Market Highlights
The global 5G market is developing inescapably. Market development credits to the flooding interest for dependable and super dormant availability. In addition, the interest for high information speed and network to change plans of action drives the market's development. Different megatrends of mobile administrations are influencing the global 5G technology market. 5G associations with very high data transfer capacity are needed for the consistent exhibition of IoT gadgets.
Additionally, fast advancements in IoT (Internet of Things) heighten the development of the market. As per a main research firm Market Research Future (MRFR), the global 5G administrations market is projected to earn huge foothold by 2023, enrolling a great CAGR all through the evaluation time frame (2017 - 2023). The interest for extended admittance to the extraordinary presentation of 5G ultra wideband administrations is developing quickly.
Additionally, propels in 5G technology with game-changing velocities and cross country 5G inclusion validate market deals. Also, the change in purchaser inclination from premise-based to cloud-based arrangements emphatically impacts the development of the global 5G technology market. Expanding organizations of savvy associated gadgets without the issues of idleness push the market development. Rising shrewd city projects overall move the interest for 5G technology.
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Segmentation:
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.
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 in telecommunications fosters the market in this region. The US accounts for the key share in the regional market.
Europe stands second in the global 5G technology market. 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 – 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.
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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5G Market by Components (Phantom Cell, Device-To-Device Communication), By Applications (Consumer Electronics, Automotive, Retail, Energy, Utility, Healthcare) - Forecast 2027
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