A lead analyst at AMR highlighted that the 5G technology market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the 5G technology market. The findings of the report state that the global market for 5G technology generated $5.13 billion in 2020, and is projected to reach $797.80 billion by 2030, witnessing a CAGR of 65.8% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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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 a much faster rollout and adoption of 5G as compared to 4G which is expected to provide lucrative opportunities during the 5G technology market forecast,” said Kanhaiya Kathoke, Team Lead-Research, Consumer Goods, at Allied Market Research.
The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. Benefits of 5G technology such as faster speed, uniform data rates, lower latency, and lower cost-per-bit fuel the growth of the global 5G technology market. Moreover, an increase in demand for immersive experiences such as AR and VR that demand 5G technology would open new opportunities in the industry.
The report also offers a detailed scenario of the impact of the Covid-19 pandemic on the 5G technology market globally. It is helpful for market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The Covid-19 pandemic had a positive impact on the growth of the 5G technology market owing to a sudden rise in demand for fast internet networks and the fast adoption of work-from-home culture. However, extended lockdowns and a lot of uncertainties across the world hampered the market growth to some extent and lowered the number of new investments in the industry.
By offering, the software segment is expected to showcase the fastest CAGR of 69.8% throughout the forecast period. Simultaneously, the hardware segment held the largest share in 2020, garnering more than half of the global market share 2020.
By connectivity, the massive machine-type communication (MMTC) segment is anticipated to garner the fastest CAGR of 70.1% during the forecast period. However, the enhanced mobile broadband (EMBB) segment had the lion’s share in 2020, holding nearly three-fourths of the global 5G technology market share 2020.
By region, Asia-Pacific generated the highest share in 2020, accounting for nearly two-fifths of the global 5G technology market. Simultaneously, the region would also cite the fastest CAGR of 69.7% from 2021 to 2030.
The key market players analyzed in the global 5G technology market report include Ericsson, Nokia, Huawei Technology, Orange S.A., Intel Corporation, Qualcomm Inc., Deutsche Telekom AG, Telecom Italia, Telstra, and T-Mobile.
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