Market Research Future (MRFR) in its latest study finds that the global 5G technology market will increase at a CAGR of 70.83% between 2020 and 2025. Going by the projection, the market is likely to reach a valuation of USD 729.97 Bn. 5G technology is anticipated to replace existing wireless technologies in the forthcoming years.
Drivers and constraints
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The positive impact on this sector is the transition to modern digital technologies, massive network coverage, increased demand for fast data rates and steady growth in mobile data traffic, increased demand for machine-to-machine connectivity in enterprises and increased demand for broadband services in other mobile networks.
Additionally, subscribers' continued demand for better mobile broadband experiences can stimulate the growth of the market for 5G technology. Booming mobile broadband adoption as well as increasing machine-to-machine connectivity in organizations is presumed to fuel the global market size of 5 G technology in the coming years. Numerous features offered by this technology are high resolution, quick action monitoring tools, accurate traffic statistics and supporting nearly 65,000 connections. Surely, these features will boost the appeal of 5 G technology and will help drive market development.
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By Services, the market has been segmented into Professional Services and Managed Services. The professional services segment is likely to observe a substantial growth over the review period.
By Network Technology, the market has been segmented into Network Function, Virtualization (NFV), Mobile Edge Computing (MEC) Software-Defined Networking (SDN), and Fog Computing (FC). The network function virtualization segment is slated to remain highly attractive over the assessment period.
By Chipset Type, the market has been segmented into Radio Frequency Integrated Circuit (FRIC), Application-Specific Integrated Circuit (ASIC), Millimeter Wave Technology Chips, and Field Programmable Gate Array (FPGA). The ASIC segment is projected to uphold its leading position over the forecast period.
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By Application, the market has been segmented into Retail, Automotive, Energy and Utilities, Healthcare, Consumer Electronics, Industrial Automation, and others. The consumer electronics segment is poised to hold its leading position by 2025. The segment is expected to experience a CAGR of 119.80% over the forecast period.
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Based on region, the 5G technology market has been segmented into Europe, Asia Pacific (APAC), North America and Rest of the World (RoW). North America is expected to remain the most attractive market for 5G technology during the assessment period. The U.S., Canada and Mexico are likely to present lucrative opportunities to market players. The U.S. leads the pecking order. In addition, the 5G market in the U.S. is expected to post a CAGR of 72% during the assessment period. For years, the U.S. has been at the forefront of telecommunication technology and the trend is likely to continue at least for the medium term if not beyond. 5G enabled consumer electronics are witnessing a strong demand across country, which indicates towards tremendous market prospects for the technology in the future. Asia Pacific is also viewed as an important market for 5G technology. 3G market in APAC is projected to increase at 74.60% during the assessment period. p
The major market players operating in the global 5G technology market as identified by MRFR are Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, Verizon, Huawei Technologies Co. Ltd., Samsung, MediaTek Inc., Qualcomm Technologies Inc., AT&T Inc., China Mobile Limited., NTT DOCOMO, Inc., and Nokia.