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Global 5G Technology Market to Grow Rapidly During 2021-2026, Aided by Rising Reliability on Internet

According to a new report by EMR titled, ‘Global 5G Technology Market Report and Forecast 2021-2026’, the 5G technology industry attained a value of about USD 6 billion in 2020. The market is further expected to attain approximately USD 700 billion by 2026.

The increasing reliability of technology, particularly the internet, and the digitisation of businesses have been possible due to surging demand for faster and more efficient internet. 5G technology is redefining industries, such as automotive, robotics, and computing, among others, due to high inputs and low latency. The rising demand for broadband and quality internet are the significant drivers of the market. Additionally, it offers various other advantages, such as lower battery consumption, outrage probability, and higher security, which also promotes the market growth.

China, the United States, and South Korea are some of the major markets of 5G technology. The central government of China is promoting the deployment of 5G infrastructure from initiatives, such as Made in China 2025, to become a leading supplier of telecommunication equipment in the world. Moreover, it is also providing significant funds in 5G investments. South Korea plans to be the first country to deploy 5G technology nationwide and use the technology to improve its industrial systems. The United States government, meanwhile, plans to make spectrum available for 5G use and to streamline the processes that use 5G equipment. The initiatives by various countries such as these are significantly boosting the market growth.

The key players in the industry are Samsung Electronics Co. Ltd (LON: BC94) and Nokia Corporation. Samsung Corporation, which plans to offer wireless fibre in the pocket, car, home, office and city, has expanded its 5G technology leadership with fully virtualised commercial 5G RAN on January 21, 2021. It will be delivered end-to-end from a single vendor and create more programmable networks that dynamically and efficiently provide the appropriate network resources to customers who use a variety of advanced wireless services and applications. Moreover, its 5G enabled mobile phones, such as Samsung Galaxy S20+ 5G, not only promoted 5G globally but also led the market for meaningful innovations. Technological advances such as these not only promote the market but also catalyses its growth.

Market Analysis by Offerings, Connectivity, Applications, End Use, and Region:

  • The offerings of 5G technology are hardware, software, and services.
  • The market, on the basis of connectivity, can be divided into enhanced mobile broadband (EMBB), ultra-reliable low latency communication (URLLC), and massive machine type communication (MMTC).
  • Based on applications, the industry can be divided into connected vehicles, monitoring and tracking, automation, smart surveillance, VR and AR, and enhanced video services, among others.
  • The end use for 5G technology include manufacturing, automotive, energy and utilities, transportation and logistics, healthcare, government, and media and entertainment, among others.
  • The regional markets for 5G technology include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Increasing reliability on the internet is aiding the market growth of 5G technology.
  • The development of smart homes and smart cities is further enhancing the market growth of 5G technology.
  • Technological advances contribute significantly to the rise of the 5G technology industry.
  • The digitisation of business is promoting the market growth for 5G technology.

Key Offerings of the Report:

  • The EMR report gives an overview of the global 5G technology market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the offering, connectivity, application, end use, and regions of 5G technology.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global 5G technology market are Samsung Electronics Co. Ltd, Nokia Corporation, Huawei Technologies Co., Ltd., and Qualcomm Technologies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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