5G technology
The benefits of 5G technology such as faster speed, uniform data rates, lower latency and lower cost per bit are driving the growth of the global 5G technology market.
PORTLAND, PORTLAND, OR, USA, July 22, 2022 /EINPresswire.com/ — Rising demand for immersive experiences such as augmented reality and virtual reality that require 5G technology would open up new opportunities in the market. The global 5G technology market generated $5.13 billion in 2020 and is expected to reach $797.80 billion by 2030, growing at a CAGR of 65.8% from 2021 to 2030.
Major industry players such as – Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange SA, Qualcomm Inc., Telecom Italia, Telstra, T-Mobile and Intel Corporation.
Based on region, Asia-Pacific, followed by North America, held the highest share in 2020, contributing nearly two-fifths of the global 5G technology market. Moreover, the region would register the fastest CAGR of 69.7% from 2021 to 2030, due to the presence of a younger population and the increase in demand for digital applications such as social games, media and online video consumption.
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Based on connectivity, the massive machine-type communications (MMTC) segment is expected to show the highest CAGR of 70.1% during the forecast period. In mMTC, autonomously communicating machines are expected to create sophisticated mobile traffic, especially in machine-to-machine (M2M) domains. Furthermore, the licensed spectrum on the cellular infrastructure and the involvement of various technologies including SigFoX and LoRa (long range) increase the reliability and widespread realization of MTC. These factors are expected to contribute to the growth of mMTC in the 5G technology industry. However, the Enhanced Mobile Broadband (EMBB) segment dominated in terms of revenue in 2020, accounting for almost three quarters of the global 5G technology market share in 2020, owing to increasing consumer demand. for mobile data.
Based on supply, the software segment is expected to register the highest CAGR of 69.8% during the forecast period, as it offers SDN and NFV implementation and an adaptable, manageable and cost-effective solution for dynamic apps. However, the hardware segment held the largest share in 2020, accounting for more than half of the global 5G technology market share in 2020, due to its low latency levels.
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Covid19 outbreak:
• The Covid-19 pandemic has had a positive impact on the growth of the 5G technology market owing to the sudden increase in the demand for fast internet network and the adoption of work-from-home culture.
• However, a prolonged lockdown and many uncertainties across the world have negatively impacted the market and reduced the number of new investments in the industry.
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Finally, this report provides market insights in the most comprehensive manner. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.
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