5G Technology Market Driven by the Growing Investments in the technology

Global 5G Technology Market is projected to grow at a CAGR of 40.2% during the forecast period: MRFR

The 5G Technology Market is predicted to reach USD 3640.0 billion by 2032, registering a 40.2% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. The global 5G Technology market is expected to witness substantial growth during the forecast period, primarily due to rising demand for mobile broadband services and the growing application of IoT.

A fully mobile and connected environment is made possible by 5G wireless mobile services, which offer customers a variety of use cases and business models. Additionally, the 5G technology's faster data rates and exceptionally low latency would improve the user experience while using 5G services for a variety of use cases, including seamless video chatting, Ultra-High Definition (UHD) videos, virtual reality (VR), and augmented reality (AR) gaming. The use of these services is anticipated to increase throughout the projected period due to the rising demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management.

Additionally, major market participants are spending a lot of money to buy the required spectrum. The corporations could improve their overall portfolios and grow their subscriber bases across numerous nations if they had access to enough spectrum. For instance, the Enterprise (EE) division of BT Group plc purchased 40 MHz of 3.4 GHz spectrum (3540 - 3580 MHz spectrum frequencies) in April 2018 for about USD 426.5 million. The business intends to use the spectrum to offer enhanced internet services in the UK's next generation.

Segmental Analysis

The scope of the global 5G Technology market has been segmented based on component, technology, spectrum, and application.

Based on component, the global 5G Technology market is segmented into hardware, software, and services. The services segment is expected to exhibit the fastest CAGR during the projected period.

Based on technology, the global 5G Technology market is segmented into Enhanced Mobile Broadband [eMBB], Ultra-Reliable Low Latency Communication [URLLC], and Massive Machine Type Communication [mMTC]. The Enhanced Mobile Broadband [eMBB] segment accounted for the largest market share in 2021.

Based on the spectrum, the market has been classified into 5G NR Sub-6GHz and 5G NR mmWave. 5G NR Sub-6GHz holds an exponential share within the 5G technology market in 2021.

Based on the application, the market has been segmented into consumer and enterprises. 5G technology for the consumer segment is expected to exhibit the fastest CAGR rate during the projected period.

Regional Analysis

Geographically, the global 5G Technology market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

The greatest market share is anticipated to belong to Asia-Pacific in 2021. Some of the most technologically advanced 5G markets are found in Asia-Pacific, including those in Australia, China, Japan, Malaysia, Singapore, and South Korea, all of which want to be 5G leaders worldwide. Asia-Pacific telecom companies want to add 663 million new mobile internet users by 2025. This increase in connectivity is helping the mobile industry have a bigger impact on the UN SDGs. China, Japan, South Korea, and Taiwan are among the nations with the most advanced 5G network infrastructure. For instance, South Korea recently used 5G to stream real-time, 360-degree videos of athletes in action at the Winter Olympics there, effectively demonstrating the technology. The 5G technology market in Asia-Pacific is also expected to flourish due to huge investments and favourable government policies encouraging the growth of this industry.

Key Players

The key players in the global 5G Technology market are AT&T, Inc., BT Group plc, China Mobile Ltd., China Telecom Corporation Ltd., Bharti Airtel Ltd., NTT Docomo, KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, SK Telecom Co., Ltd., Verizon Communications, Inc., T-Mobile USA, Inc., Rakuten Mobile Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., Qualcomm Technologies Inc., Cisco Systems Inc., MediaTek Inc., and Samsung Electronics Co. Ltd.