U.S.)
Telefonaktiebolaget LM Ericsson (Sweden)
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Market USP Covered
5G Technology Market Drivers
The global market for 5G technology has increased in the last few years owing to the aspects such as innovations in wireless broadband technologies, growing usage of smartphones, the growing scope for IoT, and rapid growth in video streaming services.
5G Technology Market Restraints
On the other hand, the complex laws imposed and delaying standardization of the spectrum may restrict the market's growth.
5G Technology Market Report Scope:
Report Metrics | Details |
Market Size by 2030 | USD 612.58 Billion |
CAGR during 2022-2030 | 40.2% |
Key Market Opportunities | The automated door lock, control over air conditioning, and other appliances through IoT have increased. |
Key Market Drivers | The innovations in wireless broadband technologies have immensely impacted the applications like commercial sectors, educational institutions, and government organizations. |
COVID-19 Impact of 5G Technology Market
The global health crisis in the form of COVID-19 has had a massive impact on the majority of the industry sectors across the globe. Unlike other industry areas, the global market for 5G technology has witnessed immense growth during the pandemic. The pandemic has caused a significant rise in the need for high connectivity. With all the global financial and industrial activities returning to normal, the global market for 5G technology is anticipated to witness massive growth over the review timeframe.
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5G Technology Market Segment Analysis
Among all the communication types, the enhanced Mobile Broadband (eMBB) segment is predicted to secure the leading position across the global market for 5G technology during the assessment timeframe. The prime focus of 5G network operators is on offering better broadband capabilities for applications, like uninterrupted video calls, UHD video, AR/VR, and high-speed cloud-based gaming, which is the primary parameter supporting the segment's growth. The primary stage of the rollout is anticipated to concentrate on a 5G wireless non-standalone deployment model. eMBB offers exceptionally high data speeds for commercial and residential use. Therefore, eMBB is anticipated to serve various use cases, such as virtual meeting, 4K video access, and in-vehicle infotainment, thus boosting the segment's growth. On the other hand, the massive Machine-Type Communications (mMTC) segment is likely to exhibit the maximum CAGR over the assessment timeframe.
Among all the verticals, the enterprise segment is predicted to secure the top position across the global market for 5G technology over the coming years. the main parameter supporting the segment's growth is the substantial investments by leading participants in the latest technologies for communication. Furthermore, the rising demand for higher data speeds for commercial and residential applications will likely catalyze the segment's growth over the assessment era. 5G services are expected to offer universal broadband access between homes and offices, promoting remote discussion with experts and lower business travel. Furthermore, the increasing requirement for better broadband capacity for virtual business meetings is also predicted to influence the segment's growth over the coming years. On the other hand, the consumer segment is predicted to exhibit the maximum CAGR over the coming years, given the aspects such as the growing commercialization of the 5G services for consumer applications and the increasing number of 5G subscribers.
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5G Technology Market Regional Analysis
The global market for 5G technology is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the leading position across the global market for 5G technology across the assessment era. The regional market contributes almost two-thirds of the global market's share. Furthermore, the nation is widely marching towards smart cities and smart technology development. The use of smart devices has also raised in the last few years for paying bills and banking. Automation cars, solar power grids, and other IoT-based devices have been massively rising across the North American region.
Moreover, consumer preference has been replaced; they want lesser latency and virtual reality in work and entertainment while no negotiation in performance. Therefore, the North American region is predicted to thrive substantially during the assessment at a healthy CAGR of approximately 71%. Additionally, the growing investments across the nations in developing smart homes, rolling out smart city projects, and establishing smart industries are also anticipated to boost the regional market's growth over the assessment era.
The 5G technology market for the Asia-Pacific region is likely to exhibit the maximum CAGR over the coming years. The research reports by MRFR predict the market to attain a valuation of approximately USD 17.55 billion by the end of 2025. The specialists classify the Asia-pacific region to secure the top position soon as the governments of the nations across the region are highly investing in digitization. The primary parameter supporting the regional market's growth is the fast growth in innovations and technologies across the nations. The region is known for several key participants, such as KT Corp., SK Telecom, China Mobile, and China Telecom, among others focusing on rolling out the 5G network infrastructure across South Korea, Japan, and China.
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Most of these investments are for the installation of the next-generation infrastructure for manufacturing, healthcare, transportation & logistics, and media & entertainment industry verticals, which is anticipated to catalyze the growth of the regional market over the coming years. In addition, the high demand for smartphones backing higher data speeds has caused robust production of 5G-enabled smartphones in the region.
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