Advent of Industry 4.0 to Boost 5G Market Growth
New York, US, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “5G Market by Components, By Applications - Forecast 2030”, the market is anticipated to acquire a valuation of approximately USD 198.44 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 47.6% during the assessment timeframe.
5G Market Analysis
Eminent market players profiled in the global 5g market report include-
Verizon Wireless (U.S.)
LM Ericsson (Sweden)
AT&T Inc. (U.S.)
Huawei Technologies Co. Ltd. (China)
China Mobile Ltd. (China)
NTT DOCOMO, Inc. (Japan)
Bharti Airtel Limited (India)
Vodafone Group PLC (UK)
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Revenue forecast in 2030
USD 198.44 Billion
CAGR of 47.6% from 2022 to 2030
Key Market Opportunities
The communication services are aiming to provide data and connectivity to customer devices
Key Market Drivers
The main aim of the 5G market trends is to deliver data at 5G speed at a low market cost
Growing Need for High-Speed Data Connectivity for Unified IoT Apps to Boost Market Growth
The growing need for high-speed data connectivity for unified IoT apps such as smart home energy management will boost market growth in the assessment period.
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Advent of Industry 4.0 to offer Robust Opportunities
The advent of industry 4.0 will offer robust opportunities for the market over the forecast period.
Restraints and Challenges
High 5G Network Installation Cost to act as Market Restraint
The high 5G network installation cost may act as a market restraint over the forecast period.
5G Market Segmentation
The global 5g market is bifurcated based on applications and components.
By components, the 5g market is segmented into device to device communication and phantom cell.
By applications, the 5g market is segmented into consumer electronics, retail, automotive, healthcare, utility, and energy.
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The global COVID-19 outbreak has had a tremendous impact on businesses all around the world. Numerous business sectors will definitely increase their investment in 5G-based technologies for running their operations as a result of the COVID-19 situation. The use of 5G technology is encouraged by a few common areas of interest across sectors. Due to social isolation, confinement, and work-from-home arrangements, this is the main result. Businesses utilizing 5G technology are being forced to reevaluate their operating models as a result of social isolation, workplace effect, and related disturbances. A 5G network will undoubtedly enable stronger security controls and good QoS as SD-WAN adoption at employee personal workspaces rises. In addition, there is a significant industry-wide push toward 5G-enabled IoT, AR/VR, autonomous systems, computer vision, and robotics. The COVID-19 epidemic has caused many worries and slowdowns around the world, but fresh investments are anticipated in 5G-related technology, which will alter how the sector does its business. In this way, the COVID-19 pandemic benefited the 5G technology sector.
5G Market Regional Analysis
APAC to Head 5G Market
With a market share of about 40% in 2021, Asia Pacific was in the lead and is predicted to continue to grow at the quickest CAGR throughout the course of the forecast period. In order to roll out the 5G network infrastructure in China, Japan, & South Korea, major market players in the APAC region, including China Telecom, SK Telecom, China Mobile, and KT Corp., is making significant investments. The majority of these investments go toward the construction of next-generation infrastructure for the manufacturing, transportation & logistics, healthcare, and media & entertainment sectors. Over the projection time, it is anticipated that these investments will accelerate the expansion of the Asia Pacific regional market. Additionally, the region has seen a strong increase in the production of smartphones with 5G capabilities due to the increased demand for handsets with faster internet rates. The market for 5G services is expanding at the quickest rate in the Asia-Pacific region. The Asia-Pacific 5G services market is dominated by China, Japan, and South Korea. One of the key elements advancing the market for 5G services in the Asia-Pacific region is the deployment of new and enhanced technology. Market participants are embracing cutting-edge technologies like Blockchain, edge computing, and 5G core technology to advance the development of the 5G services market in the region. The expansion of the information technology sector also helps the market for 5G services expand and develop. 39% of global revenue was generated in the Asia-Pacific area in 2021. The Asia-Pacific region's market for 5G services is dominated by China, Japan, and South Korea.
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North America to Have Admirable Growth in 5G Market
In 2021, North America ranked as the second-largest regional market. The United States is where some of the largest investments in the construction of the 5G network infrastructure are taking shape. For instance, GVR study indicates that between 2010 and 2017, U.S.-based mobile operators invested almost USD 250 billion in the rollout of mobile network infrastructure. Over the course of the projected period, it is anticipated that aggressive expenditures in the country's construction of smart cities, smart industries, and smart households will support regional market expansion. Due to the increasing need for faster data speeds for a number of end-use applications, such as M2M communications, energy & utility management, and smart mobility management, the U.S. is expected to dominate the North America regional market from 2022 to 2030. Over the course of the prediction, North America is anticipated to grow the fastest. The market for 5G services in North America is expanding due to the rising demand for 5G networks. Approximately 270 million 5G subscribers, or roughly 60% of all mobile subscriptions, would be available in the region, according to the June 2019 Ericcson Mobility Report. This demonstrates that the area has enormous potential for 5G services. Additionally, Canadian market participants are investing a significant amount of money in the growth of the 5G services sector. For instance, Rogers spent $1.7 billion in April 2019 to get 20-year licenses to 600MHz spectrum in Ontario and Atlantic Canada, enabling its 5G network to advance every sector.
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