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Exploring the mmWave 5G Market: Projections, Key Players, Drivers and Trends
Exploring the mmWave 5G Market
The rapidly growing mmWave 5G market and its projections narrate a tale of innovation, elevated connectivity and cross-industry collaboration in the digital world.
What Is The Projected Market Size Of The Global mmWave 5G Market And Its Growth Rate?
The mmWave 5G market, demonstrating robust growth, anticipates the following milestones:
• 2024 Market Size: $3.38 billion
• 2025 Market Size: $3.85 billion (14.1% CAGR)
• 2029 Market Size: $6.66 billion (14.7% CAGR)
The market growth is stimulated by factors including development and adoption of 5G standards, escalating consumer and enterprise data needs, urbanization and smart city initiatives. In the forecast period, growth is expected to spike due to 6G development, enhanced security measures, rural connectivity initiatives, and quantum communication research.
What Is Driving The Growth In The mmWave 5G Market?
The dominant driving force catalyzing the growth in the mmWave 5G market is rapid digitalization of enterprises. The integration of digital technology into business processes is a major aspect of digital transformation. The superior internet speeds offered by mmWave 5G technology facilitates data transfer for businesses, thus propelling growth in digitalization. As cited by a 2023 report from the Commonwealth Scientific and Industrial Research Organization (CSIRO), around 68% of businesses in Australia have adopted artificial intelligence (AI) technologies, with a further 23% intending to implement them within the next year. This underscores the pivotal role of digitalization in boosting the mmWave 5G market.
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Who Are the Key Players Driving mmWave 5G Market Growth?
The following major companies hold the reins in the rapidly progressing mmWave 5G 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.
What Are The Key Trends In The mmWave 5G Market?
Emerging trends in the mmWave 5G market include:
• Autonomous vehicles connectivity
• Smart infrastructure development
• Smart grids
• 5G in agriculture
• Enhanced fixed wireless access (FWA)
What Are The Segments Of The Global mmWave 5G Market?
The global mmWave 5G market is segmented as follows:
• By Component: Hardware, Solutions, Services
• By Bandwidth: 24GHz to 57GHz, 57GHz to 95GHz, 95GHz to 300GHz
• By Use Case: eMBB, FWA, mMTC, URLLC
• By Application: Real-time Surveillance Cameras, AR and VR, Industry 4.0, Live Streaming, Transport Connectivity, Ultra High-definition Video, Other Applications
• By End User: Aerospace and Defense, Telecom, Media and Entertainment, Automotive and Transportation, Public Safety, Healthcare and Life Sciences, Other End Users
Which Region Leads The mmWave 5G Market?
North America spearheaded the mmWave 5G market in 2024, establishing itself as the largest region in terms of market share. The regions covered in the mmWave 5G market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The mmWave 5G Market Global Market Report?
- Market Size Analysis: Analyze the mmWave 5G Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the mmWave 5G Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall mmWave 5G Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the mmWave 5G Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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