Technavio has published its latest market research report, "Global 5G Technology Market 2023-2027”. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The 5G technology market is estimated to register an incremental growth of $128.46 Billion, accelerating at a CAGR of 69.34% between 2021 and 2026. Strategic collaboration among market participants will emerge as a key trend in the market. Many governments and private organizations are collaborating with market vendors to accelerate the deployment of 5G technologies. For instance, in May 2020, IBM, Samsung, and M1 collaborated to start smart manufacturing trials to find and explore ways to improve 5G connectivity in robotic arms and smart devices on factory floors in Singapore. Similarly, in May 2020, Samsung and Hyundai joined hands to discuss a potential collaboration in electric cars. Such strategic collaborations among vendors and end-users are expected to positively impact the market growth during the forecast period.
5G Technology Market 2022-2026: Vendor Analysis
The global 5G technology market is fragmented with several vendors providing 5G technology services. Major players hold a significant share of the market. As the market is still in the nascent stage, enterprises are still in the planning stage of implementation. However, large vendors will benefit from economies of scale. This is expected to hamper the entry of new players into the market. Some of the key vendors covered in the report include:
- Cisco Systems - The company offers 5G technology that unifies multivendor mobile solutions into an open, cloud-native architecture.
- CommScope - The company offers 5G technology in industrial campus networks that enables predictive maintenance of machines or necessary changes in the production process can be made online.
- Huawei Technologies - The company offers 5G technology that provides solutions for commercial feasibility analysis, service development planning and design, product or offering design and GTM guidance, service operation strategy and guidance, value operation consulting, and operation optimization consulting.
- Nokia - The company offers 5G technology that helps achieve more precise indoor and outdoor radio network planning using technologies such as multi-dimensional valuable area selection.
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5G Technology Market 2022-2026: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report covers the following areas:
- 5G Technology Market Size
- 5G Technology Market Trends
- 5G Technology Market Analysis
5G Technology Market 2022-2026: Key Driver
The market is driven by the increasing R&D and deployment of 5G network. The market is witnessing significant investments in R&D, along with trend-setting innovations in 5G. For instance, in January 2020, Huawei completed 5G New Radio testing using a 2.6 GHz spectrum during the 5G trial organized by the IMT-2020 (5G) promotion group. The company's findings and understandings after the test completion are expected to further accelerate innovations in 5G technologies. Thus, the advent of 5G technology will compel vendors to develop wireless test equipment that can support the technology effectively. Besides, governments across the world are setting up committees to work on the roadmap for the 5G rollout. Such developments are driving the growth of the global 5G technology market.
5G Technology Market 2022-2026: Segmentation
- Component
- Software
- Services
The market growth in the software segment will be significant during the forecast period. Software-defined networking (SDN) uses software-based controllers or application programming interfaces (APIs) to communicate with the hardware infrastructure and direct traffic on a network. It ensures faster and superior quality in addition to better security guarantees in comparison with preceding technologies. Such benefits are driving the growth of the segment.
- End-user
- Manufacturing
- Automotive
- Energy and Utilities
- Others
The manufacturing industry is the major end-user in the market. The rising focus on improving efficiency, productivity, and financial performance throughout end-to-end manufacturing operations is driving the growth of the segment.
- Geography
- North America
- Europe
- APAC
- South America
- Middle East and Africa
North America will account for 46% of the market growth during the forecast period. The increasing adoption of wireless technologies in the US is the major factor driving the growth of the regional market. In addition, the increasing need for high-speed and high-bandwidth networks to support the flow of data across industries is fueling the growth of the 5G technology market in North America.
5G Technology Market 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026.
- Detailed information on factors will assist 5G technology market growth during the next five years.
- Estimation of the 5G technology market size and its contribution to the parent market.
- Predictions on upcoming trends and changes in consumer behavior.
- The growth of the 5G technology market.
- Analysis of the market's competitive landscape and detailed information on vendors.
- Comprehensive details of factors that will challenge the growth of 5G technology market vendors.
Click here to view the "Global 5G Technology Market 2023-2027" report from Technavio.
