5G Technology Market Expected to Reach USD 797.80 Billion by 2030 |Top Key players such as - Qualcomm, Telecom Italia and Telstra.

According to the report published by Allied Market Research, The 5G Technology Market Expected to Reach USD 797.80 Billion by 2030 |Top Key players such as - Qualcomm, Telecom Italia and Telstra. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Benefits of 5G technology such as faster speed, uniform data rates, lower latency, and lower cost-per-bit drive the growth of the global 5G technology market. Moreover, rise in demand for immersive experiences such as AR and VR that demand 5G technology would open new opportunities in the market.

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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 analysed across North America, Europe, Asia-Pacific, and LAMEA.

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.

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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.

The key players profiled in the 5G technology market are 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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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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