Global 5G Technology Market

5G Technology Market: Overview

5G Technology Market Size, Trends and Insights By Component (Hardware, Software, Services), By Communication Type (Enhanced Mobile Broadband, Massive Internet of Things, Mission Critical Services), By Technology (Radio Access Technologies (RAT), Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), Worldwide Interoperability for microwave access (WiMAX)), By Application (IT & Telecom, Consumer Electronics, Industrial Automation, Automotive, Aerospace & Defense, Healthcare, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032

According to Custom Market Insights (CMI), The 5G Technology Market  size was estimated at USD 78.45 Billion in 2022 and is expected to hit around USD 11,948.72 Billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 65.4% from 2023 to 2032.

5G technology is the fifth generation of wireless cellular technology, offering higher upload and download speeds, more consistent connections, and improved capacity. 5G technology has a theoretical peak speed of 20 Gbps, while the peak speed of 4G is only 1 Gbps.

In the last two years, the development of 5G technology has been rapid and wide. To date, more than 260 5G networks have been deployed worldwide and nearly half the global population is leveraging the 5G services.

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5G Technology Market: Growth Drivers

In today’s digital world high speed internet and data connectivity is becoming one of the necessities. The rapid expansion of next-level wireless broadband technology is becoming more strong and wide-ranging.

The development and expansion of the 5G technology is the new technological advancements of the 21st Industry is the next face of development across the highly active broadband industry.

The huge consumer demand for high speed data connectivity, across developed as well as developing economies across the globe, the increased propagation of mobile and connected devices across several industries, and rapid technological expansions in the field of sensors and semiconductors, rapidly expanding end use industries are propelling the deployment and utilization of 5G technology across the globe.

However, factors such as data security concerns, privacy issues, less adoption in underdeveloped countries, and lack of universal directives about the usage of 5G technology are restraining the market growth.

Factors such as the growing number of smart cities across the globe and the rise of edge computing are expected to create lucrative opportunities for the market during the forecast period.

Global 5G technology market is segmented by component type, communication type, by technology, by application and by region. By component market is segmented into the software, services, and hardware segment. Among all of these, the Services segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period.

By communication type, the market is segmented into enhanced mobile broadband, massive Internet of things and mission critical services. Among all of these communication types, enhanced mobile broadband type hold the highest market share of 42.00% in 2022.

By Application, the IT & Telecom segment highest market share in 2022 and is expected to keep its dominance during the forecast period owing to increasing demand for higher data speeds in the IT & telecom sector.

Global 5G Technology market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. Among all of these regions, Asia Pacific dominated the global market with a market share of 41.00% in 2022 and is expected to keep its dominance during the forecast period.

Rapidly growing end use industries in courtiers such as China, India, Japan, South Korea, and Australia are propelling the growth of this region.

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5G Technology Market: Regional Analysis

Global 5G Technology market is segmented into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. Among all of these regions, Asia Pacific dominated the global market with a market share of 41.00% in 2022 and is expected to keep its dominance during the forecast period.

Rapidly growing end use industries in courtiers such as China, India, Japan, South Korea, and Australia are propelling the growth of this region. China has emerged as a global leader in both the deployment and commercial development of 5G technology, having established more than 3 million 5G base stations and providing 5G services to 750 million mobile users and over 17,000 factories.

In India, the 5G rollout in India started in 2021, Airtel and Reliance Jio are major players in the Indian Market. In just nine months these two leading Telecom and Mobile service providers have increased 5G availability by up to 30% in India. Reliance Jio deployed over 115,000 5G sites and approximately 690,000 5G cells across India.

South Korea was the first country to launch commercial 5G networks in April 2019 and currently has 5G coverage across its 85 cities. By the end of 2022, South Korea will have 28.06 million 5G subscribers, an increase of nearly 600% compared to some 4.6 million in 2019. Key players operating in South Korea are SK Telecom, KT and LG Uplus.

North America held the second largest market share in 2022 and is expected to keep its position during the forecast period. Major countries U.S. and Canada are driving the market in this region. The early adoption of 5G services in the U.S. now achieved considerable network coverage, having ranked fourth in a 2023 global survey of 5G availability.

Average 5G speeds, meanwhile, continue to climb steadily in both urban and rural areas. Key players, T-Mobile and Verizon lead in both 5G speed and coverage in the U.S.

5G Technology Market: Recent Developments

• Verizon: Verizon has recently undergone a major multi-year transformation of its network architecture to provide customers with more capabilities and upgrade the technology in the network. Through this multi-layer transformation, Verizon will introduce 5G Services to more than 230 Mn people and accelerateC-band spectrum deployment and strategically use premium mmWave spectrum to serve customers in high 5G usage areas.

• In July 2023: Reliance Jio completed minimum-roll out obligation of 5G services in all 22 telecom circles of India. The company has used a combination of various spectrum bands to provide 5G services to everyone.

Key Players:

• Airspan Networks Inc.
• AT\&T Inc.
• Cisco Systems Inc.
• Bharti Airtel
• Reliance Jio
• Comba Telecom Systems Holdings Limited
• Hewlett Packard Enterprise Company
• Huawei Technologies Co. Ltd.
• Mavenir Systems Inc.
• Deutsche Telekom AG
• Ericsson
• Huawei Technology
• Nokia
• Orange S.A.
• Qualcomm Inc.
• Telecom Italia
• Verizon
• SK Telecom
• KT
• LG
• Telstra
• T-Mobile
• Intel Corporation
• Others

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The 5G Technology Market is segmented as follows:

By Component

• Hardware
• Software
• Services

By Communication Type

• Enhanced Mobile Broadband
• Massive Internet of Things
• Mission Critical Services

By Technology

• Radio Access Technologies (RAT)
• Wi-Fi
• High-Speed Package Access (HSPA)
• Global System for Mobile (GSM)
• Worldwide Interoperability for microwave access (WiMAX)

By Application

• IT & Telecom
• Consumer Electronics
• Industrial Automation
• Automotive
• Aerospace & Defense
• Healthcare
• Others

On the basis of Geography

North America

• The US
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• New Zealand
• Taiwan
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America

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