5G Technology Market Growth CAGR 40% During 2023-2032 | Xcellent Insights
Growing demand for high-network speeds is a key factor expected to drive global market growth during the forecast period.
Pune, Jan. 08, 2024 (GLOBE NEWSWIRE) -- The global 5G technology market size was USD 126 billion in 2022 and is expected to register a robust revenue CAGR of 40% during the forecast period. This growth can be significantly driven by factors such as rising digitalization, high demand for higher speeds and low latency across various sectors, and rapid advancements in network technology.
5G technology represents the 5^th generation of mobile networks succeeding 4G/LTE and has emerged as the hub of innovation in the technology. This technology promises significantly faster data downloads and upload speeds, stable connections, broader coverage, and the ability to connect to a vast number of devices simultaneously. In addition, it enables network slicing, allowing operators to create multiple virtual networks with a single physical 5G network. This has also resulted in high adoption of 5G services across several industries such as IT and telecom, automotive, manufacturing, government, energy and utilities, transportation and logistics, healthcare, media, and entertainment.
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Factors such as rising applications of 6G across various sectors, high usage of internet services for several purposes, and increasing investments by governments and private sectors to support 5G technology are expected to drive global market growth during the forecast period.
However, high deployment costs, unavailability of adequate infrastructure to install 5G networks, and rising concerns about data privacy and security are expected to hamper overall market growth during the forecast period.
*Some Key Highlights in the Report:*
· Among 5G offerings, the hardware segment is expected to account for a significantly larger revenue share between 2023 and 2032 owing to increasing demand for devices such as computers, smartphones, and IoT devices, rapid advancements in hardware technologies, changing consumer trends, and industry needs.
· Asia Pacific is expected to register rapid revenue CAGR over the forecast period owing to factors such as growing demand for high-speed data, increasing number of connected devices, and rising investments for deploying advanced networking services like 5G across various industrial sectors.
· Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, Intel Corporation, Accenture Plc, Cisco Systems Inc., Dell Technologies, Inc., and Fujitsu Ltd. are some leading key players operating in the global market.
· In October 2023, Huawei announced its plans to launch Net5.5G series and solutions in the year 2024.
· In October 2023, Ericsson announced the launch of its 5G Core Excellence Center in the Middle East and Africa.
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*Report Coverage:*
*Report Details*
*Outcome*
Base Year for Estimation 2022
Historical Data 2018-2021
Forecast Period 2023-2032
*Segments Covered * Offerings, Application, End-User and Region
By Offerings Hardware, Software and Services
By Application Connected Vehicles, Monitoring & Tracking, Automation, Smart Surveillance, VR& AR, Enhanced Video Services and Others
By End User IT & Telecom, Automotive, Manufacturing, Government, Energy & Utilities, Transportation and Logistics, Healthcare, Media & Entertainment and Others
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Country Scope United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey
Qualitative Info · Value Chain Analysis
· Pricing Analysis
· Regional Outlook
· Market Trends
· Market Share Analysis
· Competition Analysis
· Technological Advancements
Key Players Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, Intel Corporation, Accenture Plc, Cisco Systems Inc., Dell Technologies, Inc., Fujitsu Ltd., Tech Mahindra, Ltd., ZTE Corporation, China Mobile Limited
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*Competitive Landscape:*
The global 5G technology market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
*Some Leading Market Companies Listed in the Report:*
· Deutsche Telekom AG
· Ericsson
· Huawei Technology
· Nokia
· Orange S.A.
· Qualcomm Inc.
· Telecom Italia
· Telstra
· T-Mobile
· Intel Corporation
· Accenture Plc
· Cisco Systems Inc.
· Dell Technologies, Inc.
· Fujitsu Ltd.
· Tech Mahindra, Ltd.
· ZTE Corporation
· China Mobile Limited
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The global 5G technology Market has been segmented based on offerings, application, end-use, and region:
*By Offerings:*
· Hardware
· Software
· Services
*By Application:*
· Connected Vehicles
· Monitoring & Tracking
· Automation
· Smart Surveillance
· VR& AR
· Enhanced Video Services
· Others
*By End Use:*
· IT & Telecom
· Automotive
· Manufacturing
· Government
· Energy & Utilities
· Transportation and Logistics
· Healthcare
· Media & Entertainment
· Others
*By** Region:*
· North America
· United States
· Canada
· Europe
· Germany
· France
· UK
· 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 & Africa
· Turkey
· Saudi Arabia
· UAE
· Rest of MEA
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