The global 5G
Market is predicted to grow at a healthy CAGR by 2022, states the
recent Market Research Future (MRFR) analysis. 5G, simply put, is the 5th
generation mobile network that has been designed to cater to the huge growth in
connectivity and data of the current modern society, the IoT (internet of
things), with innumerable connected devices as well as other forthcoming
innovations.
Various factors are
fuelling the global 5G market share. According to the recent MRFR market
estimates, such factors include low latency and faster data speeds, need for
high-speed data connectivity for unified IoT applications like smart home
energy management, broadband access for public transportation systems like
high-speed trains and buses, growth in mobile data traffic, and growing adoption
of virtual networking architecture in telecommunications. Additional factors
adding market growth include the trend of smart cities, and increasing use in
smart applications such as waste management, video surveillance and analytics,
smart traffic lights, smart traffic management systems, smart grids, and
metering systems, and smart utility management systems.
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On the contrary,
chances of cybersecurity threats, and the COVID-19 impact are factors that may
limit the global 5G market growth over the forecast period.
Market
Segmentation
The MRFR report
highlights an inclusive segmental analysis of the global 5G market based on
components and applications.
Based on
components, the 5G market is segmented into flexible duplex communication,
access/backhaul integration, device-to-device communication, and phantom cell.
By applications,
the global 5G market is segmented into home automation, healthcare, utility,
energy, retail, automotive, consumer electronics, and others.
Regional
Analysis
By region, the
global 5G market covers the growth opportunity and recent trends across Europe,
North America, the Asia Pacific (APAC), and the Rest of the World (RoW).
Of these, North
America will command the largest share in the market over the forecast period.
The presence of advanced IT infrastructure, early deployment of 5G services,
increasing deployment of 5G network infrastructure in the US, growing
investments in the US to build smart homes, rolling out smart city projects,
and establishing smart industries, rising data traffic, demand for high
bandwidth, and rising adoption of technologies like IoT, virtual reality,
augmented reality, and artificial intelligence are adding to the global 5G
market growth in the region.
In Europe, the
global 5G market is predicted to have the second-largest share over the
forecast period. Technological advances, industrial automation, advances in the
IT industry, rising penetration of smartphones, development of 5G in China and
South Korea, and increasing government policies & associated regulations
are adding to the global 5G market growth in the region.
In the APAC region,
the global 5G market is predicted to have healthy growth over the forecast
period. The presence of key market players, growing investments in rolling out
5G network infrastructure in South Korea, Japan, and China, increasing
investments to deploy the next-generation infrastructure for manufacturing,
healthcare, transportation and logistics, and media and entertainment, growing
demand for smartphones to support higher data speeds, the launch of 5G-enabled
smartphones, presence of many 5G and communication service providers, and large
scale commercialization in China are adding to the global 5G market growth in
the region.
In the Rest of the
World, the global 5G market is predicted to have sound growth over the forecast
period. Demand for driverless cars, demand for artificial intelligence, IoT,
and robotic technology, and favorable government initiatives are adding to the
5G market growth in this region.
Key Players
Eminent players
profiled in the 5G market report include Bharti Airtel Limited (India), Vodafone
Group PLC (UK), NTT DOCOMO, Inc. (Japan), Huawei Technologies Co. Ltd. (China),
China Mobile Ltd. (China), Alcatel-Lucent (France), LM Ericsson (Sweden),
AT&T Inc. (U.S.), and Verizon Wireless (U.S.), among others.
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