Global 5G Technology Market - 2023-2030

Global 5G Technology Market - 2023-2030

The Global 5G Technology Market size reached US$ 19.1 billion in 2022 and is expected to reach US$ 357.1 billion by 2030 growing with a CAGR of 44.2% during the forecast period 2023-2030.

5G technology aims to expand flexibility, decrease latency and speed up wireless service. By providing customers with cloud-based experiences, 5G enhances connectivity across the world. During the forecast period, the market expansion is anticipated to be driven by increasing demands for faster and higher-speed data connectivity, as well as increased digitization and technical advancements.

Businesses will be more efficient owing to 5G speed and other connection advantages, while customers will have faster access to more information. Rising healthcare investments are also projected to boost the global 5G technology market expansion. For instance, in 2021, the Indian government will fund 75 businesses in telemedicine and digital health through a special incentive program.

Market Dynamics

Growing Edge Computing and Use of IoT Devices

Edge computing enables real-time analysis with quicker response times while enhancing overall performance and dependability. Edge computing also helps ease concerns about privacy and security. To reduce latency and improve bandwidth for sensors with real-time authentication, Mercedes, for instance, employs edge servers and 5G wireless connectivity.

The need for edge computing and the amount of data produced by IoT devices are both expected to increase demand for faster data speeds. According to a 2021 data by International Data Corporation, there will be over 40 billion linked IoT devices that produce over 80 zettabytes of data in 2025. Since 5G connectivity is expected to perform 1000 times faster than 4G, its use is anticipated to boost and encourage market growth.

High Cost of the Technology and Growing Cybercrimes

Owing to the requirement for infrastructure changes, such as new base stations, antennas and fiber optic networks, the implementation and deployment of 5G technology includes a large financial commitment. Some businesses may be hindered by the high expenses of creating and maintaining the required infrastructure. For instance, unlimited 5G rates are more expensive than 4G on the carriers that are already in operation.

As given by CENTUM digital, a telecommunication service provider in Spain, according to data based on the carriers, the average monthly cost for 5G is approximately US$ 89, compared to US$ 68 for 4G. The average monthly price difference between the 5G and 4G unlimited plans is between US$ 5 and US$ 72. It is anticipated that the market growth will be hampered by the new technology's high costs when compared to prior accessible technology.

COVID-19 Impact Analysis

In several industries and use cases, such as remote collaboration tools, video conferencing and digital healthcare solutions, the COVID-19 epidemic enhanced the demand for 5G technology. There was a greater focus on remote monitoring and control as well as growing reliance on e-commerce and digital services in sectors like manufacturing and logistics. The epidemic prompted organisations and people to adopt new methods of working, which changed the use cases for 5G technology.

For instance, the Ericsson Mobility Report for the workplace revealed that 60% of white-collar employees increased their use of video calls. The networks worked effectively, with operators typically maintaining adequate network performance, despite the rapid and extraordinary shifts in traffic patterns and demand.

Russia-Ukraine War Impact Analysis

The global market for 5G Technology is impacted by the conflict between Russia and Ukraine. The dispute might cause people to worry about the infrastructure and network security of 5G. The largest mobile operator in Russia, MTS, began collaborating with the Swedish vendor in 2020 on a massive renovation of its current cellular infrastructure (2G/3G/4G) in preparation for a 5G future.

MTS and Ericsson built a 5G Innovation Hub in St. Petersburg in April 2021. In October 2021, the duo began deploying private cellular networks that Erisson dubbed ""5G-Ready"" for companies such industrial steel giant PJSC Severstal. Currently, there are no Russian manufacturers of 5G infrastructure. For any Russian 5G transactions, it leaves major Chinese vendor Huawei as the primary supplier.

Artificial Intelligence Impact Analysis

The global market for 5G technology is anticipated to benefit from artificial intelligence. Edge computing, where AI processing may be done closer to the data source, is made possible by the convergence of 5G and AI. Autonomous vehicles, smart cities and industrial automation are all made possible by the reduction of latency. The convergence of edge AI and 5G creates new prospects for cutting-edge services and application cases.

The concept behind edge computing is to process and analyse data on servers that are closer to the applications they support. The evolution is accelerated by 5G since AI processing is easily supported by the 5G network design. While AI will enable computers and systems to operate at levels of intelligence comparable to that of humans, 5G will improve the speed and integration of other technologies.

Segment Analysis

The global 5G technology market is segmented based on connectivity, application, end-user and region.

The Growing Implementation of 5G Technology in Autonomous Vehicle

During the forecast period, it is anticipated that the automotive end-user would expand at the highest CAGR. Vehicle-2-Vehicle, Vehicle-2-Infrastructure, Vehicle-2-Network and Vehicle-2-Pedestrian (V2P) communications will all become feasible with the introduction of 5G. To take advantage of the rising use of 5G networks, the companies in the automobile industry are implementing 5G technology.

For instance, Hyundai Mobis announced to have created a 5G-based connection module for automobiles in 2022 to enhance the functionality of connected car systems like autonomous driving. The module provides large-volume data processing in real-time. It combines memory and communication activities using ultra-high speed, ultra-low latency and hyper-connection technologies, as well as radio frequency circuits and GPS.

Geographical Analysis

The Early Adoption of 5G Technology in Automotive Industry in Asia-Pacific

Asia-Pacific 5G technology market is estimated to grow at the fastest rate during the forecast period due to early adoption of the technology in nations like China, notably in the region's automobile industry. By the end of July 2022, China had the largest 5G network in the world, with 1.97 million base stations and 475 million users, according to statistics from the Ministry of Industry and Information Technology.

Many Chinese automakers have announced 5G production models as a key selling factor. They are intensively investigating the use of 5G technology in smart connectivity and autonomous driving. The world's first ""5G smart electric SUV"" with the SRRC certificate and the first model to pass the automotive-grade 5G /C-V2X terminal certification was formally introduced by SAIC R in February 2021 as the MARVEL R.

Competitive Landscape

The major global players include AT and T Inc., BT Group plc., China Mobile Ltd., China Telecom Corporation Ltd., Bharti Airtel Ltd., NTT Docomo Kingspan, KT Corp., Saudi Telecom Company, Vodafone Group and Deutsche Telekom AG.

Why Purchase the Report?
• To visualize the global 5G technology market segmentation based on connectivity, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of 5G technology market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global 5G technology market report would provide approximately 61 tables, 62 figures and 206 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies