A recent report published by Allied Market Research titled “5G Technology Market by Offering, Connectivity, and Application: Global Opportunity Analysis and Industry Forecast, 2020-2026,” the global 5G Technology market was valued at USD 5.54 billion in 2020 and is projected to reach USD 667.90 billion by 2026, growing at a CAGR of 122.3 percent in this period.
The market research firm defines 5G as the next-generation cellular technology that is estimated to provide high speed reliable communication at ultra-low latency levels. “5G technology covers the entire ecosystem of hardware, software, and services that are critical for implementation of 5G networks. The market includes 5G connectivity technologies such as enhanced mobile broadband, ultra-reliable low latency communications, and massive machine type communications,” they explain.
5G technology is expected to redefine communication, entertainment, and how people connect to the internet.
According to the report, Asia-Pacific is expected to be the largest region in the 5G technology market in response to great initiatives by government in key economies toward deployment of 5G spectrum, with China and South Korea leading the charge in 5G development initiatives.
“Wide presence of younger population in Asia-Pacific is increasing demand for digital applications including social gaming, media, and online video consumption, in such applications 5G network is expected to provide high data rate and thus, meet consumers expectations. Moreover, Asia-Pacific is origin for many new entrants in multiple markets, which is also expected to fuel demand for 5G technology in the region,” the report finds.
Researchers add that the smart surveillance sector is likely to be highly affected by the introduction of 5G technology.
“Governments, enterprises, financial institutions, and healthcare organizations alike are all expected and required to have a certain level of security and monitoring measures. As a result, there has been a dramatic increase in the demand for security applications such as smart surveillance, to monitor and record borders, ports, transportation infrastructure, corporate houses, educational institutes, public places, buildings, and others, which is expected to drive the 5G technology industry growth.”
The key findings of the 5G Technology Market report are as follows:
- Based on offering, the hardware segment is expected to generate the highest revenue in the global 5G technology market in 2020.
- Based on end user, the automotive segment is expected to generate the highest revenue by 2026 in the global 5G technology market.
- The key players profiled in this report include Deutsche Telekom, Ericsson, Huawei Technology, Nokia, Orange, Qualcomm, Telecom Italia, Telstra, T-Mobile, and Intel Corporation.