Global 5G Technology Market Projected to Witness Tremendous Growth During 2019-2026, Says Esticast Research
LOS ANGELES and PUNE, India, Feb. 26, 2020 /PRNewswire/ -- According to Esticast Research, Global 5G Technology Market accounted for a market value of $4.95 billion in 2019 and is anticipated to grow with a CAGR of 74.4% from 2019 to 2026.
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The surge in the number of IoT devices and growing uptake of edge computing, and rising demand for content streaming services are boosting the market growth. Edge computing enables large data volume to be controlled close to data sources. 5G technologies are anticipated to help in delivering unmatched data speeds while refining real-time data processing capabilities. Moreover, the surging demand for high-speed internet and large network coverage from several industrial applications such as telemedicine, autonomous driving, distant learning, and video conferencing, among others is expected to boost the growth of the market. Moreover, increasing focus of world leaders on implementing 5G network is anticipated to positively impact the market growth in coming years. For instance, on February 2020, at a special press meeting with Indian businesspersons held at the U.S. embassy in New Delhi, India, the U.S. President Donald Trump stated that, "Through our visit in India we conversed the significance of a secure 5G wireless network & the requirement for this evolving technology to be a tool for freedom, prosperity, progress, not to do anything with where it could be even considered as a conduit for suppression and censorship."
On the flip side, challenges with the implementation of fiber backhaul and small cell deployment may negatively impact the market growth over the forecast period.
Global 5G Technology Market, By Offering (Hardware, Software, Services), By Connectivity (Ultra-Reliable Low Latency Communication (URLLC), Others), By Application (Automation, Connected Vehicles, Others), By End-User, Estimation & Forecast, 2019 – 2026. Know more about this Report: https://www.esticastresearch.com/report/5g-technology-market
The global 5G technology market has been divided into the offering, connectivity, application, and end-user. The offering segment has been segmented into hardware, software, and services. The connectivity segment has been segmented into ultra-reliable low latency communication (URLLC), enhanced mobile broadband (EMBB), and Massive Machine Type Communication (MMTC). The application segment has been categorized into automation, connected vehicles, monitoring & tracking, smart surveillance, enhanced video services, VR & AR, and others. The end-user segment has been categorized into Energy & Utilities, Manufacturing, automotive, healthcare, media & entertainment, and others.
Based on geography, the 5G technology market has been segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been categorized into the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific region has been categorized into, South Korea, Japan, India, China, and Rest of Asia-Pacific. Moreover, the South America region has been divided into Brazil, Argentina, Mexico, and the Rest of South America. Furthermore, the Middle East & Africa is categorized into GCC Countries, Africa, and the Rest of the Middle East.
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North America is anticipated to be the major region in the global 5G technology market. The rising popularity of consumer electronic devices that rely on the high-speed network is boosting the market growth in the region. Further, the surging number of 5G trials is contributing to market growth in the European region. According to the data published by the European 5G Observatory, about 181 5G trials in the 28 member states of the European Union had been listed in December 2019 and about 222 trials in San Marino, Norway, Russia/span>, Turkey, and Switzerland. Further, the Asia Pacific is anticipated to observe substantial growth over the forecast period. According to the data published by the GSMA in June 2019, China was engaged in testing 5G across all main cities and provinces. It is estimated that about 28% of the Country's mobile connection will be running on the 5G network by the year 2025. Moreover, in April 2019, South Korea launched the first nationwide 5G mobile networks. Conclusively, the growing trials of 5G networks by various Asia-Pacific countries is expected to support the market growth in the region.
Prominent players functioning in the global 5G technology market include Intel Corporation, Huawei Technologies Co., Ltd, Nokia Corporation, Ericsson, Orange S.A., Deutsche Telekom Ag, Qualcomm Technologies, Inc., Telecom Italia, T-Mobile USA Inc., and Telstra. Key market players are investing in R&D activities.
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Developments by Prominent market players
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