5G Technology Market Size to grow by USD 440.19 billion between 2023-2027
According to a research report “ 5G Technology Market” by Application (Manufacturing, Automotive, Energy and utilities, Healthcare and others) Component (Software, Services) Geography (APAC, North America, Europe, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 440.19 billion, at a CAGR of 93.25% during the forecast period. The research and development (R&D) sector in 5G technology is experiencing significant growth, with an increasing number of investments and advancements in hardware innovation. In October 2019, Qualcomm Inc. announced a USD200 million venture investment in organizations developing 5G technology. Meanwhile, Huawei completed 5G New Radio testing in January 2020 using a 2.6 GHz spectrum at the IMT-2020 (5G) promotion group's trial. Huawei's leading position in test completion and recent achievements are accelerating 5G technology R&D and contributing to the formation of unified global standards, marking a crucial milestone in China's second phase of 5G testing..
Browse market data tables, figures, and in-depth TOC on “5G Technology Market” by Application (Manufacturing, Automotive, Energy and utilities, Healthcare and others) Component (Software, Services) Geography (APAC, North America, Europe, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample
By Application, the Manufacturing segment is projected to dominate the market size in 2024
5G technology serves as a transformative platform for manufacturers of 5G networks, enabling the creation of smart factories and unlocking new revenue streams. Leveraging advanced technologies such as artificial intelligence, automation, augmented reality for troubleshooting, and IoT, manufacturers can significantly enhance their operations and productivity. According to the Ericsson report, "The 5G Business Potential," the global 5G technology market is projected to reach a substantial revenue growth of USD 113 billion by 2026, representing a 7% increase from current service revenue forecasts. With 5G networks providing the necessary characteristics for manufacturing, the sector represents a significant opportunity for operators to drive industry digitalization.
By Component, Software segment is expected to hold the largest market size for the year 2024
In the realm of telecommunications, 5G technology offers significant advancements, delivering faster data transfer rates and superior network quality compared to previous generations. Concurrently, Software-Defined Networking (SDN) represents a revolutionary approach to networking, utilizing software-based controllers or APIs to manage hardware infrastructure and traffic flow. Incorporating SDN into 5G technology enables network administrators to exercise remote control and flexibility. However, the centralized controller architecture of SDN may pose challenges in terms of performance and scalability for extensive 5G networks. Simultaneously, 5G technology encounters unique challenges due to its distinct underlying architecture compared to 4G LTE networks.
APAC is forecasted to hold the largest market size by region in 2024
The 5G technology market in the Asia Pacific region is experiencing significant growth due to the increasing demand for high-speed connectivity and advanced communication solutions. Key drivers include improvements in the telecom sectors of China, India, Malaysia, and Singapore, as well as in developed markets such as Japan, Australia, and South Korea. With a rising number of mobile subscribers in the region, the market is witnessing steady expansion. Furthermore, the launch of 5G-enabled smartphones in markets like India is anticipated to boost demand for this technology during the forecast period. The 5G technology market in Asia Pacific is poised for robust growth, driven by the region's expanding mobile user base and the ongoing digital transformation.
The 5G Technology Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: 5G Technology Market: Infrastructure Contracts, Spectrum Auctions, and the Future of Telecommunications Services The 5G technology market is experiencing significant growth, driven by infrastructure contracts, spectrum auctions, and the rollout of 5G networks by Mobile Network Operators (MNOs) and Internet Service Providers (ISPs). CSPs (Communications Service Providers) are investing heavily in 5G technology to meet the increasing demand for high-speed mobile data consumption. Spectrum auctions have been a key driver of 5G network deployment, with countries around the world auctioning off valuable spectrum to CSPs. Infrastructure contracts, worth billions of dollars, have been signed between governments and telecommunications companies to build the necessary 5G infrastructure. 5G networks are expected to revolutionize the telecommunications industry, enabling new applications such as AI, XR, IoT, and mobile broadband services. The technology is also expected to bring about real-time data collection for industries such as smart agriculture, making farming more efficient and productive. However, the 5G rollout also brings concerns around data espionage and security. As 5G networks become more pervasive, it is essential to ensure that they are secure from potential threats. The 5G technology market is estimated to grow at a CAGR of X% between the base year of 2022 and 2027. Key players in the market include NTT Docomo, Verizon, AT&T, and Vodafone. The market is expected to be driven by the growing application of 5G technology in SA (Standalone) networks, mmWave technology, and the deployment of 5G in various industries.
Market Research Overview
The 5G technology market is poised for exponential growth, with tablets and mobile devices leading the charge for seamless connectivity in the next generation of mobile internet. Telecom providers are racing to roll out 5G networks, with 5G leaders like NTT Docomo at the forefront. The lucrative segment includes mission-critical services, mobile gaming, live sports streaming, and in-venue digital services. 5G NR mmWave and wider spectrum in high-frequency bands are key components of 5G infrastructure, with managed and professional services from infrastructure providers essential for successful implementation. Standalone 5G networks and services are becoming increasingly important, offering SA (Standalone) capabilities for faster download speeds and higher traffic capacity. Mobile operators and internet service providers are investing in 5G rollout, with spectrum auctions and infrastructure contracts driving growth. The emergence of IoT and smart cities is a growing application for 5G technology, with real-time monitoring of urban infrastructure, traffic management, and public services becoming increasingly important. However, difficulties such as financial burden, interoperability, and spectrum harmonization remain challenges for widespread adoption. FWA connections, roaming capabilities, and network performance are also critical considerations for mobile service providers. The 5G subscriber base is expected to grow significantly, with smartphone devices and IoT devices driving demand for high-speed, low-latency capabilities. The 5G market is estimated to reach exabytes of data consumption, with applications including environmental sensors, energy distribution, smart grid systems, precision farming, and real-time data collection. AI, XR, and RAN are also expected to play a significant role in the 5G ecosystem, with traffic patterns, air quality, and urban infrastructure among the key areas of focus.
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