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The Future of 5G Infrastructure: Key Trends and Market Insights for 2024
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According to The Business Research Company's, The 5g infrastructure equipment market size has grown exponentially in recent years. It will grow from $18.44 billion in 2023 to $31.71 billion in 2024 at a compound annual growth rate (CAGR) of 72.0%. The growth in the historic period can be attributed to mobile data surge, internet evolution, proliferation of smart devices, business and industry demands, telecom industry growth.
The 5g infrastructure equipment market size is expected to see exponential growth in the next few years. It will grow to $152.15 billion in 2028 at a compound annual growth rate (CAGR) of 48.0%. The growth in the forecast period can be attributed to enhanced data speed and capacity, iot integration, network upgrades and expansion, security and privacy focus, edge computing integration. Major trends in the forecast period include network slicing, open ran (radio access network), densification and small cells, massive mimo (multiple input multiple output) technology, ai and automation integration.
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Market Drivers and Trends:
The adoption of 5G for smart city networks is the primary factor contributing to the growth of the global 5G infrastructure market. The enhanced features of 5G networks such as high speed, reduced or zero latency, wider bandwidth, uniform platform, larger number of connected devices, and extended battery life are powering the smart cities, thereby causing an urban revolution. Zero latency, for instance, enables the sensors and devices that power the city's transportation and traffic system to automatically redirect traffic and also alert self-driving vehicle systems about the situations on the road. The advanced 5G capabilities such as enhanced security (instantaneous transfer of videos from the security cameras), instant response to emergency situations, and personalized healthcare are expected to bring increased digital inclusion to urban residents. From automated grocery purchase and delivery to complex management of a building's infrastructure, 5G will enable people to adopt new standards of living. Due to all these enhanced features, the demand for 5G network is growing, and therefore, adoption of 5G for smart city networks is driving the 5G infrastructure equipment market.
The Internet of Things (IoT) that has been transforming businesses and peoples' lives is continuing to ignite new innovations. IoT represents one of the key growth opportunities for 5G telecommunication service providers. A number of factors, including increased demand from consumers and enterprises, and the availability of more affordable devices, are driving the adoption the Internet of Things (IoT) which in turn is expected to drive 5G infrastructures. 5G will be driven largely by IoT applications including remote healthcare, traffic safety and control, smart grid automation, industrial application and control, and remote manufacturing, training, surgery and education. Growth in IoT technology will drive significant operator investment in 5G technology, spectrum and infrastructure.
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Major Key Players of the Market:
AT&T Inc., Verizon Communications Inc., Corning Incorporated, Fujikura Ltd., Hewlett Packard Enterprise Company, Belden Inc., Intel Corporation, Telefonaktiebolaget LM Ericsson, Qualcomm Technologies Inc., Huawei Technologies Co. Ltd., Samsung Electronics Co. Ltd., Cisco Systems Inc., NEC Corporation, Nokia Corporation, Mavenir Systems Inc., Oracle Corporation, Gogo Business Aviation LLC, Microsoft Corporation, Boingo Wireless Inc., RingCentral Inc., Cognizant Softvision LLC, Celonis SE, Zipwhip Inc., Biarri Networks Pty Ltd, NTT DOCOMO INC., ZTE Corporation, CommScope Holding Company Inc., A1 Telekom Austria Group, Airspan Networks Inc., Comba Telecom Systems Holdings Ltd., Dell Technologies Inc., Zayo Group Holdings Inc.
5G Infrastructure Equipment Market 2024 Key Insights:
• The 5g infrastructure equipment market size is expected to see exponential growth in the next few years. It will grow to $152.15 billion in 2028 at a compound annual growth rate (CAGR) of 48.0%.
• 5G Revolutionizes Smart Cities, Fueling Growth In The 5G Infrastructure Market
• 5G Telecommunication Service Providers Poised To Prosper With IOT Innovation
• Asia-Pacific was the largest region in the 5G infrastructure equipment market in 2023
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