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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