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mmWave 5G Global Market Report 2024 Market Segments, Analysis, Overview, Outlook By 2024-2033
mmWave 5G Global Market Report
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According to The Business Research Company's, The mmWave 5G market size has grown rapidly in recent years. It will grow from $2.99 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to development and adoption of 5G standards, growing consumer and enterprise data needs, urbanization, smart city initiatives, increased mobile video consumption.
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).
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
mmWave 5G Market 2024 Key Insights:
• 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%.
• Mmwave 5G Market Surges With The Rapid Digitalization Of Enterprises
• Technological Advancements Drive Growth In The mmWave 5G Market
• North America was the largest region in the mmWave 5G market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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