5G Technology Market to Show Incredible Growth Rate of 65.8% by 2030 | Ericsson, Nokia, Telstra, T-Mobile
WILMINGTON, DE, UNITED STATES, October 3, 2024 /EINPresswire.com/ — The global 5G technology market size was valued at $5.13 billion in 2020, and is projected to reach $797.80 billion by 2030, growing at a CAGR of 65.8% from 2021 to 2030.
Global operators have started launching new 5G networks in early 2019. Also, all major phone manufacturers are commercializing 5G phones. Furthermore, 5G is designed to deliver peak data rates up to 20 Gbps based on IMT-2020 requirements. Moreover, the Qualcomm Technologies’ flagship 5G solutions, the Qualcomm Snapdragon X65 is designed to achieve up to 10 Gbps in downlink peak data rates. In addition to higher peak data rates, 5G is designed to provide much more network capacity by expanding into new spectrum, such as mmWave. 5G can also deliver much lower latency for a more immediate response and can provide an overall more uniform user experience so that the data rates stay consistently high even when users are moving around. And the new 5G NR mobile network is backed up by a Gigabit LTE coverage foundation, which can provide ubiquitous Gigabit-class connectivity.
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The demand for 5G technology has increased tremendously, especially by those needing the high speed, low latency, and network capacity that 5G is designed to provide. In addition, there is much faster rollout and adoption of 5G as compared to 4G which is expected to provide lucrative opportunities during the 5G technology market forecast.
By region, Asia-Pacific is the largest segment during 2020 and is expected to grow at the fastest CAGR during the forecast period due to wide presence of younger population in Asia-Pacific, which is increasing demand for digital applications including social gaming, media, and others. Furthermore, 5G network is expected to provide high data rate and thus, meet consumer expectations, which act as factors that boost the growth of the 5G technology market in the region.
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The 5G technology market growth has been positively impacted by the COVID-19 outbreak. This is attributed to the fact that consumer trend toward 5G technology is rapidly increasing and moreover, many industry verticals have fast-tracked their investment in 5G adoption to make sure that they will be ready to embrace the new ways of collaboration and operations by adopting technologies such as artificial intelligence-based solutions for real-time interaction with consumers. In addition, the sudden workspace change has opened up many avenues for transformation such as need for ultra-high-speed connections at employee homes, video and mixed channel collaboration among employees, secure remote operation of critical business processes and others. It is now observed that advanced video/audio setups are being installed in homes to accommodate the needs of the new workspace. Thus, the 5G technology market has been positively impacted by the COVID-19 pandemic.
The key players profiled in the 5G technology market are Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, and Intel Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the 5G technology industry.
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