5G Technology Market to Reach $797.80 Bn, Globally, By 2030 at 65.8% CAGR: Allied Market Research

 - Benefits of 5G technology such as faster speed, uniform data rates, lower latency, and lower cost-per-bit drive the growth of the global 5G technology market.

PORTLAND, Ore., Feb. 24, 2022 /PRNewswire/ -- According to the report published by Allied Market Research, titled, "5G Technology Market by Component (Hardware, Software and Services), Connectivity (Enhanced Mobile Broadband (EMBB), Ultra-Reliable Low Latency Communication (URLLC), and Massive Machine Type Communication (MMTC)), Application (Automation, Monitoring & Tracking, Connected Vehicle, Smart Surveillance, VR & AR, Enhanced Video Services, and Others), and End Use (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global 5G technology industry generated $5.13 billion in 2020, and is estimated to reach $797.80 billion by 2030, growing at a CAGR of 65.8% from 2021 to 2030.

Major determinants of the market growth

Benefits of 5G technology such as faster speed, uniform data rates, lower latency, and lower cost-per-bit drive the growth of the global 5G technology market. Moreover, rise in demand for immersive experiences such as AR and VR that demand 5G technology would open new opportunities in the market.  

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Covid-19 outbreak:

• The Covid-19 pandemic positively affected the growth of the 5G technology market due to sudden increase in demand for fast internet network and adoption of work from home culture.
• However, prolonged lockdown and lot of uncertainties across the world negatively affected the market and reduced number of new investments in the industry.

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The software segment to showcase the highest CAGR through 2030

Based on offering, the software segment is expected to register the highest CAGR of 69.8% during the forecast period, as it offers SDN and NFV implementation and adaptable, manageable, and cost-effective solution for dynamic applications. However, the hardware segment held the largest share in 2020, accounting for more than half of the global 5G technology market share in 2020, due to its low latency levels.

The massive machine type communication (MMTC) segment to register the highest CAGR by 2030

Based on connectivity, the massive machine type communication (MMTC) segment is projected to manifest the highest CAGR of 70.1% during the forecast period. In mMTC, autonomously communicating machines are expected to create sophisticated mobile traffic, particularly in machine-to-machine (M2M) domains. Furthermore, licensed spectrum over cellular infrastructure and involvement of various technologies including SigFoX and LoRa (Long Range) increase reliability and pervasive realization of the MTC. These factors are expected to contribute to the growth of mMTC in the 5G technology industry. However, the enhanced mobile broadband (EMBB) segment dominated in terms of revenue in 2020, accounting for nearly three-fourths of the global 5G technology market share in 2020, due to rise in demand of consumers for mobile data.

Asia-Pacific, Followed by North America, to hold the largest share by 2030

Based on region, Asia-Pacific, followed by North America, held the highest share in 2020, contributing to nearly two-fifths of the global 5G technology market. In addition, the region would register the fastest CAGR of 69.7% from 2021 to 2030, due to presence of younger population and rise in demand for digital applications such as social gaming, media, and online video consumption.

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Key Players in the Industry

• Deutsche Telekom AG
• Ericsson
• Huawei Technology
• Nokia
• Orange S.A.
• Qualcomm Inc.
• Telecom Italia
• Telstra
• T-Mobile
• Intel Corporation.

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