5G Technology Market | Growth Focusing on Trends & Innovations During the Period Until 2030
High Spectrum prices and the threat of cyber attacks can hamper the growth of the market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 10, 2022 /EINPresswire.com/ — An increase in the number of IoT devices, adoption of edge computing, rise in demand for content streaming services, and an upsurge in demand for low latency connectivity in industrial automation drive the growth of the global 5G technology market. The EMBB segment accounted for more than three-fourths of the total market share in 2020. On the other hand, the region across Asia-Pacific would remain lucrative through 2020–2026.
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On the other hand, small cell deployment challenges and implementation of fiber backhaul restrain growth to a certain extent. However, an increase in investments in smart cities and opportunities in autonomous vehicles are expected to create multiple opportunities for the key players in the industry.
According to the report, the global 5G technology market was estimated at $5.53 billion in 2020, and is expected to reach $667.79 billion by 2026, growing at a CAGR of 122.3% from 2020 to 2026.
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Covid-19 outbreak:
• The Covid-19 pandemic positively affected the growth of the 5G technology market due to the sudden increase in demand for fast internet networks and the adoption of work-from-home culture.
• However, prolonged lockdown and a lot of uncertainties across the world negatively affected the market and reduced the number of new investments in the industry.
Based on offering, the hardware segment accounted for more than half of the total market revenue in 2020 and is expected to maintain its top status till 2026. Simultaneously, the services segment would cite the fastest CAGR of 133.1% during 2020–2026.
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Based on connectivity, the EMBB segment contributed to more than three-fourths of the total market share in 2020 and is anticipated to dominate throughout 2020–2026. The MMTC segment, on the other hand, is projected to grow at the fastest CAGR of 145.1% by 2026.
Based on geography, the Asia-Pacific region held the major market share in 2020 and is anticipated to retain the lion’s share by 2026. The same segment would register the fastest CAGR of 130.7% during the estimated period.
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The key players analyzed in the report include Ericsson, Huawei Technology, T-Mobile, Intel Corporation, Qualcomm Inc., Deutsche Telekom AG, Orange S.A., Nokia, Telecom Italia, and Telstra. These players have incorporated different strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others to heighten their stand in the market.
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