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. A report titled “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 organisations in transforming cities into smart cities, 5G technology will also make it possible for citizens and communities to realise 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 significant rise in internet users and subscriptions for wired and wireless services is posing potential growth opportunities for the 5G technology market.
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The global 5G technology market has been divided into segments by regions, verticals, applications, and technologies. During the forecast period, the global 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 key players in 5G technology.
Government Initiatives to Speed up 5G Technology
As regulators set the stage for next-generation services that are expected to experience rapid growth, the US is anticipated to be the first nation to introduce 5G technology, wireless applications, and networks. Businesses like AT&T Inc. and Verizon Communication Inc. are collaborating in North America to commercialise 5G technology. Additionally, a growing number of government initiatives are fostering the market expansion of 5G technology.
For instance, the US government launched 400 million dollar research projects on 5G wireless networks in July 2016. The Canadian government is also steadfastly committed 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, like 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 specific GCC countries, and by 2020, commercial rollouts on a large scale are anticipated in commercial areas.
Dominance of Western Countries in 5G Research Prevails
It has been noted that the research being done for the commercialization of 5G technology is being led by nations in the European region, including Germany, France, and the UK. Businesses testing various frequency spectrums and cutting-edge technologies to effectively deploy 5G technology include Deutsche Telekom, Vodafone, and Ericsson. Additionally, these businesses have started customer trials across a number of 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 carry out research on 5G, the Internet of Things, and LTE advanced technology.
Increasing number of Contracts between Telecommunication Service Providers
According to FMI analysis, providers of 5G technology and telecommunication services are focusing on collaborating with each other to increase their revenue share as well as reach new potential markets. For instance, in July 2018, T-Mobile and Nokia announced a US$ 3.5 Bn agreement to accelerate the deployment of a 5G technology and networks across the U.S.
According to the agreement, Nokia will provide its end-to-end 5G technology, software, and services portfolio to T-Mobile, which will assist the latter in bringing the 5G network to the market for customers in the critical first years of the 5G technology cycle. Some of the other key players in the 5G technology includes Ericsson, Telecom Italia, AT & T, Inc., Huawei Technologies Co., Ltd., Orange S.A., China Mobile Limited, KT Corporation, Qualcomm, and Verizon Communications, Inc.
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5G Technology Outlook by Category
By Technology, 5G Technology Demand is segmented as:
- 5G RAN
- 5G NG Core
- NFVI
- Routing Backhaul
- Optical Backhaul
- Others
By Application, 5G Technology Outlook is segmented as:
- Virtual & Augmented Reality
- Connected Automotive
- Smart Manufacturing
- Connected Energy
- Wireless eHealth
- Connected Drones
- Smart Cities
- Others
By Vertical, 5G Technology Outlook is segmented as:
- Manufacturing
- Automotive
- Energy & Utilities
- Transportation & Logistics
- Public Safety
- Healthcare
- Agriculture
- Others
By Region, 5G Technology Sales is segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- East Asia
- South Asia
- Oceania
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