Press release
Steady Expansion Forecast for mmWave 5G Market, Projected to Reach $6.6 Billion by 2029
mmWave 5G
mmWave 5G Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of mmwave 5g has seen considerable expansion in the prior years. The forecast suggests it will escalate from a valuation of $3.38 billion in 2024 to approximately $3.84 billion in 2025, reflecting a compound annual growth rate (CAGR) of 13.9%. The impressive growth noted in the preceding duration is due to factors such as the formulation and implementation of 5G standards, rising data demands from consumers and businesses, the progression of urbanization, initiatives towards smart cities, and a surge in mobile video consumption.
mmWave 5G Market Size Forecast: What's the Projected Valuation by 2029?
Expect to see a swift expansion of the mmwave 5g market in the coming years, with its worth estimated to hit $6.6 billion by 2029, following a compound annual growth rate (CAGR) of 14.5%. The surge in the projected period is credited to factors such as the development of 6G, upgraded security protocols, initiatives to improve rural connectivity, collaborative efforts across industries, and research in quantum communication. Future trends within the forecast period encompass connectivity for autonomous vehicles, advancement in smart infrastructure, smart grids, inclusion of 5G in agriculture, and the enhancement of fixed wireless access (FWA).
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What Are the Drivers Transforming the mmWave 5G Market?
The swift progression of enterprise digitalization is projected to fuel the progression of the mmWave 5G market. Digitalization signifies the infusion of digital technologies into the corporate landscape. Corporations are reshaping their operations for enhanced revenue generation, a process also referred to as digital transformation. The capabilities of mmWave 5G technology, including high-speed internet, play a crucial role in enabling and promoting business data transfer. For example, a report released by the Commonwealth Scientific and Industrial Research Organization (CSIRO), a governmental agency based in Australia, revealed that as of May 2023, 68% of Australian businesses have incorporated artificial intelligence (AI) technologies, with another 23% planning to do so within the forthcoming year. Hence, the accelerated digitalization of enterprises is boosting the growth of the mmWave 5G market.
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What Long-Term Trends Will Define the Future of the mmWave 5G Market?
A prominent trend in the mmWave 5G market is the evolution of technological enhancements. The main players in the market are launching innovative products constructed with the latest technologies to reinforce their market standing. For example, in May 2022, Taiwan's semiconductor manufacturer, MediaTek, introduced the subsequent generation of 5G smartphones driven by the Dimensity 1050 system-on-chip [SoC] integrated with TSMC's 6nm manufacturing technology. This is MediaTek's inaugural mmWave 5G chipset, providing uninterrupted connections, visuals, gaming, and power efficacy. These chips will be implemented in future 5G smartphones.
Which Segments in the mmWave 5G Market Offer the Most Profit Potential?
The mmwave 5gmarket 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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Which Firms Dominate the mmWave 5G Market by Market Share and Revenue in 2025?
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 Regions Offer the Highest Growth Potential 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.
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