Latest News - 5G Technology Market: Manufacturing is expected to lead the Application segment during 2024-2028

The 5G Technology Market is being driven by Growing research and development and deployment of 5G network

The 5G Technology Market is expected to grow at a CAGR of 114.45% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1330.8 billion. In the modern business landscape, smart cities are gaining significant traction due to their advanced Information and Communication Technology (ICT) infrastructure. These cities prioritize connectivity and integration of public amenities and infrastructure, making commercial operations more efficient and convenient. The backbone of a smart city lies in its extensive Machine-Type Communication (MTC) applications. Notable MTC applications include smart metering, property monitoring, logistics management, and smart parking. These applications necessitate low data rates but demand extensive long-reach connectivity due to their placement in challenging environments such as basements and farms. Consequently, robust and reliable communications, including the Internet, landlines, and wireless services, are indispensable for the successful implementation and operation of these applications within smart cities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Manufacturing
  • Automotive
  • Energy and utilities
  • Others
• Component
  • Software
  • Services
• Connectivity
  • Enhanced Mobile Broadband (EMBB)
  • Ultra-Reliable Low Latency Communication (URLLC)
  • Massive Machine Type Communication (MMTC)
• Geography
  • APAC
    • China
    • South Korea
  • North America
  • Europe
    • UK
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing research and development and deployment of 5G network
• Government initiatives driving high-speed communication infrastructure
• Growing adoption of smartphones and demand for better connectivity

However, the market also witnesses some limitations, which are as follows:

• High deployment cost of 5G technology
• Threat of cybersecurity breach
• Energy efficiency challenges in 5G small-cell networks

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Market Scope in 5G Technology Market Research Report

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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

According to Technavio, the global 5G technology market is a segment of the broader global technology hardware, storage, and peripherals market, which encompasses manufacturers of various IT hardware, including cellular phones, personal computers, servers, and peripherals. This market also covers data storage components, motherboards, audio and video cards, monitors, keyboards, printers, and other peripherals. The market size is determined by the revenue generated from the sales of these hardware devices, equipment, and components. The growth of the global technology hardware, storage, and peripherals market will be fueled by the escalating demand for data centers, particularly due to the increased adoption of work-from-home technologies as a result of the COVID-19 pandemic. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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