5G Technology Market Size, Share, Trends, Value 2032

5G Technology Market Insights

According to Zion Market Research, the global 5G Technology Market was worth USD 161.78 Billion in 2023. The market is forecast to reach USD 14036.87 Billion by 2032, growing at a compound annual growth rate (CAGR) of 64.2% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the 5G Technology Market industry over the next decade.

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5G Technology is basically 5th generation mobile network technology. It is the latest form of cellular network technology and is still in commercialization phase. It is observed to be most advanced form of network technology with unbeatable benefits such as 20 GBPS data transmission rate and extensively low latency of 1 MS.

5G Technology Market Overview

5G is a next generation telecom network technology that provides broadband access. Beyond improved speed, it is also expected to support massive demand of IoT ecosystem where it can serve communication needs of connected devices worldwide. It has revolutionized the field of wireless networking and has enhanced machine-to-machine devices connectivity management. This will help in enhancing market for various sectors and also create opportunity for connected and smart devices.

The demand for smart phone is emerging and almost everyone in the world is using it. The increasing usage of smart phone for entertainment and work related activities is contributing to the market growth. Activities such as online gaming, VR headsets to enhance experience, video conferencing download files, application based entertainment via Netflix, hotstar and amazon is driving the need for smartphones. Moreover, rising digitalization and increasing online orders of food and products along with cab bookings is expected to support growth in the years ahead.

Due to increased usage of wireless mobile networks, the society has extremely exposed to security issues. Globally rising cyber-attacks is anticipated to hamper overall market growth to some extent. Remarkable progress in telecommunications and networking technologies is forecasted to result in lucrative market opportunities.

5G Technology Market: Report Scope

Global 5G technology market is segmented on the basis of offerings, technology, applications, and geography. Offering segment is majorly classified into hardware, software, and services. Services sub segment of the market is anticipated to flourish during forecast time frame. Based on technology, the market bifurcated into Wi-Fi, GSM (Global System for Mobile), RAT (Radio Access Technologies), HSPA (High Speed Package Access), and WiMAX (Worldwide Interoperability for Microwave Access). 5G technologies is implied in diverse applications including AR/VR, connected automotive, smart manufacturing, connected energy, wireless e-health, connected drones and smart cities among other. Market demand in Augmented and Virtual Reality segment is expected to witness remarkable growth.

5G Technology Market: Competitive Space

Some of the globally renowned participants of 5G technology market are:

• SK Telecom
• Ericsson
• Qualcomm Technologies, Inc.
• Nokia Networks
• Deutsche Telekom AG
• AT&T, Inc.
• Telecom Italia
• Huawei Technologies Co. Ltd.
• Orange, S.A.
• China Mobile Limited
• Verizon Communications, Inc. 
• KT Corporation among others.

5G Technology Market: Regional Insights

On the basis of geography, 5G technology markets is categorized into five main regions including North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Attributing to strong presence of prominent 5G technology providers, North America is anticipated to attain substantial market share. Furthermore, the United States is observed to dominate in the region.

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The report segments the 5G technology market as follows:

Global 5G Technology Market: By Offerings Segment Analysis

• Hardware
• Software
• Services

Global 5G Technology Market: By Technology Segment Analysis

• Wi-Fi
• HSPA (High Speed Package Access)
• RAT (Radio Access Technologies)
• GSM (Global System for Mobile)
• WiMAX (Worldwide Interoperability for Microwave Access)

Global 5G Technology Market: By Application Segment Analysis

• AR/VR
• Connected Automotive
• Smart Manufacturing
• Connectecd Energy
• Wireless eHealth
• Connected Drones
• Smart Cities
• Others

Global 5G Technology Market: By Region

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa