5G Technology Market to Grow at 58.6% CAGR by 2030
Consistently expanding applications of 5G technology from different industries followed by rapid industrialization along with growing telecommunication industry as well as technological advancements are expected to drive the growth of 5G technology industry during the forecast period of 2020-2030.
The 5G Technology Market is expected to grow at the CAGR of 58.6% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
The introduction of 5G technology is revolutionary activity in communication technology which enhances the speed of wireless data transmission. This has wide application in different industries to amplify the operational efficiency with best results. This technology has been launched in some countries as well as under development in the developing economies.
According to the report, constant use of digital technology along with consistent expanding applications of 5G technology in various industries are likely to support the market growth. There has been constant development of technology along with the development of infrastructure followed by growing investments in the market. In addition, surge in the adoption of IoT devices, edge computing and others accompanied by growing demand of streaming are also expected to drive the market growth. There has been constant growth in industrial automation as well as growing demand for real time data processing. Moreover, growth in the smart cities tends to change the market trends over the forecast period.
However, high cost associated with the deployment of 5G technology as well as small cell deployment may hinder the market growth. Moreover, growing inclination towards the cloud based services along with fast data processing are likely to create ample opportunities in the 5G technology market.
On the basis of offering, the 5G technology market share is segmented into Hardware, Software, and Services. Hardware segment dominates the global 5G technology market in terms of market share and will be the dominant during the forecasted period.
On the basis of connectivity, the market is classified into Enhanced mobile broadband (eMBB), Ultra-reliable low latency communication (URLLC) and Massive machine type communication (mMTC). Ultra-reliable low latency communication (URLLC) is likely to growth with significant CAGR in the near future.
On the basis of application, the 5G technology market is categorised into connected vehicles, Monitoring & tracking, Automation, Smart surveillance, VR & AR, Enhanced video services, and others. Automation applications are likely to grow with significant CAGR and maintain the growth till 2030.
On the basis on end user, the market is fragmented into Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, and Others. The manufacturing sector holds the major market share with significant CAGR over the period of time.
North America is likely to account for the highest market size & share of the 5G technology market in the forecast period 2020–2030 owing to the huge demand for the 5G technology, rising demand from wide industrial applications along with technological advancement. In addition, growing automation along with the presence of developed infrastructure are likely to fuel the market growth. Europe accounts for the second leading position in the 5G technology market size. Asia Pacific is expected to be the fastest developing region in the 5G technology market which is majorly driven by the growing investments in the market along with rising industrialization. In addition, rapid development in communication technology as well as growing integration with existing devices is expected to enhance the overall market growth.
According to the report, some the key players in the 5G technology market are Nokia Siemens Networks, Deutsche Telekom AG, Telecom Italia, Orange S.A., Huawei Technologies Co. Ltd., Alcatel-Lucent S.A., BMW Group Research and Technology, Qualcomm Inc., Aalto University, KTH - Royal Institute of Technology, National and Kapodistrian University of Athens, Fraunhofer-Gesellschaft, University of Bremen, Ericsson, Chalmers University of Technology, University of Oulu, Samsung, and RWTH Aachen University.
Browse key industry insights from the report at https://www.nextmsc.com/report/5g-technology-market in detail along with the table of contents:
Key Insights from the 5G Technology Market Report:
- Asia Pacific is the fastest growing 5G Technology market owing to the rising demand for the 5G technology from different industries as well growing automation followed by rapid industrialization in the developing economies.
- The automation application along with manufacturing dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Nokia Siemens Networks, Deutsche Telekom AG, Telecom Italia, Orange S.A., Huawei Technologies Co. Ltd., Alcatel-Lucent S.A., BMW Group Research and Technology, Qualcomm Inc., Aalto University, KTH - Royal Institute of Technology, National and Kapodistrian University of Athens, Fraunhofer-Gesellschaft, University of Bremen, Ericsson, Chalmers University of Technology, University of Oulu, Samsung, and RWTH Aachen University.
The report 5G Technology market – segmented by offering, connectivity, application, end user and geography
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