The 5G Connections Market size is estimated at USD 106.64 billion in 2023, and is expected to reach USD 990.33 billion by 2028, growing at a CAGR of 56.16% during the forecast period (2023-2028).
According to Ericsson data, with the addition of 136 million 5G subscribers in the last quarter of 2022, Global 5G subscriptions reached the one billion milestone. 5G is expanding faster than its predecessors in the mobile generation. Ericsson further claims, by 2027, about three-quarters of the world's population will be able to access 5G.
The 5G Connectivity Market is highly competitive because of many players. Market leaders like AT&T, Verizon, Vodafone, T-Mobile, and more work constantly towards innovation which give with a competitive advantage over other smaller players.
In February 2023, AT&T signed an agreement with Frontier's fiber network to expand into areas where it doesn't have fiber connectivity. Frontier's fiber infrastructure will strengthen the wireless services for AT&T. These optical cables provide higher bandwidth and are very secure for transmitting data. These features of fiber optics will help the telecom operator to entice more users for its 5G services.
In January 2023, Verizon collaborated with Deloitte to promote smart manufacturing for the Smart Factory at the Wichita ecosystem of 20 leading global companies. This smart factory is located on the Innovation Campus at Wichita State University and includes a fully operational production line and experiential labs for creating and researching smart manufacturing technology and strategy.
In October 2022, Bosch and Cradlepoint developed a solution that will use T-mobile's 5G Wireless WAN technology to facilitate real-time parking and safety monitoring at Peachtree Corners, one of the nation's first smart cities. This will further help city planners to make real-time informed decisions on parking capacity, infrastructure planning, traffic management, and security safeguards based on data about events happening throughout the city.
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