Press release
mmWave 5G Market: Major Trends Reshaping the Future of the Industry
mmWave 5G
How Large Will the mmWave 5G Market Size By 2025?
The mmWave 5G market has seen a swift expansion in its size in the past few years. This market is projected to escalate from $3.38 billion in 2024 to $3.85 billion in 2025, reflecting a compound annual growth rate (CAGR) of 14.1%. The growth during the historical period is a result of the formation and acceptance of 5G standards, rising data requirements from consumers and businesses, urban growth, initiatives for smart cities, and elevated consumption of mobile video.
How Big Is the mmWave 5G Market Size Expected to Grow by 2029?
Expectations are high for the mmWave 5G market size to experience a significant surge in the coming years, with an estimated worth of $6.66 billion in 2029 reflecting a compound annual growth rate (CAGR) of 14.7%. The anticipated growth during the projection period may be attributed to factors such as progress in 6G technology, advances in security measures, efforts towards rural connectivity, interdisciplinary cooperation, and quantum communication studies. The forecast period also signals considerable trends including autonomous vehicle connectivity, development of smart infrastructures, smart grid systems, the incorporation of 5G in agriculture, and improved fixed wireless access (FWA).
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Which Key Market Drivers Powering mmWave 5G Market Expansion and Growth?
The accelerated rate of enterprise digitalization is anticipated to boost the mmWave 5G market's expansion. Digitalization is the process by which businesses incorporate various digital technologies into their operations. Companies are altering their practices to increase revenue through digital transformation. The mmWave 5G technology provides swift internet connections, thereby aiding businesses in data transfer efficiency. To illustrate, a report by the Australia-based government agency, the Commonwealth Scientific and Industrial Research Organization (CSIRO), published in May 2023 revealed that 68% of Australian businesses have integrated artificial intelligence (AI) technologies. An additional 23% plan to do so in the subsequent year. Consequently, the surge in enterprise digitalization is fueling the growth of the mmWave 5G market.
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Which Fast-Growing Trends Are Poised to Disrupt the mmWave 5G Market?
The mmWave 5G market is being driven by a key trend of technological advancements. In order to bolster their place within the market, the main companies are developing state-of-the-art products that make use of the most recent technologies. For example, in May 2022, the Taiwan-based semiconductor manufacturer MediaTek introduced their new generation of 5G smartphones, designed with the Dimensity 1050 system-on-chip [SoC] utilizing TSMC's 6nm manufacturing process. Notably, this is their inaugural mmWave 5G chipset, featuring dramatically improved connection, display, gaming and power efficiency. This innovative technology will be incorporated into the forthcoming generation of 5G smartphones.
What Are the Emerging Segments in the mmWave 5G Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the mmWave 5G Industry?
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.
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