Press release
mmWave 5G Market Analysis: Growth Projections 2024
mmWave 5G Market
The mmWave 5G market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to 6G development, enhanced security measures, rural connectivity initiatives, cross-industry collaboration, quantum communication research. Major trends in the forecast period include autonomous vehicles connectivity, smart infrastructure development, smart grids, 5G in agriculture, enhanced fixed wireless access (FWA).
Market Overview -
mmwave 5G refers to millimeter waves that are frequencies beginning at 24 GHz and above, often known as mmWaves or high-band 5G. Millimeter wave (mmWave) frequency bands above 24 GHz can deliver extreme capacity, ultra-high throughput, and ultra-low latency. 5G networks allow for faster data speeds and much higher bandwidth.
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Mmwave 5G Market Surges With The Rapid Digitalization Of Enterprises
Rapid digitalization of enterprises is expected to propel the growth of the mmWave 5G market going forward. Digitalization refers to integrating digital technologies into business. Businesses are transforming their processes to improve revenues, which is also called digital transformation. The mmWave 5G technology offers high internet speeds, enabling and facilitating data transfer for businesses. For instance, according to the 2021 Retail Digital Transformation Survey conducted by BDO USA LLP, a US-based financial advisor, customer experience remained retail's top digital priority with 35% of members prioritizing improving customer experience, 30% on optimizing business processes and driving operational efficiencies across the supply chain, 15% on consolidating or upgrading legacy IT infrastructure, 11% on implementing change management for digital adoption in the workplace and 9% on adopting a new business or revenue model. Therefore, the rapid digitalization of enterprises is driving the growth of the mmWave 5G market.
Competitive Landscape -
Major companies operating in the mmWave 5G market report are Samsung Electronics Co Ltd., Verizon Communications Inc., AT&T Inc., Huawei Technologies Co Ltd., Intel Corporation, Qualcomm Incorporated, NEC Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, ZTE Corporation, NXP Semiconductors N.V., Analog Devices Inc., Microchip Technology Inc., Skyworks Solutions Inc., Keysight Technologies Inc., Qorvo Inc., Rohde & Schwarz GmbH & Co KG, Viavi Solutions Inc., Xilinx Inc., MACOM Technology Solutions Holdings Inc., ADVA Optical Networking SE, Ceragon Networks Ltd., Casa Systems Inc., Inseego Corp, Airspan Networks Holdings Inc., Anokiwave Inc., Akoustis Technologies Inc., Movandi Corporation, Cohere Technologies Inc., E-Band Communications LLC
Technological Advancements Drive Growth In The mmWave 5G Market
Technological advancement is a key trend in the mmWave 5G market. Major players operating in the market are developing advanced products with the latest technologies to strengthen their position in the market. For Instance, in May 2022, MediaTek, a Taiwan-based manufacturer of semiconductors launched the next generation of 5G smartphones powered by the Dimensity 1050 system-on-chip [SoC] with TSMC 's 6nm manufacturing technology, which is its first mmWave 5G chipset and offers seamless connection, displays, gaming, and power efficiency. These chips will be utilized in the next generation of 5G smartphones.
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Key Segments -
The mmWave 5G market covered in this report is segmented -
1) By Component: Hardware, Solutions, Services
2) By Bandwidth: 24GHz to 57GHz, 57GHz to 95GHz, 95GHz to 300GHz
3) By Use Case: eMBB, FWA, mMTC, URLLC
4) By Application: Real-time Surveillance Cameras, AR and VR, Industry 4.0, Live Streaming, Transport Connectivity, Ultra High-definition Video, Other Applications
5) By End User: Aerospace and Defense, Telecom, Media and Entertainment, Automotive and Transportation, Public Safety, Healthcare and Life Sciences, Other End Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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