(EMAILWIRE.COM, March 27, 2020 ) Market Overview
The Global 5G Technology Market is expected to grow at a CAGR of 98.17% during the forecasting period (2019-2026).
Due to the rise in mobile data services by people all around the world will grow the market for 5G Technology in the forecast period.
5G is the fifth-generation cellular network technology. 5G networks are digital cellular
The report covers all the major trends and drivers playing a key role in the growth of the 5G Technology market.5G Technology market is segmented by Application and Region.
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The global 5G Technology is primarily driven by the rise in the mobile data services by people all around the world. With the increase in the usage of smart mobile phone & tablets across the globe, there is high demand for the 5G enabled phones after the commercialization of the 5G technology will be the major driving for the 5G technology market in the forecast period. Increasing demand for the 5G enabled mobile phone is asking the mobile manufacturing vendors to launch new 5G enabled phones in the market. For instance, Samsung has taken the plunge into 5G with the Samsung Galaxy S10 5G, the super-fast variant of the Samsung Galaxy S10 range it launched in February 2019. It's a major upgrade over the standard S10, with a bigger screen and better camera as well as that 5G capability. The Samsung Galaxy S10 5G phone is slowly rolling out to markets across the world now, but expect to pay a premium over the standard Samsung Galaxy S10.
The growth in the connected smart devices across the globe due to the rise in the IoT will be the driver for the 5G technology market in the forecast period. The growing adoption and large investment in the smart cities by the various countries all around will be asking for large connected devices like smart meters, smart grid, smart, smart video surveillance, and others. The market expects over 50 billion devices to be connected to mobile networks worldwide by 2020. For instance, the Government of India (GoI) announced the 30 new cities under Smart Cities Mission, taking the total number of proposed smart cities to 90 cities. The government has announced to develop 100 smart cities in India. The government has planned to invest INR 1.91 trillion (US$ 30 billion) for the 89 cities under the mission. As per the proposed investment, 80% of the funds would be spent on area-based development (ABD) and the remaining 20% of the funds on ICT Solutions.
However, due to high initial infrastructure development cost will be hampering the growth of 5G Technology in the forecast period.
By Application, the global 5G Technology market is segmented into Automotive, Energy & Utilities, Retail, Intelligent Buildings & Infrastructures, Industrial Automation, Consumer Electronics, Public Infrastructure, and Others. Intelligent buildings & infrastructure have the dominant position in the 5G Technology market and are expected to retain its dominance in the forecasted period due to the increase in urban population coupled with the rise in the internet penetration in the developing countries like Brazil, China, and India. However, Automotive are also gaining the market due to the increasing demand of the autonomous vehicles with 5G enabled as there is low latency making it safer. It is expected that Intelligent buildings &infrastructure market will grow at a CAGR of ~XX% during the forecast period.
By geography, the global 5G Technology market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America holds the largest market share for 5G Technology due to the rise in the autonomous cars, video-on-demand market, and growing trend in smart cities. With the development of fully automated autonomous vehicle in the region and high demand of the autonomous vehicles in the region will boost the market for the 5G technology in the region because of low latency in 5G allows the connected cars to access the conditions real-time making the journey safe and sound. The North America video-on-demand (VOD) services account for around 50% of the market share in VOD services all around the world and hence will be driving the market for the forecast period.
APAC region5G Technology market will be growing with the higher CAGR due to the rise in the smart cities culture because of the rise of the population in the urban area. So, to use the resources optimistically by the population, smart cities culture is rising in the APAC region specially in India. With high demand for the 5G technology and the support by the China government will be driving the market for 5G technology market in APAC region market. For instance, China grants commercial licenses to 4 telecom companies to launch 5G services The Ministry of Industry and Information Technology (MIIT) issued 5G commercial licenses to China Telecom, China Mobile, China Unicom, and China Radio and Television. Chinese officials say a comprehensive deployment of the network will help develop industrial manufacturing, internet-connected cars, healthcare, smart city management and Artificial Intelligence (AI).
Key players are adopting strategies such as investing in R&D, new product launches, expansion in Technology to stand out as strong competitors in the market. Global 5G Technology is a competitive market with the presence of various global and regional players in the market. The major players Qualcomm, Intel, Ericsson, Samsung, and Qorvo. Other key players in the market include AT&T, Huawei, Nokia, MediaTek, Cisco, Cavium, Analog Devices, Verizon Communications, SK Telecom, and T-Mobile.
In June 2019, Huawei obtains 46 commercial 5G contracts from 30 countries despite US ban. However, details of the countries where the company has managed to obtain the contracts have not been revealed, official media here reported.
In May 2019, Qualcomm and EE Bring 5G to the UK with the Launch of the First Commercial 5G Service. Premium 5G Devices Based on Qualcomm Snapdragon 855 Mobile Platform with Snapdragon X50 5G Modem and RF Front-End Solutions Offer UK Consumers Multi-gigabit Peak Speeds and Extreme Low-latency.
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