The 5G Technology Market is anticipated to reach US$ 9.6 Bn in 2022 and is anticipated to grow at a robust 71.9% CAGR from 2022 to 2028. The research named “5G Technology Market: Global Industry Analysis and Forecast 2022-2028” was just released by Future Market Insights (FMI). In addition to assisting governments and public organizations in transforming cities into smart cities, 5G technology will also make it possible for citizens and communities to realize and take advantage of the socioeconomic benefits brought about by a sophisticated, data-intensive, and digital economy.
The market for 5G technology is expanding due to the rising demand for enhanced network performance and dependability. Additionally, the huge rise in internet users and subscriptions for wired and wireless services is posing prospective growth prospects for the 5G technology industry.
The worldwide 5G technology market has been divided into segments by geographies, verticals, applications, and technologies. During the forecast period, the worldwide 5G technology market is anticipated to expand at a CAGR of 82.4%. Additionally, the market for 5G technology was valued at US$ 608 million in 2018 and is anticipated to increase significantly to US$ 248,462.4 million by 2028 as a result of significant investments made by the government and other important companies in 5G technology.
Government Initiatives to Speed up 5G Technology
As authorities set the stage for next-generation services that are likely to experience significant growth, the US is anticipated to be the first nation to implement 5G technology, wireless applications, and networks. Businesses including AT&T Inc. and Verizon Communication Inc. are collaborating in North America to commercialize 5G technology. Additionally, a growing number of government programs are fostering the market expansion of 5G technology.
For instance, the US government-sponsored 400 million dollar research projects on 5G wireless networks in July 2016. The Canadian government is also steadfastly devoted to fostering interest in 5G technology and next-generation networking by creating an ecosystem for innovation that will quicken the development of ICT.
Additionally, the widespread use of cutting-edge technologies in enterprise applications, such as the internet of things and cloud computing, is anticipated to accelerate the uptake of 5G technology by shifting the emphasis from consumer-centric cellular coverage to more machine-centric communications. In addition, 5G technology began to roll out at the beginning of 2018 in particular GCC nations, and by 2020, commercial rollouts on a major scale are anticipated in commercial sectors.
The dominance of Western Countries in 5G Research Prevails
It has been noted that the research being done towards the commercialization of 5G technology is being led by nations in the European region, including Germany, France, and the UK. Businesses investigating multiple frequency spectrums and cutting-edge technologies to effectively implement 5G technology include Deutsche Telekom, Vodafone, and Ericsson. Additionally, these businesses have started consumer trials across several regions, which will serve as the foundation for 5G technology.
A partnership contract was signed by Belgium BASE and Chinese telecom equipment supplier ZTE Corporation in June 2017. This partnership’s primary goal is to research 5G, the Internet of Things, and LTE advanced technology.
An increasing number of Contracts between Telecommunication Service Providers
Analysis by FMI indicates that 5G technology and telecom service providers are concentrating on working together to expand their revenue shares and tap into new markets. For instance, T-Mobile and Nokia announced a US$ 3.5 billion deal in July 2018 to hasten the rollout of 5G technologies and networks across the United States.
The agreement states that Nokia will give T-Mobile access to its whole portfolio of 5G hardware, software, and services. This will help T-Mobile introduce the 5G network to users during the crucial early years of the 5G technology cycle. Ericsson, Telecom Italia, AT & T, Inc., Huawei Technologies Co., Ltd., Orange S.A., China Mobile Limited, and others are some of the other major stakeholders in the 5G technology. KT Corporation, Qualcomm, and Verizon Communications, Inc.
5G Technology Outlook by Category
By Technology, 5G Technology Demand is segmented as:
- 5G RAN
- 5G NG Core
- Routing Backhaul
- Optical Backhaul
By Application, 5G Technology Outlook is segmented as:
- Virtual & Augmented Reality
- Connected Automotive
- Smart Manufacturing
- Connected Energy
- Wireless eHealth
- Connected Drones
- Smart Cities
By Vertical, 5G Technology Outlook is segmented as:
- Energy & Utilities
- Transportation & Logistics
- Public Safety
By Region, 5G Technology Sales is segmented as:
- North America
- Latin America
- the Middle East and Africa (MEA)
- East Asia
- South Asia