Global 5G Technology Market to Grow Rapidly During 2024-2032, Aided by Rising Reliability on Internet

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.

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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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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.

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