At a Booming 65.8% Growth Rate: 5G Technology Market Generating Revenue of $797.80 Billion by 2030
Benefits of 5G technology such as faster speed, uniform data rates, lower latency, and lower cost-per-bit drive the growth of the global 5G technology market.
PORTLAND, PORTLAND, OR , UNITED STATES , July 22, 2022 /EINPresswire.com/ -- Rise in demand for immersive experiences such as AR and VR that demand 5G technology would open new opportunities in the market. The global 5G technology market generated $5.13 billion in 2020, and is estimated to reach $797.80 billion by 2030, growing at a CAGR of 65.8% from 2021 to 2030.
Major industry players such as - Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, and Intel Corporation.
Based on region, Asia-Pacific, followed by North America, held the highest share in 2020, contributing to nearly two-fifths of the global 5G technology market. In addition, the region would register the fastest CAGR of 69.7% from 2021 to 2030, due to presence of younger population and rise in demand for digital applications such as social gaming, media, and online video consumption.
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Based on connectivity, the massive machine type communication (MMTC) segment is projected to manifest the highest CAGR of 70.1% during the forecast period. In mMTC, autonomously communicating machines are expected to create sophisticated mobile traffic, particularly in machine-to-machine (M2M) domains. Furthermore, licensed spectrum over cellular infrastructure and involvement of various technologies including SigFoX and LoRa (Long Range) increase reliability and pervasive realization of the MTC. These factors are expected to contribute to the growth of mMTC in the 5G technology industry. However, the enhanced mobile broadband (EMBB) segment dominated in terms of revenue in 2020, accounting for nearly three-fourths of the global 5G technology market share in 2020, due to rise in demand of consumers for mobile data.
Based on offering, the software segment is expected to register the highest CAGR of 69.8% during the forecast period, as it offers SDN and NFV implementation and adaptable, manageable, and cost-effective solution for dynamic applications. However, the hardware segment held the largest share in 2020, accounting for more than half of the global 5G technology market share in 2020, due to its low latency levels.
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Covid-19 outbreak:
• The Covid-19 pandemic positively affected the growth of the 5G technology market due to sudden increase in demand for fast internet network and adoption of work from home culture.
• However, prolonged lockdown and lot of uncertainties across the world negatively affected the market and reduced number of new investments in the industry.
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