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Global 5G Technology Market 2021: By Offering (Hardware, Software, Services), By Connectivity (Enhanced Mobile Broadband (eMBB), Ultra-reliable Low Latency Communication (URLLC), Massive Machine Type Communication (mMTC), By Application (Connected Vehicles, Monitoring & Tracking, Automation, Smart Surveillance, VR & AR, Enhanced Video Services, Others), By End-use Industry (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, Others)Global 5G Technology Market Insights, Growth Rate, Key Trends, Products, Applications, and Global Forecast from 2020 to 2029” is one of the recently tracked reports, produced by Trusted Business Insights analysts team. Global 5G technology market report is an outcome of deep study on the historical, and current scenario of the industry, on the basis of which, the future projections have been made. Analysis included, both, top-down and bottom-up approaches. Information also includes various trends, drivers, restraints, opportunities, and threats in the target market till 2029. Year-on-year growth, CAGR, incremental value, as well as additional data and information is also provided in the report. In addition, profiles of the key players operating in the target market are presented along with competitive landscape. Respective revenues and financials, key developments, strategies, acquisitions & mergers, and market footprint are also included. The global 5G technology market report is segmented on the basis of offering, connectivity, application, end-use industry, and region. The regions are further sub-divided into key countries.Request Covid - 19 Impact The Global 5G Technology market size was valued at USD $20 Billion in 2020, USD $34.84 Billion in 2021, forecasted to reach USD $60.68 Billion in 2022, and is projected to reach USD $5769.44 Billion by 2030, and is anticipated to expand at a CAGR of 74.18% over the forecast period from 2020 to 2030.
5G Technology: Overview5G, also known as fifth-generation, is the latest generation of cellular technology, developed to increase Internet speed and responsiveness of network significantly. 5G offers data transmission over wireless connections at the rate of approximately 20 Gbps or more – exceeding speed of wireline network – and offers latency of or lower than 1 millisecond (ms) and can be used in applications that require feedback on real-time basis. 5G technology is expected to supersede 2G, 3G, and 4G technology. 5G offers various benefits over previous generations of technologies such as reduced latency to 1ms, high data rate, enables energy saving, cost-effectiveness, and enhanced system capacity, among other benefits.
Drivers, Restraints, and Trends: Global 5G Technology MarketEver- increasing demand and adoption of smartphones among individuals for various purposes such as surfing, online purchases, availing online healthcare, banking and financial services, navigation while travelling, searching for location, etc., coupled with rising demand for high-speed Internet for aforementioned purposes at a global scale, is expected to result in higher need for introduction of advanced 5G technology, which in turn, is projected to drive growth of the global market. Key trend which is rapidly gaining traction and popularity is Bring Your Own Device (BYOD) and Wear Your Own Device (WYOD) trend in various organizations globally. Allowance to employees to bring personal phones to the office has become a trend, and this trend has been inclining significantly with the support of advent of smartphones and other electronic devices in the recent past. In addition, employees are also required to work from home or work-on-the-go, which requires high speed Internet for work related to office such as checking official e-mails and accessing company information while away from office or workplace. In order to ensure uninterrupted services 5G technology is expected to prove helpful. Mobile devices with high speed Internet among cab service providers (drivers included) such as Uber etc., and courier service providers such as FedEx, DTDC and others is a vital tool. Devices used for these purposes are usually provided to employees by their respective employers in order to ensure efficient and uninterrupted services to customers and also to enable communication and navigation. The number of firms offering these services is growing increasingly along with fleet size and expanding area for courier delivery. This is expected to result in increasing need for advanced technology, which is projected to drive growth of the market in the next 10 years. Local, state, and federal governments of various developed and developing countries are taking initiatives to encourage digitalization of various processes. Governments of various countries are constantly focusing towards development of advanced technologies in order to enhance citizens quality of life and are encouraging industrial automation and integration of IoT platform to make smart cities as well as to improvise workplace productivity. Digitalization aids federal as well as state governments to meet their targets with highly enhanced productivity and work efficiency. Various agencies and organizations are integrating cutting-edge technological platforms such as Artificial Intelligence (AI), cloud, and M2M automation, Big Data, combined with modern and effective management practices, which in turn, is projected to propel growth of the global 5G technology market in various developing countries over the 10-year forecast period. In 2016 for instance, the Government of India (GoI) launched the “Digital India” initiative in order to promote a cashless economy and online transactions. This initiative resulted in rapid and steady demand for connecting devices and high speed Internet services.
Region Insights: Global 5G Technology MarketIncreasing adoption of 5G technology due to smart features such as high speed, high capacity, reduced latency, high resolution and larger bandwidth, and uninterrupted and consistent connectivity compared to conventional technologies are major factors expected to result in high demand for these technology in countries in the region. This is major factor expected to drive Asia Pacific 5G technology market growth over the 10-year forecast period. Increasing investments for development of new and innovative technologies by major private and public companies in the region is another factor expected to drive revenue growth of Asia Pacific 5G technology market. Increasing penetration of cloud-based services is expected to encourage cloud service providers to upgrade existing facilities with advanced technologies, which is projected to significantly increase adoption of 5G technology. Factors resulting in increasing demand for 5G technology include rising need for automation in various end-use sector due to increasing requirement of remote controlling, work flow management, and others is another key factor expected to drive growth of the Asia Pacific market over the 10-year forecast period. Increasing focus of major players on R&D activities for providing smart solutions to organizations with high bandwidth and increase transmission efficiency is expected to support growth of the market over the next few years.
Below are the leading companies profiled in this 5G Technology Market Report:
Chapter 1 Methodology and Scope