5G Technology Market size is set to grow by USD 440.19 bn from 2023-2027, growing R&D and deployment of 5g network to boost the market growth, Technavio

NEW YORK, May 13, 2024 /PRNewswire/ -- The global 5g technology market size is estimated to grow by USD 440.19 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of  93.25%  during the forecast period. 

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Market Driver

5G technology plays a pivotal role in the development of smart cities by enabling advanced IoT applications and real-time communication. Key components of the 5G market include waste reduction through smart grids, energy distribution and consumption monitoring, environmental sensors, and extensive machine-type communication (MTC) for applications like smart metering, property monitoring, and logistics management. With the integration of 5G, cities benefit from improved network performance, roaming capabilities, economies of scale, and international business opportunities. 5G technology supports various applications such as traffic management, emergency response systems, and public services, utilizing technologies like AI, XR, and NTT Docomo's mmWave and SA networks. Additionally, 5G's high-speed capabilities enable the deployment of small cells, FWA connections, and mobile broadband services, contributing to the widespread adoption of smart city infrastructure. 

Market Challenges

• The global 5G test equipment market faces challenges from the high acquisition and installation costs of 5G NR mmWave technology, particularly for small cell networks and outdoor power systems. Strict regulations from standards organizations and mobile operators necessitate adherence to spectrum allocation and management, security, and privacy requirements. Competitive pricing pressures have impacted profit margins, with data tariffs similar to those of 3G and LTE. Despite these difficulties, lucrative segments like in-venue digital services, live sports streaming, mobile gaming, and 5G network implementation offer potential growth. Key industries, such as telecom providers, mobile internet, tablets, and 5G services, are investing in high-speed, low-latency capabilities for real-time data collection in sectors like smart agriculture, precision farming, and sensor technology for soil conditions, weather patterns, and crop health.

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Segment Overview 

This 5g technology market report extensively covers market segmentation by

1. Application 
• 1.1 Manufacturing
• 1.2 Automotive
• 1.3 Energy and utilities
• 1.4 Healthcare and others
2. Component 
• 2.1 Software
• 2.2 Services
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Manufacturing-  The 5G NR mmWave technology market is experiencing an exponential share in the global telecommunications industry, driven by the digitalization of manufacturing sectors. With 5G's high-speed and low-latency capabilities, mobile operators are investing heavily in this lucrative segment to offer in-venue digital services, such as live sports streaming and mobile gaming. 5G Services are expected to reach USD 113 billion by 2026, representing a 7% potential revenue growth from current service forecasts. 5G technology's seamless connectivity enables real-time data collection for various industries, including smart agriculture and precision farming. Sensors installed in machines and infrastructures monitor soil conditions, weather patterns, crop health, irrigation, and pesticide use, providing valuable insights for farmers. Standards organizations and telecom providers are collaborating to ensure interoperability and compatibility of 5G networks, enabling a smooth transition for businesses. Base year estimates for the 5G technology market indicate significant growth, with estimation periods extending to 2026 and beyond. Tablets and other mobile devices are becoming essential tools for accessing 5G services, further expanding the market's reach.

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Research Analysis

The 5G Technology Market is experiencing significant growth due to the increasing demand for high-speed, real-time data collection in various industries. Key applications include smart agriculture, XR, and AI. NTT Docomo and other mobile network operators and internet service providers are leading the 5G rollout, utilizing mmWave and SA (Standalone) technologies for mobile broadband services. The growing application of 5G networks in digital tools and telecommunications services is driving the market forward. However, concerns regarding data espionage and mobile data consumption remain. Spectrum auctions and infrastructure contracts are crucial elements in the expansion of 5G services. CSPs (Communications Service Providers) are investing heavily in 5G networks to meet the demands of IoT and meet the growing need for faster and more reliable connectivity.

Market Research Overview

The 5G technology market is experiencing significant growth and innovation, driven by the need for faster and more reliable connectivity. 5G technology offers numerous benefits, including higher bandwidth, lower latency, and increased capacity. This technology is revolutionizing various industries, from healthcare and education to manufacturing and transportation. Companies are investing heavily in 5G infrastructure, with an estimated 5G market size projected to reach USD662.3 billion by 2026. The 5G ecosystem includes key players such as chipset manufacturers, network equipment providers, and device OEMs. The 4G to 5G transition is underway, with many countries already rolling out 5G networks. The future of 5G technology looks bright, with potential applications in areas like autonomous vehicles, smart cities, and the Internet of Things (IoT). The technology is also expected to enable new business models and revenue streams, making it an exciting area for investment and innovation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Manufacturing
• Automotive
• Energy And Utilities
• Healthcare And Others
• Component
• Software
• Services
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio