Allied Market Research published a new report, titled, ” 5G Technology Market Reach USD 797.80 Billion By 2030 Growing at 65.8% CAGR .” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global 5G technology market was valued at $5.13 billion in 2020, and is projected to reach $797.80 billion by 2030, growing at a CAGR of 65.8% from 2021 to 2030.
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Driving Factors 5G Technology Market
Rise in levels of globalization drives the market growth. In addition, advancements and modernization of technology primarily drive the growth of the market. Enhanced effectiveness and output are expected to create lucrative growth opportunities for the market.
Market Segmentation 5G Technology Market
The 5G technology market is segmented on the basis of component, connectivity, application, end use, and region. By component, it is classified into hardware, software and services. Based on connectivity, it is segregated into enhanced mobile broadband (EMBB), ultra-reliable low latency communication (URLLC), and massive machine type communication (MMTC).
By application, it is segmented into automation, monitoring & tracking, connected vehicle, smart surveillance, VR & AR, enhanced video services, and others. By end use, the market is divided into manufacturing, automotive, energy & utilities, transportation & logistics, healthcare, government, media & entertainment, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players Storage 5G Technology Market
The report analyses the profiles of key players operating in the 5G technology market such as Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, and Intel Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the 5G technology industry.
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Based on offering, the software segment is expected to register the highest CAGR of 69.8% during the forecast period, as it offers SDN and NFV implementation and adaptable, manageable, and cost-effective solution for dynamic applications. However, the hardware segment held the largest share in 2020, accounting for more than half of the global 5G technology market share in 2020, due to its low latency levels.
Based on connectivity, the massive machine type communication (MMTC) segment is projected to manifest the highest CAGR of 70.1% during the forecast period. In mMTC, autonomously communicating machines are expected to create sophisticated mobile traffic, particularly in machine-to-machine (M2M) domains.
Furthermore, licensed spectrum over cellular infrastructure and involvement of various technologies including SigFoX and LoRa (Long Range) increase reliability and pervasive realization of the MTC.
These factors are expected to contribute to the growth of mMTC in the 5G technology industry. However, the enhanced mobile broadband (EMBB) segment dominated in terms of revenue in 2020, accounting for nearly three-fourths of the global 5G technology market share in 2020, due to rise in demand of consumers for mobile data.
Based on region, Asia-Pacific, followed by North America, held the highest share in 2020, contributing to nearly two-fifths of the global 5G technology market. In addition, the region would register the fastest CAGR of 69.7% from 2021 to 2030, due to presence of younger population and rise in demand for digital applications such as social gaming, media, and online video consumption.
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Covid-19 Outbreak:
● The Covid-19 pandemic positively affected the growth of the 5G technology market due to sudden increase in demand for fast internet network and adoption of work from home culture.
● However, prolonged lockdown and lot of uncertainties across the world negatively affected the market and reduced number of new investments in the industry.
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