As the world is beholding rapid advancements in technology, the 5G market is no exception. In recent years, the widespread access to 5G internet has changed the way people communicate. Besides, in the future, 5G will likely provide substantial enterprise opportunities which consumers and industries have begun to recognize. Going ahead, heavy investments in 5G will facilitate connected devices and foster the surge of the Internet of Things (IoT) ecosystem. According to Renub Research, the Global 5G Technology Market is expected to reach US$ 65.49 Billion by 2026.
In addition, the driving components that are critical for the success of 5G technologies are hardware, software and services coupled with advancements in 5G technology. By Connectivity, the multiple wireless connectivity features are broadly classified into eMBB, FWA, mMTC and uRLLC. The eMBB attributes to the primary focus by 5G network operatives on remitting enhanced broadband capacities for high-speed cloud-based gaming, AR/VR, UHD video, and constant video calls. The eMBB is providing exceptionally high data speeds for consumers and industries.
Besides, mMTC envisages catering to the growing need for a developed digital ecosystem. The mMTC focuses on providing high connection density applications, such as smart buildings and smart cities. The ever increasing demand to guarantee continuous connectivity for all the IoT devices deployed in a network is envisioned to contribute to the growth of the mMTC segment over the forecast period. As per this research report, the Worldwide 5G Industry is expected to grow with a massive CAGR of 58.70% from 2020-2026.
By Application:
The 5G technology is estimated to provide various vital benefits to numerous sectors like IT & telecom, Energy & Utility, Manufacturing, Media & Entertainment, Transportation & Logistics, Aerospace & Defence, Healthcare, Government & Public Safety and BFSI. The IT & telecom inculcates significant investments by key players in the latest technologies for communication. 5G services are awaited to deliver ubiquitous broadband access between homes and offices, encouraging remote consultation with specialists and reducing business travel. Moreover, key application, such as healthcare, is expected to see a significant enactment of the 5G services to render enhanced telemedicine and healthcare emergency services during and post-pandemic. According to our analysis, the Global 5G Technology Market Size was US$ 4.10 Billion in 2020.
In the past few years, by region numerous countries like North America, Latin America, Europe, Asia Pacific, and Middle East & Africa are leading research conducted to commercialize 5G technology. The continuous developments in the network infrastructure in these countries and the growing need for faster data transfer and high-performance network equipment are some of the key factors driving the growth of the 5G markets further.
Moreover, the infrastructural extension in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, and the broadening deployment of 5G networks proffer tremendous opportunities to implement the 5G services. China Telecom, China Mobile, SK Telecom, and KT Corporation are the key market players in APAC investing aggressively in rolling out the 5G network infrastructure in China, Japan, and South Korea. Due to a massive mobile subscriber base, enterprises in this region are becoming more competitive and focusing on offering better customer service.
The global market is profoundly fragmented as several regional telecom service providers spend in extending the next-generation infrastructure. The investment will help companies to obtain a vast customer base in the market. In addition, these market players are strategically focusing on mergers and acquisitions to strengthen their foothold in the global market. The prime players profiled in the market are Qualcomm Technologies, Inc., Verizon Communications Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd. and Samsung Electronics Co., Ltd.
COVID-19 Analysis of 5G Technology Industry
The pandemic has paused the progression of the 5G foundation in numerous countries. The steps taken to restrict the spread of the disease have affected the timing of the 5G infrastructure standard finalization. For instance, the Department of Telecommunication of India has deferred its spectrum auction for the year 2021. This evolution has unfavorably affected numerous vendors and telecommunication operators present in the business.
Few vendors are converging on an intrusive 5G rollout plan in the year 2021, owing to the inclinations of 5G to serve various sectors during this crisis. In the healthcare sector, a 5G intelligent robot can assist healthcare in conducting remote treatment. For instance, in China, Wuhan, several hospitals use a 5G network to accommodate real-time aid to patients in inaccessible areas. Consequently, 5G has immense potential to support during crises. However, the delay in the 5G deployment is limiting its use. The 5G market globally is expected to gain exponential growth post the pandemic.
Renub Research latest report “5G Technology Market, Global Forecast by Components (Hardware, Software, Services), Connectivity (eMBB, FWA, mMTC, uRLLC), Application (IT & Telecom, Energy & Utility, Manufacturing, Media & Entertainment, Transportation & Logistics, Aerospace & Defense, Healthcare, Government & Public Safety, BFSI, Others), End-User (Enterprises, Consumers), Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa), Connection by Region (North America, Western Europe, Asia-Pacific Developed, China, Rest of the World) Company Analysis (Qualcomm Technologies, Inc., Verizon Communications Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd.)” provides complete details on Global 5G Industry.
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