Press release
mmWave 5G Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
mmWave 5G Market
The exponential increase in enterprise digitalization is anticipated to spur the mmWave 5G market's expansion. Digitalization involves assimilating digital technologies into business practices, leading to an overhaul of processes known as digital transformation to boost earnings. Through mmWave 5G technology, businesses can enjoy high-speed internet, promoting efficient data transfer. As per a Commonwealth Scientific and Industrial Research Organization (CSIRO) report in May 2023, it was noted that AI technologies were being utilized by 68% of businesses in Australia, and another 23% planned to do so within the coming year. Thus, the swift digitalization of enterprises is contributing largely to the growth of the mmWave 5G market.
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What growth opportunities are expected to drive the mmwave 5g market's CAGR through 2034?
The market size for mmWave 5G has seen significant expansion in the recent years. An increase from $3.38 billion in 2024 to $3.85 billion in 2025 has been projected, at a compound annual growth rate (CAGR) of 14.1%. Factors contributing to this surge during the historical period include the creation and implementation of 5G standards, rising data demands from consumers and enterprises, urban growth, initiatives aimed at building smart cities, and a spike in mobile video usage.
Expectations are high for the mmWave 5G market to experience substantial growth over the coming years, with projections suggesting it will reach $6.66 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 14.7%. This growth in the forecast period can be linked to influences such as 6G development, enhanced security systems, rural connectivity initiatives, cross-industry partnerships, and studies into quantum communication. Forecasted trends bolstering this growth include the connectivity of autonomous vehicles, developments in smart infrastructure, the implementation of smart grids, the application of 5G in farming, and the improved provision of fixed wireless access (FWA).
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What are the emerging trends shaping the future of the mmwave 5g market?
A primary trend observed in the mmWave 5G arena is the progression of technology. Key market players are introducing innovative products using cutting-edge technologies to solidify their market position. For example, in May 2022, MediaTek, a semiconductor producer based in Taiwan, unveiled its latest generation of 5G smartphones. These devices are equipped with the Dimensity 1050 SoC, leveraging TSMC's 6nm manufacturing technology, marking MediaTek's first foray into mmWave 5G chipsets. The features such as unhindered connectivity, top-tier display, gaming, and power efficiency are the highlights of these chipsets, which are intended for future 5G smartphones.
Which growth-oriented segments of the mmwave 5g market are leading the industry's development?
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
Subsegments:
1) By Hardware: Antennas, Radio Frequency (RF) Components, mmWave Transceivers, Network Routers
2) By Solutions: Network Management Solutions, mmWave Spectrum Solutions, Edge Computing Solutions, Cloud-based Solutions
3) By Services: Consulting Services, Network Deployment Services, Maintenance and Support Services, Training and Education Services
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What regions are leading the charge in the mmwave 5g market?
North America was the largest region in the mmWave 5G market in 2024. The regions covered in the mmwave 5G market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the mmwave 5g market?
Major companies operating in the mmWave 5G market include 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
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What Is Covered In The mmWave 5G Global Market Report?
•Market Size Forecast: Examine the mmwave 5g market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the mmwave 5g market for a structured understanding.
•Key Players Overview: Analyze major players in the mmwave 5g market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the mmwave 5g market.
•Segment Contributions: Evaluate how different segments drive overall growth in the mmwave 5g market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the mmwave 5g market.
•Industry Challenges: Identify potential risks and obstacles affecting the mmwave 5g market.
•Competitive Landscape: Review strategic developments in the mmwave 5g market, including expansions, agreements, and new product launches.
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