5G Technology Market Size to Grow by USD 440.19 billion from 2023 to 2027, 49% of market growth is expected in APAC, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The 5G technology market size is projected to reach a value of USD 440.19 billion with a CAGR of 93.25% between 2022 and 2027. APAC is expected to contribute 49% to global market growth. Technavio analysts detail regional trends and drivers. The services market grows significantly with increasing mobile subscribers, especially in India. The launch of 5G-enabled smartphones and demand for IP-based voice and video services further fuel expansion. Rising disposable income boosts smartphone sales and internet access.

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Key Companies
Vendor Landscape - The global 5g technology market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer 5g technology in the market are Accenture Plc, Cisco Systems Inc., CommScope Holding Co. Inc., Dell Technologies Inc., Deutsche Telekom AG, Fujitsu Ltd., Huawei Technologies Co. Ltd., Intel Corp., Nokia Corp., Siemens AG, Samsung Electronics Co. Ltd., T Mobile US Inc., Tech Mahindra Ltd., Telefonaktiebolaget LM Ericsson, Telstra Ltd., Tietoevry, TIM S.p.A., Viavi Solutions Inc., Qualcomm Inc., and HCL Technologies Ltd. and others.

• HCL Technologies Ltd. - The company offers 5G technology, such as a 5G network for the retail and automotive industry.
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Segment Overview
Technavio has segmented the market based on type, Application (Manufacturing, Automotive, Energy and utilities, and Healthcare and others), Component (Software and Services), and Geography (APAC, North America, Europe, Middle East and Africa, and South America).

• Significant market share growth is expected in the manufacturing segment during the forecast period. Manufacturers require network characteristics for 5G networks, including high reliability, low latency, high bandwidth, and connection density. This allows for lower costs, higher flexibility, and shorter lead times for factory floor production changes. With a value of USD 1.56 billion in 2020 and continued growth in 2021, 5G technology enables smart factories, integrating AI, automation, augmented reality, and IoT. This creates new revenue streams and addresses industry digitalization needs.

Geography Overview
By geography, the global 5g technology market is segmented into APAC, North America, Europe, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global 5g technology market.

• APAC, projected to contribute 49% to global market growth, is witnessing notable expansion in its services market, driven by burgeoning mobile subscribers, notably in countries like India. The proliferation of 5G-enabled smartphones is set to intensify demand. Furthermore, increasing demand for IP-based voice and video services and rising disposable incomes, leading to heightened smartphone sales, are boosting internet access and mobile subscriber numbers in the region. Technavio analysts provide detailed insights into these regional trends and drivers shaping the market during the forecast period.

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The growing R&D and deployment of the 5G network drives market growth:

Growing R&D and deployment of 5G networks are key market drivers. Huawei's successful 5G New Radio testing in January 2020, along with ongoing global standards development, particularly in China, signifies significant progress. Competition for network deployment is intense, especially in North America. Broadband expansion is crucial, with 5G offering faster speeds and improved connectivity, driving consumer adoption. Wireless technology advancements, supported by government initiatives like India's fund for development, will further propel market growth.

• Strategic collaboration among market participants is one of the market trends that is expected to impact the industry positively in the forecast period.
• One of the major challenges to the global market growth is the high deployment cost of 5G technology.

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Analyst Review:

The 5G Technology Market is experiencing rapid growth, driven by the increasing demand for wireless communication and connectivity solutions. As the successor to 4G LTE, 5G promises to revolutionize telecommunications by offering higher data transmission speeds, lower latency, and enhanced network capacity. This technology is crucial for enabling emerging applications such as Internet of Things (IoT), smart cities, and digital transformation across various industries.

Furthermore, 5G's deployment requires significant advancements in network infrastructure, including small cells, massive MIMO, and millimeter wave technology. These innovations are essential for achieving higher network reliability, coverage, and capacity to support the growing number of connected devices and mobile applications.

Moreover, the adoption of 5G technology is driving the development of new services and devices, such as augmented reality, virtual reality, autonomous vehicles, and smart homes. These applications leverage 5G's capabilities to deliver immersive experiences and enable real-time communication and data processing.

However, the 5G market faces challenges related to network security, spectrum allocation, and regulatory landscape. Addressing these challenges requires collaboration among network operators, equipment manufacturers, and service providers to ensure the successful deployment and adoption of 5G technology. Despite these challenges, the 5G market is poised for significant growth, with forecasts indicating widespread adoption and innovation in the coming years.

Market Overview:

The 5G Technology market is witnessing rapid growth driven by advancements in wireless communication and mobile networks. With the rise of Internet of Things (IoT) and the demand for seamless connectivity solutions, the market is poised for significant expansion. Network infrastructure development, particularly in smart cities, is a key focus area, alongside innovations in cellular technology and data transmission. Ensuring robust network security remains paramount as 5G deployment progresses. The market is characterized by a dynamic landscape, with constant advancements and evolving trends. Forecasts indicate promising growth prospects, with the 5G market expected to play a pivotal role in shaping the future of telecommunications and digital transformation.

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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.

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SOURCE Technavio