Meticulous Research®—a leading global market research company, published a research report titled, ‘5G Technology Market by Component (Hardware, Software, and Services), Connectivity (Enhanced Mobile Broadband (eMBB), Massive Machine Type Communication (mMTC), Ultra-Reliable and Low-Latency Communication (URLLC)) -Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the global 5G technology market is expected to reach $241.5 billion by 2029, at a CAGR of 42.2% during the forecast period.
The 5G technology market is driven by the massive growth in mobile data traffic volumes over 4G networks, the need for ultra-low latency network connectivity, and the growing investments in the 5G network. However, delays in the standardization of spectrum allocation may restrain the market's growth to some extent.Connected factories, automation, and smart cities initiatives in developed and developing regions worldwide are expected to offer significant growth opportunities for the 5G technology market.
Meticulous Research® has segmented this market by component, connectivity, and geography to provide efficient analysis. The study also evaluates industry competitors and analyzes the regional and country-level markets.
Based on component, in 2022, the hardware segment is expected to account for the largest share of the 5G technology market. The large market share of this segment is attributed to the increasing need to reduce OPEX and CAPEX, the growing robust deployment of 5G RAN with several small cells and macrocell base stations, and the increasing need to implement virtual RAN among network service providers to reduce network complexities.
Based on connectivity, in 2022, the enhanced mobile broadband (eMBB) segment is expected to account for the largest share of the 5G technology market. The large market share of this segment is attributed to the growing demand for high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meetings, and virtual reality (VR) & augmented reality (AR) gaming. In addition, the rising penetration of smartphones and the need for high bandwidth to provide reliable communication to wireless devices are enhancing the growth of this segment.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the 5G technology market. The presence of prominent key players in the region is expected to contribute to its high revenue share and the rapid economic growth in major countries such as China, Japan, India, and South Korea. In addition, businesses and governments in this region have shown a high inclination toward commercializing next-generation 5G networks, propelling the demand for 5G technology over the forecast period. Moreover, the conducive environment for start-ups and the rising demand for ultra-low latency are also expected to boost the growth of this regional market over the forecast period.
The key players operating in the 5G technology market are Nokia Corporation (Finland), Cisco Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Telefonaktiebolaget LM Ericsson (Sweden), Qualcomm Technologies, Inc. (U.S.), Ciena Corporation (U.S.), Verizon Communications Inc. (U.S.), Intel Corporation (U.S.), Deutsche Telekom AG (Germany), Samsung Electronics Co., Ltd. (South Korea), Extreme Networks (U.S.), DISH Network Corporation (U.S.), NEC Corporation(U.S.), Parallel Wireless, Inc. (U.S.), AT&T (U.S.), Fujitsu Limited (Japan), Mavenir Systems, Inc. (U.S.), ZTE Corporation (China), Comba Telecom Systems Holdings Ltd. (China), and Crown Castle (U.S.).
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