The global 5G technology market is expected to be highly competitive owing to the presence of a large number of small and big domestic and global players who are marking their presence in the 5G technology market. Rapid advancements in technology in the field of sensors and semiconductors are all expected to drive the growth of 5G technology market. Steep increase in the development of 5G infrastructure is another major factor contributing to the growth of 5G technology market.
Increasing demand for high speed data transmission is one major factor which is responsible for the growth of 5G technology market. Also, increased proliferation of mobile and connected devices across a number of industry verticals is another major factor driving the growth of 5G technology market. According to a recent study report published by Market Research Future, the global market of 5G technology is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023 with a striking CAGR during the anticipated period (2017 – 2023).
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Major Key Players
- Huawei Technologies Co. Ltd. (China),
- Nokia Networks (Finland),
- NEC Corporation (Japan),
- Ericsson (Sweden),
- Qualcomm (U.S.),
- Verizon Fios (U.S.),
- Orange (France),
- Broadcom Corporation (U.S.),
- Mobile TeleSystems (MTS) (Russia),
- AT&T Inc. (U.S.)
- Cisco Systems, Inc (U.S.)
Telstra (Australia), TeliaSonera (Sweden), Telefónica (Spain), Vodafone Group (U.K.), Singtel (Singapore), China Unicom (China), and Deutsche Telekom (Germany) among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global 5G Technology Market.
Other players in the market include China Mobile (China), Korea Telecom (South Korea), Nokia Networks (Finland), Samsung (South Korea), Turkcell (Turkey), SoftBank (Japan), NEC Corporation (Japan), Huawei (China), Verizon (U.S.), AT&T (U.S.), T-Mobile USA, Inc., LG (South Korea), and China Mobile (China).
According to MRFR, The global 5G Technology Market is expected to reach approximately USD 73 million by the end of 2023 with 21% CAGR during forecast period 2017-2023.
The market of 5G technology appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
However, lack of skilled engineers to install and maintain 5G network, and costly equipment required for the services are bound to challenge the otherwise potentially growing market. On the other hand, 5G technology services will consume less power compared to the current services proving to be beneficial for many sectors. Due to this, global companies, educational institutes, and governments have started establishing grounds for 5G technology. All of these factors will provide an impetus to the market.
Among all regions, North-America holds the largest market share with countries such as the United States (U.S) part of the share. Increasing number of subscribers and progressing assessment of the allocation of 5G frequencies by the Federal Communications Commission has propelled the potential of market growth in this region. Also, increase in cellular M2M connections, high demand for on-demand video services, and high growth rate of autonomous cars augment the market growth in this region.
On the other hand, Asia-Pacific region is expected to grow steadily over the forecast period (2017-2023). The reason being large consumer base and ongoing initiatives and developments in 5G technology. 5G technology is flourishing due to local government support coupled with potential for immense demand for 5G services. This demand will be an incentive for the market growth in APAC region. For instance, Beijing (China) plans to deploy 5G on a large commercial scale by 2020, and China’s top manufacturers strive to meet this timeline. Moreover, the Chinese government has also distributed a good portion of the necessary radio frequencies. Therefore China is benefiting from extensive coordination between government and the manufacturers, with regards to 5G technology market.
In the Europe region, proactive actions are being undertaken by public and private sectors in the field of 5G technology. For instance, to closely monitor the progress of the European 5G connectivity objectives for a competitive Digital Single Market (DSM), there are plans to establish the European 5G observatory by 2025.
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The 5G technology market can be classified into 4 key segments for the convenience of the report and enhanced understanding;
Segmentation by Usability: Comprises Enhanced Mobile Broadband, Massive Internet of Things and Mission Critical Services.
Segmentation by Technology: Radio Access Technologies (RAT), Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX).
Segmentation by Application: Healthcare, Consumer Electronics, Retail, Home Automation, Energy & Utility, Automotive, Industrial Automation, Intelligent Buildings and Infrastructure, and Public Safety & Surveillance.
Segmentation by Region: North America, Europe, Asia Pacific and Rest of the World.
- Device manufacturers
- Network Operators
- Research firms
- Software Developers
- Commercial Banks
- Semiconductor Manufacturers
- End-user sectors
- Technology Investors
LIST OF TABLES
TABLE 1 5G TECHNOLOGY MARKET, BY USABILITY
TABLE 2 5G TECHNOLOGY MARKET, BY TECHNOLOGY
TABLE 3 5G TECHNOLOGY MARKET, BY APPLICATION
TABLE 4 5G TECHNOLOGY MARKET, BY GEOGRAPHY
TABLE 5 NORTH AMERICA 5G TECHNOLOGY MARKET, BY USABILITY
TABLE 6 NORTH AMERICA 5G TECHNOLOGY MARKET, BY TECHNOLOGY
TABLE 7 NORTH AMERICA 5G TECHNOLOGY MARKET, BY TECHNOLOGY
TABLE 8 U.S 5G TECHNOLOGY MARKET, BY USABILITY
TABLE 9 U.S. 5G TECHNOLOGY MARKET, BY TECHNOLOGY
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LIST OF FIGURES
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 5G TECHNOLOGY MARKET, BY USABILITY (%)
FIGURE 3 5G TECHNOLOGY MARKET, BY TECHNOLOGY (%)
FIGURE 4 5G TECHNOLOGY MARKET, BY APPLICATION (%)
FIGURE 5 5G TECHNOLOGY MARKET, BY REGIONS (%)
FIGURE 6 NORTH AMERICA 5G TECHNOLOGY MARKET, BY USABILITY (%)