WELLESLEY, Mass., July 31, 2019 /PRNewswire/ -- Increased consumer demand for the latest 5G products, rapid developments in automated devices and the introduction of cheaper materials are all factors driving growth in the global 5G chipset market, according to a report by BCC Research, "Global 5G Chipset Market."
The market expects to see a compound annual growth rate (CAGR) of 65.7% through 2024, when it could be worth $10.9 billion.
Major players in the market include Qualcomm, Intel, MediaTek and Samsung.
- Smart gadgets as a segment of the 5G chipset market should grow from $124 million in 2019 to reach $1.6 billion by 2024 at a CAGR of 67.1% in 2024.
- Smartphones as a market segment should grow from $468.4 million in 2019 to reach $5.7 billion by 2024 at a CAGR of 64.8% in 2024.
- Asia-Pacific held the highest revenue share in the market in 2018 at $334.23 million and is expected to continue to dominate the revenue share with a value of $7.2 billion in 2024.
Read the full report here: https://www.bccresearch.com/market-research/semiconductor-manufacturing/global-5G-chipset-market-report.html
"The market for 5G chipsets is expected to witness tremendous growth from 2019 to 2024," writes BCC Research analyst Sinha G. Gaurav. "The major factors driving growth will be an increasing demand for the Internet of Things and machine-to-machine connections, coupled with an ever-increasing demand for high-speed mobile data services and rapid development in automated devices. Further, the 5G chipset market is set to experience an exponential growth because of its wide range of applications."
Limitations of 5G Chipset Market Growth
One of the crucial downsides associated with the 5G chipset market is the requirement for skilled expertise. The establishment of the technology requires the involvement of highly trained data-network engineers and software developers in large numbers. Developing these technologies, providing the necessary training, and keeping up with the associated research and development demands account for a huge expenditure for companies. This need for expert personnel and constant product development will restrict the growth of the market.
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SOURCE BCC Research