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Millimeter Wave Technology Market to Reach $2.3 Billion by 2023: Surge in Mobile Data Traffic with Bandwidth-Intensive ApplicationsDUBLIN, July 19, 2017 /PRNewswire/ -- The "Millimeter Wave Technology Market - Global Forecast to 2023" report has been added to Research and Markets' offering.  The millimeter wave technology market is expected to reach USD 2,302.6 Million by 2023 from USD 290.4 Million in 2016, at a CAGR of 35.2% between 2017 and 2023. The major factors driving the growth of the millimeter wave technology market include the surge in mobile data traffic with bandwidth-intensive applications, use in small-cell backhaul network, demand for innovative applications of radar and security products, and potential use in consumer electronics. The millimeter wave technology market for the mobile & telecom application is expected to grow at the highest CAGR over the next six years owing to the expected commercialization of 5G technology, which needs millimeter wave technology-based components in its infrastructure. The products based on this technology are also used in industrial applications for level measurements in adverse environmental conditions as well as for networking purposes to enhance machine automation, owing to the high data transfer capability. The use of millimeter wave-based radar in autonomous and semi-autonomous vehicles is expected to provide groth avenues for the automotive and transportation application. The market for millimeter wave-based telecommunication equipment is expected to witness the highest growth in the market due to the increasing number of mobile subscribers, which creates a need for high bandwidth in the backhaul. Further, the telecom service market is witnessing a slow shift from 4G LTE to 5G, which needs high data transfer capability that is possible with the implementation of millimeter wave-based electronics and telecommunication components. North America held the largest share of the overall millimeter wave technology market in 2016 owing to the widespread penetration of 4G LTE along with the testing of 5G technology. Further, millimeter wave scanner systems are extensively adopted in the airports in the US and Canada. However, the limited range of millimeter wave along and uncertain licensing approach in the 30 to 300 GHz frequency are expected to be the key factors restraining the market growth. Companies Mentioned
Key Topics Covered: 6 Millimeter Wave Technology Market, By Product For more information about this report visit https://www.researchandmarkets.com/research/btfrxw/millimeter_wave Media Contact: Research and Markets
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