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5G technology market size to grow by USD 128.46 billion between 2021 and 2026; North America will account for 46% of the market growth - TechnavioNEW YORK, Oct. 31, 2023 /PRNewswire/ -- The 5G technology market is estimated to register an incremental growth of USD 128.46 billion, accelerating at a CAGR of 69.34% between 2021 and 2026. The market is driven by the increasing R&D and deployment of 5G network. North America will account for 46% of the market growth during the forecast period. The increasing adoption of wireless technologies in the US is the major factor driving the growth of the regional market. In addition, the increasing need for high-speed and high-bandwidth networks to support the flow of data across industries is fueling the growth of the 5G technology market in North America. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. Request sample report
5G Technology Market 2022-2026: Vendor Analysis The global 5G technology market is fragmented with several vendors providing 5G technology services. Major players hold a significant share of the market. As the market is still in the nascent stage, enterprises are still in the planning stage of implementation. However, large vendors will benefit from economies of scale. This is expected to hamper the entry of new players into the market. Some of the key vendors covered in the report include:
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Grow your profit margin with Technavio - Buy the Report 5G Technology Market 2022-2026: Scope Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The report covers the following areas:
The market is witnessing significant investments in R&D, along with trend-setting innovations in 5G. For instance, in January 2020, Huawei completed 5G New Radio testing using a 2.6 GHz spectrum during the 5G trial organized by the IMT-2020 (5G) promotion group. The company's findings and understandings after the test completion are expected to further accelerate innovations in 5G technologies. Thus, the advent of 5G technology will compel vendors to develop wireless test equipment that can support the technology effectively. Besides, governments across the world are setting up committees to work on the roadmap for the 5G rollout. Such developments are driving the growth of the global 5G technology market. 5G Technology Market 2022-2026: Key Trend Strategic collaboration among market participants will emerge as a key trend in the market. Many governments and private organizations are collaborating with market vendors to accelerate the deployment of 5G technologies. For instance, in May 2020, IBM, Samsung, and M1 collaborated to start smart manufacturing trials to find and explore ways to improve 5G connectivity in robotic arms and smart devices on factory floors in Singapore. Similarly, in May 2020, Samsung and Hyundai joined hands to discuss a potential collaboration in electric cars. Such strategic collaborations among vendors and end-users are expected to have a positive impact on the growth of the market during the forecast period. For more details and an understanding of the market dynamics download sample reports 5G Technology Market 2022-2026: Segmentation
The market growth in the software segment will be significant during the forecast period. Software-defined networking (SDN) uses software-based controllers or application programming interfaces (APIs) to communicate with the hardware infrastructure and direct traffic on a network. It ensures faster and superior quality in addition to better security guarantees in comparison with preceding technologies. Such benefits are driving the growth of the segment.
The manufacturing industry is the major end-user in the market. The rising focus on improving efficiency, productivity, and financial performance throughout end-to-end manufacturing operations are driving the growth of the segment.
For insights on global, regional, and country-level parameters with growth opportunities & forecast (2022-2026) – Download a Sample Report 5G Technology Market 2022-2026: Key Highlights
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Browse through Technavio's Information Technology Market Reports Table of contents: 1 Executive Summary About US Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contact Technavio Research
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