new york, March 14, 2024 /PRNewswire/ — 5G technology market Its size is projected to reach USD 440.19 billion during 2022-2027 at a CAGR of 93.25%. APAC is expected to contribute 49% to the global market growth. Technavio’s analysts detail regional trends and drivers. The services market is growing significantly, especially with the increase in mobile subscribers. India. The launch of 5G-enabled smartphones and demand for IP-based voice and video services will further accelerate expansion. Increased disposable income will increase smartphone sales and internet access.
Technavio has published its latest market research report titled “Global 5G Technology Market 2023-2027”.
Check out the market size historical period (2017-2021) and forecast (2023-2027) insights before purchasing the full report.
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Report scope |
detail |
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page number |
169 |
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base year |
2022 |
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historical era |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum and CAGR |
Accelerating at a CAGR of 93.25% |
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Market Growth 2023-2027 |
$440.19 billion |
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market structure |
fragmented |
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Year-on-year growth rate 2022-2023(%) |
77.06 |
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regional analysis |
APAC, North America, Europe, Middle East, Africa, South America |
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Contribute to the market |
Asia Pacific 49% |
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Major countries |
US, China, South Korea, UK, Spain |
Major companies
Vendor Landscape – The global 5G technology market is fragmented, with multiple global and regional vendors. Some of the prominent vendors offering 5g technology in the market are Accenture Plc, Cisco Systems Inc., CommScope Holding Co. Inc., Dell Technologies Inc., Deutsche Telekom AG, Fujitsu Limited, Huawei Technologies Co. Ltd., and Intel Corp. . And so on. , Nokia Corp., Siemens AG, Samsung Electronics Co. Ltd., T Mobile US Inc., Tech Mahindra Ltd., Telefonaktiebolaget LM Ericsson, Telstra Ltd., Tietoevry, TIM SpA, Viavi Solutions Inc., Qualcomm Inc., and HCL Technologies Co., Ltd. and others
- HCL Technologies Co., Ltd. – The company provides 5G technology, including 5G networks, for the retail and automotive industries.
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Segment overview
Technavio is categorized by type, application (manufacturing, automotive, energy and utilities, healthcare, etc.), component (software and services), and region (APAC, North America, Europe, middle east and Africaand south america).
- Significant market share growth is anticipated in the manufacturing sector during the forecast period. Manufacturers demand network characteristics for his 5G networks such as high reliability, low latency, high bandwidth, and connection density. This reduces costs, increases flexibility and reduces lead time for production changes on the factory floor.with the value of $1.56 billion 5G technology continues to grow in 2020 and continues to grow in 2021, enabling smart factories that integrate AI, automation, augmented reality, and IoT. This creates new revenue streams and addresses the industry’s digitalization needs.
geography overview
The global 5G technology market is geographically divided into APAC, North America, Europe, middle east and Africaand south america. This report provides actionable insights and estimates the contribution of every region to the growth of the global 5G Technology market.
- Projected to contribute 49% to the global market growth, APAC is witnessing significant expansion in the services market, driven by rapid growth in mobile subscribers, especially in the following countries: India. Demand is expected to increase further with the spread of 5G-compatible smartphones. Additionally, increased demand for IP-based voice and video services and rising disposable incomes are driving up smartphone sales, increasing internet access and mobile phone subscriber numbers in the region. Technavio’s analysts provide detailed insights into these regional trends and driving forces shaping the market during the forecast period.
To gain insight into global, regional and country-level parameters with growth opportunities from 2017 to 2027
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Growing research and development The introduction of 5G networks will drive market growth.
R&D and growing adoption of 5G networks are the key drivers of the market.Huawei’s new 5G radio test succeeded January 2020especially the development of world standards is underway. China, signifies great progress. Competition for network deployments is particularly intense in the following areas: North America. Broadband expansion is critical, and 5G will deliver faster speeds and better connectivity, driving consumer adoption. Advances in wireless technology are supported by government initiatives such as: indian Development funds will further drive market growth.
- Strategic cooperation among market participants is one of the market trends expected to have a positive impact on the industry during the forecast period.
- One of the major challenges to the growth of the global market is the high implementation cost of 5G technology.
Drivers, trends, and challenges are the market dynamics factors that indicate business results and sustainability.
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Analyst reviews:
The 5G technology market is growing rapidly due to the increasing demand for wireless communication and connectivity solutions. 5G, the successor to 4G LTE, is expected to revolutionize communications by offering faster data transmission speeds, lower latency, and enhanced network capacity. This technology is essential to enable new applications such as the Internet of Things (IoT), smart cities, and digital transformation across industries.
Additionally, 5G deployment requires significant advances in network infrastructure, including small cells, massive MIMO, and mmWave technology. These innovations are essential to achieving higher network reliability, coverage, and capacity to support a growing number of connected devices and mobile applications.
Additionally, the introduction of 5G technology is facilitating the development of new services and devices such as augmented reality, virtual reality, self-driving cars, and smart homes. These applications leverage the capabilities of 5G to provide immersive experiences and enable real-time communication and data processing.
However, the 5G market faces challenges related to network security, spectrum allocation, and the regulatory landscape. Addressing these challenges will require collaboration between network operators, equipment manufacturers, and service providers to ensure successful deployment and deployment of 5G technology. Despite these challenges, the 5G market is poised for significant growth, with widespread adoption and innovation expected to occur in the coming years.
Market overview:
The 5G technology market is growing rapidly due to advances in wireless communications and mobile networks. With the rise of the Internet of Things (IoT) and the demand for seamless connectivity solutions, the market is poised to expand significantly. The development of network infrastructure, especially in smart cities, is a key focus area, along with innovations in mobile phone technology and data transmission. As 5G rolls out, ensuring robust network security remains paramount. The market is characterized by a dynamic landscape with constant progress and evolving trends. Forecasts indicate promising growth prospects, and the 5G market is expected to play a pivotal role in shaping the future of telecommunications and digital transformation.
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of 5G mmWave technology market The share is expected to increase to USD 674.1 million from 2021 to 2026, and the market growth momentum is expected to accelerate at a CAGR of 31.8%.
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