5g technology market Growth & Trends
The 5g technology market size is expected to reach $47,775 million by 2027, growing at a CAGR of 67.1% between 2020 to 2027 as per the new research report published by Confianza Market Research & Consultancy. 5G is the new wireless service standard after 2G, 3G, and 4G networks. 5G enables a new type of network which are designed to connect virtually such as devices, objects, and machines, as it is the 5th generation network. 5G infrastructure can provide higher internet speed, massive network capacity, more reliability, high performance. The impact of 5G services is greater than the other network services, such as 2G, 3G, 4G. the automotive industry is one of the best examples where 5G services are expanding further than the traditional network.
The growth of mobile data traffic and the growing implementation of virtual networking are the reason behind the substantial growth of the 5G services market in near future. Also, the increasing demand in developed, as well as the developing country for high-speed data connectivity, will grow the 5G services market in near future. Rapid technological growth in the semiconductor and sensor industry is cooperative to grow the 5G services industry. Looking towards the tremendous growth in the 5G services industry in forecast years, a large number of new market players are entering this market.
View detailed market insights & view sample report here: 5G Technology Market Size, Share, and Trends Analysis Report
Recently the 5G network is in the emerging stage and there are no more developments that have been seen in the 5G network. However, the 5G network plays an important role in a few sectors such as healthcare, automotive, defense, aerospace, etc. due to the Internet of Things (IoT) and M2M communication. Moreover, when we talk about the consumers’ experience, 5G infrastructure will enhance the consumer’s experience due to its faster speed and low dormancy. 5G infrastructure can enhance the consumer experience in Ultra high definition videos, Augmented reality and virtual reality gaming, video calling, etc., this is another reason to boom the 5G service market in the future. Implementation of the Internet of Things (IoT) and M2M communication can bring the 5G infrastructure industry in the elevation stage.
North America is the leading market for 5G infrastructure, as they are investing more in research and development, network design of 5G infrastructure. Most 5G infrastructure key players are from the North America region. Also, North America is the region which is known for its high espousal of new technologies such as 5G infrastructure, Internet of Things (IoT), autonomous cars, etc. concept of the vehicle to everything (V2X) communication concrete the way for connected vehicle and autonomous driving. Whereas the 5G infrastructure plays an important role in the vehicle to infrastructure to reduce road accidents.
5G Technology Market Segmentation
For the purpose of this study, the 5g technology market has been segregated into the following key segments.
- Enhanced mobile broadband (eMBB)
- Ultra-reliable low latency communication (URLLC)
- Massive machine-type communication (mMTC)
- Connected vehicles
- Monitoring & tracking
- Smart Surveillance
- VR & AR
- Enhanced video services
- Energy & Utilities
- Transportation & Logistics
- Media & Entertainment
- North America
- The U.S.
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa