Global 5G Technology Market, By Usability (Enhanced Mobile Broadband, Massive Internet of Things), By Technology (Radio Access Technologies (RAT), Wi-Fi), By Application (Healthcare, Consumer Electronics, Retail) – Forecast 2023
According to Market Research Future Analysis, 5G Technology has been valued at USD 73 million by 2023 growing with 21% of CAGR during forecast period 2017 to 2023.
Mobile broadband is an integral part in today’s life which in turn is expected to boost the 5G technology market. However, cellular networks were originally designed for voice application through transmission channels. After digital transmission different services were innovated such as 1G, 2G, 3G and 4G. The recent 4G enabled services was developed to provide high capacity services. 1G was innovated for voice services, 2G for improved voice and mobile internet, 3G for integrated voice and mobile internet and 4G for high capacity mobile media.
However, 5G connectivity is going to provide better speeds and coverage than other connectivity. The technology operates with a 5 GHz signal and offers a speed up to 1GB per second. For instance, in 2014, Ericsson entered into an agreement with SK Telecom Co. Ltd for joint research on these technologies in South Korea. Various players are now focusing on introducing innovative technologies in order to gain competitive advantage.
Factors such as the increasing production of mobile and connected devices across various industries and increasing technological advancements in the field of sensors and semiconductors are expected to boost the market over the forecast period, 2017-2023.
The key players in the global 5G technology market include- Huawei Technologies Co. Ltd. (China), Nokia Networks (Finland), NEC Corporation (Japan), Ericsson (Sweden), Qualcomm (U.S.), Verizon Fios (U.S.), Orange (France), Broadcom Corporation (U.S.), Mobile TeleSystems (MTS) (Russia), AT&T Inc. (U.S.) and Cisco Systems, Inc (U.S.) among others.
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According to Market Research Future, market has been segmented into usability, applications and region.
On the basis of applications, market has been segmented into consumer electronics, healthcare, retail, home automation, energy & utility, automotive, industrial automation, intelligent building infrastructure and public safety & surveillance among others.
Out of these applications, consumer electronics and healthcare accounted for the largest market share majorly due to high adoption of the 5G services. Also, in the healthcare sector patient diagnosis can be done through mobile phones with better high speed internet.
By Region, MRFR analysis shows that, Asia-Pacific region is expected to grow over the forecast period, 2017-2023, majorly due to improved mobile broadband penetration, increasing sale of 5G enabled smartphones and increasing awareness of digital transaction. Also, various countries such as Japan are now coming up with innovation throughout during the PyeongChang 2018. They are planning to showcase it through summer Olympics 2020. This in turn will increase the growth of the 5G technology market.
For instance, in 2014, Ericsson entered into an agreement with SK Telecom Co. Ltd for joint research on these technologies in South Korea. Various players are now focusing on introducing innovative technologies in order to gain competitive advantage.
Market Research Future (MRFR) publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit- https://www.marketresearchfuture.com/reports/5g-technology-market-2988
Regionally, North-America accounted for the largest market share from countries such U.S. among others. The region is attributed to the increasing number of subscribers and also the Federal Communications Commission has already begun its assessment of the allocation of 5G frequencies.
However, Asia-Pacific region is expected to grow over the forecast period, 2017-2023. The reason is attributed to large consumer base and ongoing initiatives and developments on 5G technology.
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