5G Technology Market Surges Ahead: Projected Growth Signals a Lucrative Future, Exceeding US$ 994.8 Billion by 2033

5G Technology Market

The global demand for the 5G technology market is expected to experience a remarkable Compound Annual Growth Rate (CAGR) of 48.3%. By the year 2023, the market’s total revenue is projected to reach approximately US$ 19.3 billion. Furthermore, it is anticipated that this market will see substantial revenue growth, reaching an estimated US$ 994.8 billion by the year 2033.

A key aspect driving the demand for 5G technology is its capacity to offer new services with ultra-reliable, available, low-latency connectivity, such as remote control of key infrastructure, automobiles, and medical procedures, which can alter industries.

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The advancement of digital transformation has significantly assisted industries in updating their present operations and, as a consequence, expanding their profits throughout the years. Technological concepts like the Internet of Things (IoT), Artificial Intelligence (A.I.), and others are predicted to aid in the growth of the global 5G technology market in the coming years.

According to The GSM Association’s Mobile Economy Report 2019, the number of global IoT connections is expected to quadruple to 25 billion between 2018 and 2025, with IoT income reaching US$ 1.2 trillion., The research stated that over 700 million people were expected to enroll in mobile services by 2025, with 5G technology accounting for only 20% of the technical mix.

Certain key players see a 5G future in which remote monitoring ensures clean water, reduces food shortages, and enhances public safety by providing early warnings of floods, earthquakes, and mudslides.

Network slicing is an important tool for service providers to satisfy the various needs of businesses. The technology enables the provider to construct a dedicated virtual network based on the use case or customer service requirements. For example, the network requirements for healthcare providers are likely to be considerably different from those for smart agriculture.

It increases the security of mission-critical services. When network slices are designated for certain services, they improve dependability and simplify operations. During the IMT-2020 (5G) promotion group’s 5G trial in January 2020, a market player in China conducted 5G New Radio testing utilizing a 2.6 GHz spectrum. The company’s leading position in test completion, as well as the newly obtained findings, are likely to aid in the formation of a set of uniform global standards, allowing China to successfully complete the second phase of 5G testing.

Vendors are vying for the implementation of 5G networks, particularly in North America. The growth of 5G technology is projected to drive market suppliers to build wireless test equipment capable of properly supporting the technology. The Indian government is also trying to establish a fund for the development of 5G technology, which is expected to fuel market growth over the forecast period.

However, small cell installations face onerous regulatory, financial, and administrative requirements in many parts of the world, which is expected to delay the rollout of 5G technology. The high installation cost of tiny cell networks and the lack of security for distantly located outdoor power systems may impede the 5G technology market growth.

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Key Takeaways from the 5G Technology Market Report:

Throughout the forecast period, the United States is predicted to have a sizable share of the global 5G technology market. This is because 5G plans offer a comprehensive approach to network technologies. It is achieved by using the ability to innovate and invest while also developing government policies to support and complement those strengths.

The 5G technology market in Asia Pacific is expected to be significant throughout the forecast period, led by China and Japan. This is attributed to major parties continuing to push for the creation of a 5G plus gigabit fiber network, as well as improving multi-frequency collaboration, co-construction, and sharing.

Owing to the vital role of 5G technology in assisting governments and public organizations in making cities smart, the “smart cities” application type is expected to hold considerable revenue throughout the forecast period.

As it contributes to spectral efficiency by reducing signal loss and radio interference, the “5G RAN” technology type and is the most innovative category for key businesses and accounts for a significant percentage.

Major Key Players:

  • Ericsson
  • Deutsche Telekom AG
  • Nokia Networks
  • AT&T Inc.
  • Huawei Technologies Co. Ltd.
  • Orange S.A.
  • China Mobile Limited
  • K.T. Corporation
  • Qualcomm Inc.
  • Verizon Communications Inc.

Recent Developments:

  • In October 2022, HFCL Limited introduced the Radio Unit 5G 8T8R, a next-generation R.U. with a small form factor that offers digital beamforming, increased energy efficiency, and zero-touch provisioning.
  • In January 2021, AT&T launched its 5G+ services in many notable Tampa areas and events, including Channel District and Raymond James Stadium in the United States.

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5G Technology Market Segmentation:

By Technology Type:

  • 5G RAN
  • 5G NG Core
  • NFVI
  • Routing Backhaul
  • Optical Backhaul
  • Others

By Application:

  • Virtual & Augmented Reality
  • Connected Automotive
  • Smart Manufacturing
  • Connected Energy
  • Wireless eHealth
  • Connected Drones
  • Smart Cities
  • Others

By Vertical:

  • Manufacturing
  • Automotive
  • Energy & Utilities
  • Transportation & Logistics
  • Public Safety
  • Healthcare
  • Agriculture
  • Others

By Region:

  • North America
  • Latin America
  • Asia Pacific
  • Middle East and Africa
  • Europe

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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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