5G technology market will grow at a CAGR of 40% from 2023 to 2032

Rising demand for high-speed networks is a key factor expected to drive the growth of the global market during the forecast period.

Pune, January 8, 2024 (Globe Newswire) — Global 5G technology market With a size of USD 126 billion in 2022, it is expected to register a robust revenue CAGR of 40% during the forecast period. This growth is likely to be significantly driven by factors such as increasing digitalization, high demand for higher speeds and lower latency in various sectors, and rapid advances in network technology.

5G technology stands for 5^th With the arrival of the next generation of mobile networks following 4G/LTE, it has emerged as a hub of technological innovation. This technology promises significantly faster data downloads and uploads, stable connections, wider coverage, and the ability to connect to a huge number of devices simultaneously. Additionally, it enables network slicing, allowing carriers to create multiple virtual networks on a single physical 5G network. This is driving the adoption of his 5G services in several industries, including IT and communications, automotive, manufacturing, government, energy and utilities, transportation and logistics, healthcare, media and entertainment.

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Factors such as increasing application of 6G in various sectors, high utilization of internet services for several purposes, increasing investments by governments and private sector to support 5G technology are expected to drive the global market during the forecast period. expected to drive growth.

However, high implementation costs, non-availability of appropriate infrastructure to install 5G networks, and rising concerns over data privacy and security are expected to hinder the overall market growth during the forecast period. .

Key highlights of the report:

• Among 5G products, the hardware sector will grow significantly from 2023 to 2032 due to increased demand for devices such as computers, smartphones, and IoT devices, rapid advances in hardware technology, changing consumer trends, and industry needs. is expected to account for a large share of revenue. .

• The Asia-Pacific region will witness a rapid revenue CAGR during the forecast period due to factors such as rising demand for high-speed data, increasing number of connected devices, and increasing investments in the deployment of advanced networking services such as 5G in various industrial sectors. expected to be recorded.

• These include Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange SA, Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, Intel Corporation, Accenture Plc, Cisco Systems Inc., Dell Technologies, Inc., and Fujitsu Limited. Major key companies operating in the world market.

• In October 2023, Huawei announced plans to launch the Net5.5G series and solutions in 2024.

• In October 2023, Ericsson announced the launch of a 5G Core Excellence Center in the Middle East and Africa.

story continues

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Report scope:

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Competitive environment:

The global 5G technology market is highly competitive and consists of several regional and global major players. Major leading companies are focusing on adopting various strategic alliances such as mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. I am. We also focus on innovation and scalability to adapt to evolving technology trends and consumer needs.

Some of the key market companies mentioned in the report:

• Deutsche Telekom AG

• Ericsson

• Huawei technology

• nokia

• orange SA

• Qualcomm Corporation

• Telecom Italia

• telstra

• T-mobile

• Intel Corporation

• Accenture

• Cisco Systems Corporation

• Dell Technologies, Inc.

• Fujitsu Limited

• Tech Mahindra Ltd.

• ZTE Corporation

• China Mobile Limited

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The global 5G technology market is segmented on the basis of product, application, end use, and region.

By offering:

By application:

• connected vehicle

• Monitor and track

• automation

• smart monitoring

• VR&AR

• Enhanced video services

• others

By end use:

by region:

• North America

• Europe

  • Germany

  • France

  • England

  • Italy

  • Russia

  • nordic countries

• Asia Pacific

  • China

  • Japan

  • South Korea

  • Southeast Asia

  • India

  • Australia

  • rest of asia

• latin america

  • Mexico

  • Brazil

  • Rest of Latin America

• middle east and africa

  • turkey

  • Saudi Arabia

  • United Arab Emirates

  • Rest of MEA

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