5G Technology Market Worth $241.5 Billion by 2029 - by Meticulous Research®

According to a new market research report titled, '5G Technology Market by Component (Hardware, Software, and Services), Connectivity (Enhanced Mobile Broadband (eMBB), Massive Machine Type Communication (mMTC), Ultra-Reliable and Low-Latency Communication (URLLC)) - Global Forecast to 2029,' the 5G technology market is projected to reach $241.5 billion by 2029, at a CAGR of 42.2% during the forecast period 2022-2029.

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5G technology is the 5th generation of mobile networks, an evolution from the current 4G LTE networks. It provides higher multi-Gbps peak data speeds, ultra-low latency, more reliability, massive network capacity, increased availability, and a uniform user experience.

The 5G technology market is driven by the massive growth in mobile data traffic volumes over 4G networks, the need for ultra-low latency network connectivity, and the growing investments in 5G technology. Furthermore, connected factory, automation, and smart cities initiatives are expected to offer significant growth opportunities for the 5G technology market. However, delays in the standardization of spectrum allocation may restrain the market's growth to some extent.

Impact of COVID-19 on the 5G Technology Market

The COVID-19 pandemic adversely impacted the global economy. Nationwide lockdowns and social distancing norms across several countries negatively affected multiple industries, including the 5G technology industry. Numerous 5G technology providers were under immense pressure due to uncertainty regarding the duration of the lockdowns, making it difficult for the key market players to anticipate the recovery of the 5G technology market.

However, economies are shifting their focus from responding to the pandemic to economic recovery, and hence, various growth opportunities are expected to emerge for the 5G technology market players due to the increasing demand for ultra-low latency network connectivity and growing investment in the 5G network technology.

However, several businesses are moving the 5G technology market in the right direction. Local governments are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic. As a result, the 5G technology market is expected to recover to its original track after 2023.

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To provide efficient analysis, Meticulous Research® has segmented this market by component (hardware, software, and services), connectivity (enhanced mobile broadband, massive machine type communication, and ultra-reliable low-latency communication), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on component, in 2022, the hardware segment is expected to account for the largest share of the 5G technology market. The large market share of this segment is attributed to the increasing need to reduce OPEX and CAPEX, the growing robust deployment of 5G RAN with several small cells and macrocell base stations, and the growing implementation of virtual RAN, which is rapidly increasing among network service providers to reduce network complexities. This segment is also expected to register the highest CAGR during the forecast period.

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Based on connectivity, in 2022, the enhanced mobile broadband (eMBB) segment is expected to account for the largest share of the 5G technology market. The large market share of this segment is attributed to the rising penetration of smartphones and the need for high bandwidth to provide reliable communication to wireless devices. In addition, the growing demand for high-speed and low-latency data networks for residential and commercial applications, such as video conferencing and meetings, and virtual reality (VR) & augmented reality (AR) gaming are enhancing this growth segment.

Based on geography, in 2022, the Asia-Pacific region is expected to account for the largest share of the global 5G technology market. The presence of prominent players offering 5G technology in the region is one of the major factors driving the growth of this regional segment. The growing adoption of advanced technologies such as IoT and M2M communication and strong government initiatives are also driving the growth of this region.

Additionally, the infrastructural growth in APAC, especially in China, South Korea and Japan and the growing investment in 5G network technology and smart cities initiatives in developed and developing countries create huge opportunities for the 5G technology market. This region is also slated to register the highest CAGR during the forecast period.

Some of the key players operating in the 5G technology market are Nokia Corporation (Finland), Cisco Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Telefonaktiebolaget LM Ericsson (Sweden), Qualcomm Technologies, Inc. (U.S.), Ciena Corporation (U.S.), Verizon Communications Inc. (U.S.), Intel Corporation (U.S.), Deutsche Telekom AG (Germany), Samsung Electronics Co., Ltd. (South Korea), Extreme Networks (U.S.), DISH Network Corporation (U.S.), NEC Corporation(U.S.), Parallel Wireless, Inc. (U.S.), AT&T (U.S.), Fujitsu Limited (Japan), Mavenir Systems, Inc. (U.S.), ZTE Corporation (China), Comba Telecom Systems Holdings Ltd. (China), and Crown Castle (U.S.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/5g-technology-market-5327

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This release was published on openPR.