Growth in number of IoT devices and adoption of edge computing, surge in demand for content streaming services, and increase in demand for low latency connectivity in industrial automation drive the growth of the global 5G technology market.
PORTLAND, Oregon, Aug. 1, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "5G Technology Market by Offering (Hardware, Software, and Services), Connectivity (Enhanced Mobile Broadband [eMBB], Ultra-Reliable Low Latency Communication [URLLC], and Massive Machine Type Communication [mMTC]), Application (Connected Vehicle, Monitoring & Tracking, Automation, Smart Surveillance, VR & AR, Enhanced Video Services, and Others), and End User (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2026." According to the report, the global 5G technology market generated $5.54 billion in 2020 and is estimated to garner $667.9 billion by 2026, growing at a CAGR of 122.3% from 2020 to 2026. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
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Increase in demand for low latency connectivity in industrial automation and surge in demand for content streaming services are the two major factors that drive the growth of the global 5G technology market. Furthermore, growth in number of IoT devices and adoption of edge computing supplements the market growth. On the other hand, small cell deployments challenges and implementation of fiber backhaul hamper the 5G technology market growth. However, increase in investments in smart cities and opportunity in autonomous vehicles provide lucrative opportunities in the 5G technology market forecast.
The hardware cement segment to maintain its leadership status by 2026-
Based on offering, the segment is divided into hardware, software, and services. The hardware segment accounted for more than half of the total market share in 2020 and is expected to maintain its dominance by 2026. This is due to 5G hardware facilitates edge processing leading to low latency levels and it is dominated by small cell infrastructure with a dense, distributed network of base stations. However, services segment is estimated to project the fastest CAGR of 133.1% from 2020 to 2026, owing to the spur in innovation and adoption of cutting-edge technologies in smart cities
The manufacturing segment to maintain its dominance throughout the forecast period-
Based on end use, the segment is divided into manufacturing, automotive, energy & utilities, transportation & logistics, healthcare, government, media & entertainment, and others. The manufacturing segment held nearly one-fifth of the total market share in 2020 and will maintain its dominance throughout the forecast period, owing rise in industry of refurbished robots. However, the automotive segment is estimated to register the highest CAGR of 130.3% from 2020 to 2026 owing to the increase in smart cities and surge in demand for connected cars using internet of things (IoT), are majorly contributing to the growth of the autonomous vehicles market.
The Asia-Pacific region to grow at the fastest CAGR-
The Asia-Pacific region accounted for nearly two-fifths of the market in terms of revenue in 2020. Moreover, this segment is estimated to register the highest CAGR of 130.7% from 2020 to 2026 since Asia-Pacific is estimated to be the largest region in the 5G technology market in response to great initiatives by government in key economies toward deployment of 5G spectrum. Moreover, Asia-Pacific is origin for many new entrants in multiple markets, which is also expected to fuel demand for 5G technology in the region.
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Frontrunners of the industry
Leading market players analyzed in the research include Deutsche Telekom AG, Ericsson, Huawei Technology, Nokia, Orange S.A., Qualcomm Inc., Telecom Italia, Telstra, T-Mobile, and Intel Corporation. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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