5G Infrastructure Market Generated Revenue Worth ~$1.5 Billion in 2020

The Center for Strategic and International Studies (CSIS) states that 5G technology provides enhanced security, high speed, and greater capacity for networks and mobile devices. Additionally, the fifth generation of mobile network technology will shape the internet of things (IoT) environment and it is crucial for the future of internet innovation. Thus, the increasing deployment of IoT-enabled products, on account of the soaring popularity of artificial intelligence (AI), augmented reality and virtual reality (AR/VR), and remote-controlled systems, will create an extensive requirement for 5G infrastructure globally.

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Additionally, the surging adoption of 5G-enabled devices will help the 5G infrastructure market prosper during 2021-2030. According to P&S Intelligence, the market revenue stood at $1.5 billion in 2020. Moreover, the increasing requirement for low-latency internet, expanding population base of mobile data users, and rising adoption of machine-to-machine (M2M) connections in several end use industries will also accelerate the deployment of 5G infrastructure in the foreseeable future, as 5G network was created to meet the robust connectivity and high data management requirements.

At present, 5G infrastructure hardware and service providing companies are increasingly adopting network slicing techniques to split single network connections into several virtual connections, to disperse traffic-specific resources by using network virtualization. The soaring focus of such enterprises on network slicing can be credited to cloud computing, data security, edge computing, near-real-time latency, and platform security exhibited by this technique. This technique enables 5G infrastructure service providers to develop a dedicated virtual network for each customer.

In the coming years, the industrial sector will deploy a significant volume of backhaul and transport, core network, and radio access network (RAN) hardware components and create an extensive requirement for 5G infrastructure implementation and integration, training and education, consulting, and support and maintenance services due to the surging deployment of M2M technology in manufacturing plants. Additionally, the rapid advancements being made in IoT technology will also facilitate the adoption of such hardware components in the aerospace, defense, automotive, and healthcare industries.

In recent years, 5G infrastructure component manufacturers have engaged in collaborations and product launches to help construct a strong 5G network worldwide. For example, in February 2020, Mavenir Systems Inc. partnered with Turkcell İletişim Hizmetleri A.Ş. to test and deploy openRAN virtualRAN (vRAN) in Turkey. This new solution is positioned on Turkcell İletişim Hizmetleri A.Ş. Telco Cloud. Other companies involved in such measures include Airspan Networks Inc., SK Telecom Co. Ltd., Hewlett Packard Enterprise Development LP, and Affirmed Networks Inc.

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In the preceding years, North America dominated the 5G infrastructure market due to the hefty investments made by the governments of the regional countries in 5G infrastructure development. For instance, the Canadian Wireless Telecommunications Association estimates that $26 billion will be spent on 5G infrastructure development in Canada between 2020 and 2026. In addition, the rapid adoption of wearable, autonomous driving, AI, and IoT technologies and the presence of umpteen 5G infrastructure component providing organizations, such as Verizon Wireless Services LLC and T-Mobile US Inc., will also strengthen the market in the region in the coming years.

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This release was published on openPR.