- Global 5G Technology Market To Expand with Increasing Investments for Deployment of 5G Infrastructure By A CAGR of 73.61%
- Telecom operators around the globe are raising their mobile capital expenditures to invest in the deployment of modern technological infrastructure.
- Manufacturing & utilities segment is anticipated to hold the largest market share.
The global 5G technology market is anticipated to record a CAGR of 73.61% during the forecast period, i.e. 2020-2028. International Telecommunication Union (ITU) stated the total number of individuals using the internet jumped from 29.3 units per 100 inhabitants in the year 2010 to an estimated 53.6 units per 100 inhabitants by 2019.
The statistics portray the growing number of individuals using the internet, coinciding with an increasing dependency on devices that run on high-speed internet. Owing to such a factor, telecom operators around the globe are raising their mobile capital expenditures to invest in the deployment of modern technological infrastructure.
5G technology is one such technology which is gaining massive popularity on the back of high-speed internet access that it provides to users around the globe. Additionally, the technology is also known for its capability to inter-connect several devices around the globe and create a digital ecosystem that might create wonders in the coming era.
Rapid deployment of 5G technology across developed and developing nations, supported through rising investments by telecom operators, along with network equipment and mobile handset device manufacturers, all are gearing up to keep pace with the growing deployment of 5G technology. The Mobile Economy Report 2019 of The GSM Association stated that mobile operators around the world planned to invest around $480 billion between 2018 and 2020 in mobile capital expenditures to support the generational shift and further drive consumer engagement in the digital era.
The market is segmented by application into manufacturing & utilities, professional & financial services, public services, ICT & trade, agriculture & mining and others.
Among these segments, manufacturing & utilities segment is anticipated to hold the largest market share on account of rising need among industries in the manufacturing sector to automate industrial processes by adapting to the trend of industrial internet of things (IIoT) and Industry 4.0.
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The Mobile Economy Report 2019 of The GSM Association, in other statistics, stated that by 2034 5G technology is anticipated to contribute nearly $2.2 trillion to the global economy with a GDP growth rate of 5.3%. Additionally, share of the economy would be largely contributed by manufacturing & utilities, followed by professional & financial services sector with 35% and 29% share respectively.
Geographically, the global 5G technology market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America and Middle East & Africa region, out of which, North America is anticipated to hold the largest market share on account of increasing dependency on high-speed network by the users of consumer electronic devices at large, followed by shifting trend towards the adoption of 5G technology.
Moreover, Europe is anticipated to gain significant market share throughout the forecast period. The Mobile Economy Report 2019 of The GSM Association, in other statistics, stated that North America is anticipated to contribute to the largest share of 47% for the technology mix, followed by Europe at 29% by the end of 2025.
However, concerns for the delay caused in the development of standardized regulatory processes for the deployment of 5G technology spectrum allocation is expected to act as a barrier to the growth of the global 5G technology market.
This report also studies existing competitive scenario of some of the key players of the global 5G technology market, which includes profiling of Intel Corporation (NASDAQ: INTC), Deutsche Telekom AG (ETR: DTE), Telefonaktiebolaget LM Ericsson (STO: ERIC-B), Huawei Technologies Co. Ltd., Nokia Corporation (HEL:NOKIA), Orange (EPA: ORA), Qualcomm Technologies Inc. (NASDAQ: QCOM), Telecom Italia (BIT: TIT), Telstra Corporation Limited (ASX: TLS), and T-Mobile USA Inc. (NASDAQ: TMUS).
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