Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global 5G Technology Market Research Report.
Market Scenario
The global 5G technology market is bound to reach roughly USD 73 MN by the end of 2023, exhibiting an astounding CAGR of 21% during forecast period (2017-2023), postulates Market Research Future (MRFR) according to its extensive report. 5G is an upcoming fifth-generation wireless broadband technology based on the IEEE 802.11ac standard. 5G connectivity will be providing better speeds and coverage compared to other communication networking technologies. Factors making a positive impact on this market are the shift toward new broadband technology, huge network coverage, growing demand for high data speed, and stable growth in the mobile data traffic, also increasing demand for machine-to-machine communication in organizations and the increasing demand for broadband services over other mobile networks.
Moreover, the continuous demand from subscribers for better mobile broadband experiences can stimulate the growth of the 5G technology market. Surging adoption of mobile broadband as well as growing machine-to-machine communication in organizations is presumed to fuel the global 5G technology market size in the coming years. Superior data transfer rates and less power consumption compared to its predecessors will positively impact the demand for 5G technology. Also, large network coverage demands from numerous industry applications such as distant learning, multi-user gaming and video conferencing, telemedicine, and augmented reality fuel the 5G technology market. Moreover, it is likely to enhance mobile network performance and deemed to contribute heavily in establishing foundational infrastructure for smart city development.
Numerous features offered by this technology are high resolution, supervision tools for fast action, precise traffic statistics and supporting close to 65,000 connections. These features will certainly enhance the appeal of 5G technology and help propel the market growth. Some noteworthy trends in the market include developments of wireless healthcare devices, wireless security systems, wireless classrooms, and wireless gadgets for smart homes, all of which will be dependent on 5G technology in the future.
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.
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Market Segmentation
The market for 5G technology is segmented by usability and application.
By usability, the market is segmented into enhanced mobile broadband, massive Internet of Things (IoT), and mission-critical services. 5G technology will support next-generation IoT services in automotive, industrial, and healthcare and many more sectors. Super speeds, high energy efficiency, and pervasive connectivity provided by 5G technology will allow IoT deployments to expand and operate with greater efficiency.
The 5G technology market is segmented on the basis of technology into Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX). In GSM segment, 5G technology will transform the mobile broadband experience, and also help develop new security technologies. These factors will drive the demand for 5G technology in GSM market.
On the basis of application, the 5G technology market is segmented into healthcare, automotive, intelligent buildings and infrastructure, retail, home automation, industrial automation, energy and utility, consumer electronics, and public safety and surveillance and, many more. Increasing patients suffering from chronic medical conditions, enhanced wireless communication between doctors and patients, smart medical devices using 5G services, and high definition medical imaging services are expected to drive the demand for 5G technology in the healthcare sector in the coming years.
Regional Analysis
The 5G technology market spreads across North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Among all regions, North-America holds the largest market share owing to the United States (U.S). Increasing number of subscribers and progressing assessment of the allocation of 5G frequencies by the Federal Communications Commission has propelled the market growth in this region. Also, increase in cellular M2M connections, high demand for on-demand video services, and high demand for autonomous cars can augment the market size of this region.
On the other hand, Asia-Pacific region is expected to grow steadily over the forecast period. 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. For instance, Beijing (China) plans to deploy 5G on a large commercial scale by 2020, and China's top manufacturers are striving 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.
Key Players
Some of the key players of 5G technology market are Ericsson, Mobile TeleSystems (MTS) (Russia), AT&T Inc. (U.S.), Cisco Systems Inc. (U.S.), Huawei Technologies Co. Ltd. (China), Nokia Networks (Finland), and many more.
Ericsson and the Indian Institute of Technology Delhi (IIT Delhi) have signed a memorandum to jointly set things moving for ‘5G for India’ program. Ericsson will set up a Center of Excellence with a 5G test bed at IIT Delhi, and use this facility to drive the development of the country’s 5G ecosystem. This set up will ensure seamless connectivity for billions of connected devices, machines, and industrial applications. This program has been conceived to achieve objectives of Digital India and aid application development for Indian start-ups and industries in the 5G technology market.
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Report details
| Base Year | 2018 |
| Companies Covered | 15 |
| Pages | 100 |
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