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5G Technologies Global Market Report 2024 To 2033 | Ericsson, Nokia, Qualcomm Technologies Inc., Intel Corporation, Broadcom, Huawei Technologies Co. Ltd
5G Technologies Market Share
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According to The Business Research Company's, The 5g technologies market size has grown exponentially in recent years. It will grow from $17.24 billion in 2023 to $28.33 billion in 2024 at a compound annual growth rate (CAGR) of 64.4%. The growth in the historic period can be attributed to increase in data volume generation, increasing adoption of 5g networks, increasing number of internet users, and strong economic growth in emerging markets.
The 5g technologies market size is expected to see exponential growth in the next few years. It will grow to $148.66 billion in 2028 at a compound annual growth rate (CAGR) of 51.3%. The growth in the forecast period can be attributed to government initiatives, increasing smart homes, growth in number of iot devices, and increasing investments. Major trends in the forecast period include focus on the use of machine learning technology, focus on artificial intelligence, launching innovative products, and partnerships and collaborations to improve revenues and product offerings.
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Market Drivers and Trends:
The 5G technologies market is expected to be supported by rapid growth in smart homes in the forecast period. A smart home is a residence that uses internet-connected devices to enable the remote monitoring and management of appliances and systems. 5G technologies provide both home security and home automation. Increasing smart homes is driving the need for 5G technologies for homes that can be accessed remotely. For instance, according to CITyFiED, a Spain-based project funded by the European Union's Seventh Program, the number of smart homes in Europe is expected to reach 84 million by 2022, with Germany, the UK, and France pushing the market forward. For instance, the smart home penetration rate in the UK is expected to reach 63% by 2025. Therefore, increasing smart homes is expected to act as a driver for the 5G technologies market.
The increasing collaborations between 5G technology companies are an emerging trend in the 5G technologies market. This is mainly because these companies are focusing on developing a strong 5G infrastructure and facilitating innovative platforms, by sharing their resources, knowledge, technology, and cost. Such collaborations are also helpful to the companies in case of expiring licenses, lack of technological know-how, and stringent regulatory environment. For example, in January 2022, Vodafone, a UK-based telecommunications company partnered with Ciena, a US-based telecommunications company for 5G solutions. With this partnership, Vi maximizes fiber capacity and network efficiencies for 5G. Further, in October 2022, Ericsson, a US-based 5G technology company partnered with Reliance JioInfocomm Ltd., an India-based telecommunications company to build the first 5G standalone network in India.
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Major Key Players of the Market:
iRhythm Technologies, Inc, Koninklijke Philips N.V (Philips healthcare), General Electric Company (GE Healthcare), Nihon Kohden Corporation, Medtronic, CardioComm Solutions, Inc., Withings, QardioCore, AliveCor Inc., Aerotel Medical Systems Ltd., General Medical Inc, Kavitul Technologies Private Limited, Web Biotechnology, Shenzhen YKD Technology Co.,Ltd, SanketLife, Jiangsu Medomics Medical Technology Co., Ltd, Contec Medical Systems Co., Ltd, Hunan Rainbow Technology Co., Ltd, B-Secur, Shimmer Sensing, VEMO, SmartCardia, Omron Kardiamobile EKG, Diagnostic and Interventional Cardiology (DAIC), Inovatica, Emtel, Trismed Co., Ltd, Plux Biosignals, Newtech Inc, Ultromics, CardioNet, Preventice Solutions, Boston Scientific (US), BTL, Apple, Pratixia Dermo Solucoes Ltda, STMicroelectronics, Cardiac Insight Inc, CardiacSense, C3⁺ Holter Monitor (Cortrium), BIOEGYPT, Pulse
5G Technologies Market 2024 Key Insights:
• The 5g technologies market size is expected to see exponential growth in the next few years. It will grow to $148.66 billion in 2028 at a compound annual growth rate (CAGR) of 51.3%.
• Accelerating 5G Technologies Market Growth Through The Rise Of Smart Homes
• Increasing Collaborations Shape The Future Of The 5G Technologies Market
• North America was the largest region in the 5G technologies market in 2023
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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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