5G Technology Market is expected to reach a value of US$ 797.80 Bn by 2030 | CAGR 65.8%

According to a recent report published by Allied Market Research, titled, "5G technology Market by Component, Connectivity, Application and End Use: Global Opportunity Analysis and Industry Forecast, 2021-2030,"

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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Global operators have started launching new 5G networks in early 2019. Also, all major phone manufacturers are commercializing 5G phones. Furthermore, 5G is designed to deliver peak data rates up to 20 Gbps based on IMT-2020 requirements. Moreover, the Qualcomm Technologies' flagship 5G solutions, the Qualcomm Snapdragon X65 is designed to achieve up to 10 Gbps in downlink peak data rates. In addition to higher peak data rates, 5G is designed to provide much more network capacity by expanding into new spectrum, such as mmWave. 5G can also deliver much lower latency for a more immediate response and can provide an overall more uniform user experience so that the data rates stay consistently high even when users are moving around. And the new 5G NR mobile network is backed up by a Gigabit LTE coverage foundation, which can provide ubiquitous Gigabit-class connectivity.

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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Competitive Analysis:
The competitive environment of 5G Technology Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, 5G Technology Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
Deutsche Telekom AG
Ericsson, Huawei Technology
Nokia, Orange S.A.
Qualcomm Inc.
Telecom Italia
Telstra
T-Mobile
Intel Corporation and Many More

By region, Asia-Pacific is the largest segment during 2020 and is expected to grow at the fastest CAGR during the forecast period due to wide presence of younger population in Asia-Pacific, which is increasing demand for digital applications including social gaming, media, and others. Furthermore, 5G network is expected to provide high data rate and thus, meet consumer expectations, which act as factors that boost the growth of the 5G technology market in the region.

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Increasing demand for low latency connectivity in industrial automation is expected to propel the growth of the global 5G technology market. However, challenges in deployment of small cell and implementation of robust fiber backhaul is anticipated to restrain the market growth. In the near future, rise in investments toward smart cities coupled with opportunities in autonomous vehicles are expected to provide lucrative opportunities for the key players operating in this market.

Market Dynamics and Transformations

Economic Downturn Analysis: Impact of Recession in 2023
Pandemic's Influence: Impact of Covid-19 Pandemic
Market Evolution: Recent Developments in the Market with Key Players Announcements

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.