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5G Technology Market 2023 Revenue, Future Demand, Prominent Players & Forecast To 2030

The Road to 5G: An Overview of the Global 5G Technology Market

The rollout of high-speed 5G networks is accelerating globally, creating massive opportunities across industries. The global 5G technology market size is projected to grow from USD 121.2 billion in 2022 to USD 1799.8 billion by 2030, at a compound annual growth rate (CAGR) of 40.2% from 2022 to 2030. 5G aims to transform connectivity and enable next-generation technologies.

5G Technology Market Overview

5G refers to the 5th generation of wireless networks that succeeds the 4G/LTE standard. Key capabilities of 5G networks include:

  • Much higher speeds - peak speeds up to 20 Gbps
  • Extremely low latency - down to 1ms
  • Increased connection density - up to 1 million devices per sq km
  • High reliability and availability
  • Enhanced mobility
  • Massive capacity

5G enables innovations such as smart cities, autonomous vehicles, industrial automation, and advanced immersive media. It represents a major evolutionary leap in mobile broadband.

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Key Market Segments

The 5G technology market is segmented by component, spectrum bands, vertical, and region:

  • Components: Hardware, Software, Services
  • Spectrum Bands: Sub 6 GHz, mmWave
  • Verticals: Manufacturing, Energy & Utilities, Media & Entertainment, IT & Telecom, Transportation & Logistics, Healthcare
  • Region: North America, Europe, Asia Pacific, South America, Middle East & Africa

Key Market Drivers

  • Rising demand for enhanced mobile broadband experiences
  • Growth in connected devices and IoT platforms
  • Increasing industry automation and digital transformation
  • Opportunities to enhance services and create new revenue streams
  • Supportive government policies and spectrum availability

Key Companies

Leading players in 5G technology include:

  • Ericsson
  • Nokia
  • Samsung
  • ZTE
  • Cisco
  • Huawei
  • NEC
  • Marvell
  • Qorvo
  • IBM

Regional Insights

North America led the 5G technology market in 2021. Asia Pacific will exhibit the fastest growth during 2022-2030 owing to rising 5G adoption in China, Japan and South Korea.

Latest Industry News

  • Qualcomm launches new 5G RAN platform for Open RAN 5G networks
  • Microsoft acquires 5G specialist firm Metaswitch Networks
  • Verizon partners with Amazon Web Services to deliver 5G edge computing

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