5G services are set to be commercialized on a global scale by 2020 which is likely to open a plethora of opportunities in the upcoming years. The global 5G technology market, as per Market Research Future (MRFR)’s observation, is anticipated to thrive at a CAGR of 70.83% during the assessment period 2020 to 2025. Also, the valuation of the global market is expected to touch USD 700 Bn mark by 2025.
The technology’s robust attributes meet the dynamic needs of the constantly evolving wireless communication landscape. In recent years, there has been significant developments in cellular technology owing to the increasing demand for ultra-fast data speeds with low latency rates. The emergence of the fifth-generation network technology has allowed integration of technologies such as augmented and virtual reality for 3D and ultra-high definition videos and haptic feedback applications. Such developments necessitate high-speed connectivity, which creates market opportunities for 5G technology. Moreover, the growing demand for mobile broadband services and the growing application of IoT across industry verticals is also expected to have a positive impact on the market.
On the basis of Communication Infrastructure, the global 5G technology market size has been segmented into Small Cell, Radio Access Network, Macro Cell, and Distributed Antenna System.
By Services, the segments of the global 5G technology market are Professional Services and Managed Services.
Based on Network Technology, the segmental assessment of the global 5G technology covers - Software-Defined Networking, Virtualization, Mobile Edge Computing, Network Function, and Fog Computing.
By Chipset Type, the 5G technology market has been segmented into Application-Specific Integrated Circuit (ASIC), Millimeter Wave Technology Chips, Radio Frequency Integrated Circuit (FRIC), and Field Programmable Gate Array (FPGA).
On the basis of Application, the global 5G technology market has been segmented into Energy and Utilities, Automotive, Healthcare, Industrial Automation, Retail, Consumer Electronics, and Others.
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.
Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., Verizon, Qualcomm Technologies Inc., MediaTek Inc., Samsung, China Mobile Limited., AT&T Inc., NTT DOCOMO, Inc., Cisco Systems, Inc., and Nokia are some of the major players of the global 5G technology market assessed in this MRFR study.
In September 2019, Qualcomm Technologies, an American multinational semiconductor and telecommunications equipment company, has announced the expansion of its portfolio of 5G mobile platforms to accelerate 5G global commercialization. The expansion is to be conducted across Snapdragon 6 Series, 7 Series and 8 Series in 2020.
In August 2019, Huawei Technologies Co., a Chinese multinational technology company, has announced the launch of its latest Mate 20 X (5G) handsets that support two different 5G networks - SA and NSA.