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5G Technology Market Was Valued at USD 5,372.8 million in 2021 Owing to Increasing Number of IoT Devices and Adoption of Edge Computing

06-23-2022 12:15 PM CET | Media & Telecommunications

Press release from: Precision Business Insights

5G Technology Market Was Valued at USD 5,372.8 million in 2021

According to Precision Business Insights (PBI) latest report the global 5G technology market is valued at USD 5,372.8 million in 2021. Global 5G technology market segmented into following types: By Component (Hardware, Software, and Services), By Connectivity (Enhanced Mobile Broadband (EMBB), Ultra-Reliable Low Latency Communication (URLLC) and Massive Machine Type Communication (MMTC)), By Application (Automation, Monitoring & Tracking, Connected Vehicle, Smart Surveillance, VR & AR, Enhanced Video Services, and Others), By End User (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, and Others), and Geography (North America, Europe, Asia-Pacific, Latin America and Middle East Africa) Forecast to 2028. Key player's profiles in the 5G technology market report are Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A, Qualcomm Inc, Telecom Italia, Telstra, T-Mobile, Intel Corporation. As part of their attempts to stay competitive, many industry verticals are focused on technology changes to boost overall productivity and operational efficiency. The COVID-19 outbreak has halted the implementation of various 5G cores and base station infrastructures worldwide. Furthermore, numerous federal governments in key nations, like Spain, the United States, and France, have postponed spectrum auctions for 5G services, limiting industry growth.

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Enhanced Mobile Broadband (eMBB) Segment Dominates the 5G Technology Market
With a share of the market of over 42 percent in 2021, the Enhanced Mobile Broadband (eMBB) segment dominated the market, and it is expected to grow significantly throughout the forecast period. Due to 5G network operators' early focus on supplying enhanced internet connectivity for services like AR/VR, UHD video, elevated cloud-based gaming, and uninterrupted video discussions, the high proportion is due. The initial rollout will most likely focus on a non-standalone 5G wireless network model. For both residential and business use, eMBB provides lightning-fast data rates.

North America Leads 5G Technology Market
North America's 5G technology market share is projected to record commendable growth through 2028. Due to increased demand for greater data speeds for various end-use applications such as M2M communications, energy & utility management, and smart mobility management, the United States is expected to dominate the North American regional market from 2022 to 2028. North America is likely to hold a significant market share, following the Asia Pacific. The US is expected to witness rapid growth owing to increasing demand for high bandwidth and rising data traffic. The presence of several key 5G infrastructure providers is likely to fuel the product demand in this region. The increasing adoption of technologies such as artificial intelligence, augmented and virtual reality, and IoT will aid the market in the
The US.

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Detailed Segmentation
Based on the Component:
• Hardware
• Software
• Services

Based on the Connectivity:
• Enhanced Mobile Broadband (EMBB)
• Ultra-Reliable Low Latency Communication (URLLC)
• Massive Machine Type Communication (MMTC)

Based on the Application:
• Automation
• Monitoring & Tracking
• Connected Vehicle
• Smart Surveillance
• VR & AR
• Enhanced Video Services
• Others

Based on the End User:
• Manufacturing
• Automotive
• Energy & Utilities
• Transportation & Logistics
• Healthcare
• Government
• Media & Entertainment
• Others

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global 5G technology market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In Jan 2021, Nokia announced a continuation of its long-standing T-Mobile partnership with a five-year deal. T-Mobile will utilize Nokia's AirScale Radio platform to deploy an Ultra Capacity 5G layer with 2.5GHz Massive MIMO technology, shifting the Un-carrier customer experience into overdrive. Under the new agreement, Nokia will continue to expand T-Mobile's extended range (low band) 5G coverage. Both the extended range and Ultra Capacity enhancements will augment user experience and network capacity by leveraging T-Mobile's multi-layer spectrum strategy. In November 2021, In January 2021, AT&T launched its 5G+ services in some popular areas and venues across Tampa, such as Channel District, Raymond James stadium, and Tampa International Airport in the US.

Mr. Satya
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

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