The global 5G technology market is projected to expand at a favorable rate from 2021 to 2031 (forecast period). The huge consumer demand for high-speed data connectivity in both developing and developed nations all over the world, the rising proliferation of mobile and connected devices across a variety of industries, and rapid technological improvements in the field of semiconductors and sensors, are all expected to add to the global 5G technology market growth. Moreover, numerous firms are joining the industry, owing to the enormous growth opportunities that the global 5G technology market is likely to experience in the future years.
5G technology providers are focusing on product cost reduction and enhanced consumer service by employing various tactics such as collaboration, product innovation, geographical growth, and acquisition.
Leading players in the 5G technology market are Alcatel-Lucent S.A., Deutsche Telekom AG, Qualcomm Inc., Nokia Siemens Networks, Fraunhofer-Gesellschaft, Telecom Italia, KTH - Royal Institute of Technology, Huawei Technologies Co. Ltd., Aalto University, Orange S.A., Chalmers University of Technology, BMW Group Research and Technology, University of Oulu, National and Kapodistrian University of Athens, Ericsson, Samsung, RWTH Aachen University, and University of Bremen.
The worldwide 5G technology market is expected to expand due to increased consumer demand for high-speed internet and data connectivity around the world. Over the years, the progression of digital transformation has substantially aided industries in upgrading their current processes and, as a result, growing their revenues. Furthermore, technological notions such as the internet of things (IoT), artificial intelligence, and others are expected to help the expansion of the worldwide 5G technology market in the future years. As per The GSM Association's Mobile Economy Report 2019, the number of worldwide IoT connections is expected to quadruple to 25 billion between 2018 and 2025, with IoT revenue reaching USD 1.2 trillion. Moreover, the report indicated that over 700 million individuals were projected to enroll in mobile services, with 5G technology accounting for only 20% of the technological mix by the end of 2025.
Furthermore, governments all across the world are actively collaborating to enhance mobile networks. Some of the primary priority areas that the government anticipates include developing supporting policies and allowing them to prevent any hazards related to digital breakthroughs. In addition, the government is prioritizing the distribution of adequate spectrum for 5G technology, which needs bigger uninterrupted blocks of spectrum in the mid-range and mmWave frequency ranges. Moreover, telecom operators are urging governments around the world to make it easier for operators to place network equipment at public sites. The government is also concentrating on lowering sector-specific tax burdens and introducing a number of incentives for technological breakthroughs in order to encourage telecom providers to invest more. Such factors are expected to propel the sales of 5G technology market in the coming years.
North America is expected to experience substantial growth in the worldwide 5G technology market during the projection period due to the increasing appeal of consumer electronic devices with applications that rely on high-speed networks, as well as a changing customer trend toward the adoption of 5G technology.
Asia Pacific is projected to make significant contributions to the worldwide 5G technology market during the projection period. India and China are likely to provide revenue-generation opportunities in 5G technology market in Asia Pacific. The rapid growth in the number of tablets and smartphones in the country, as well as increased digitization and smart city initiatives, are some of the key causes expected to propel the 5G technology market in India.
Moreover, in the future years, China intends to commercialize 5G technologies. Some of the variables influencing the 5G technology market in the country are strong network infrastructure and rapid adoption of sophisticated technologies.