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Global 5G Technology Market Expected to Grow at a CAGR of 73.61% by 2028|Leading Key Players- Intel Corporation (NASDAQ: INTC), Deutsche Telekom AG (ETR: DTE), Telefonaktiebolaget LM Ericsson (STO: ERIC-B), Huawei Technologies Co. Ltd., Nokia Corporation
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International Telecommunication Union (ITU), in one of its statistics stated that total number of individuals using the internet reached total number of individuals using the internet from 29.3 units per 100 inhabitants in the year 2010 and is further estimated to reach 53.6 units per 100 inhabitants by 2019.
The statistics portray the growing number of individuals using the internet on the back of increasing dependency on devices that run on high-speed internet. Owing to such a factor, telecom operators around the globe are raising their mobile capex so as to invest in the deployment of modern technological infrastructure. 5G technology is one such technology which is gaining massive popularity on the back of high-speed internet access that it provides to users around the globe. Additionally, the technology is also known for its capability to inter-connect several devices around the globe and create a digital ecosystem that might create wonders in the coming era. Rapid deployment of 5G technology across developed and developing nations, supported by rising investments by the telecom operators, along with network equipment and mobile handset device manufacturers, all are gearing up to keep pace with the growing deployment of 5G technology. The Mobile Economy Report 2019 of The GSM Association stated that mobile operators around the world planned to invest around USD 480 billion between 2018 and 2020 in mobile capex so as to support the generational shift and further drive consumer engagement in the digital era.
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The global 5G technology market is anticipated to record a CAGR of 73.61% during the forecast period, i.e. 2020-2028. The market is segmented by application into manufacturing & utilities, professional & financial services, public services, ICT & trade, agriculture & mining and others. Among these segments, manufacturing & utilities segment is anticipated to hold the largest market share on account of rising need amongst industries in the manufacturing sector to automate industrial processes by adapting to the trend of industrial internet of things (IIoT) and Industry 4.0. The Mobile Economy Report 2019 of The GSM Association, in other statistics, stated that by 2034 5G technology is anticipated to contribute nearly USD 2.2 trillion to the global economy with a GDP growth rate of 5.3%. Additionally, share of the economy would be largely contributed by manufacturing & utilities, followed by professional & financial services sector with 35% and 29% share respectively.
Geographically, the global 5G technology market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share on account of increasing dependency on high-speed network by the users of consumer electronic devices at large, followed by shifting trend towards the adoption of 5G technology. Moreover, Europe is anticipated to gain significant market share throughout the forecast period. The Mobile Economy Report 2019 of The GSM Association, in other statistics, stated that North America is anticipated to contribute to the largest share of 47% for the technology mix, followed by Europe at 29% by the end of 2025.
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However, concerns for the delay caused in the development of standardized regulatory processes for the deployment of 5G technology spectrum allocation is estimated to act as a barrier to the growth of the global 5G technology market.
This report also studies existing competitive scenario of some of the key players of the global 5G technology market, which includes profiling of Intel Corporation (NASDAQ: INTC), Deutsche Telekom AG (ETR: DTE), Telefonaktiebolaget LM Ericsson (STO: ERIC-B), Huawei Technologies Co. Ltd., Nokia Corporation (HEL:NOKIA), Orange (EPA: ORA), Qualcomm Technologies, Inc. (NASDAQ: QCOM), Telecom Italia (BIT: TIT), Telstra Corporation Limited (ASX: TLS), and T-Mobile USA, Inc. (NASDAQ: TMUS).
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "5G Technology Market - Global Demand Analysis & Opportunity Outlook 2028", analyses the overall 5G technology industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global 5G technology market in the near future.
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