5G Technology Market Expected to Reach $667.9 Billion By 2026: Allied Market Research
Surge in demand for low latency connectivity for industrial automation processes and increase in content streaming services demand propel the growth of the global 5G technology market.
PORTLAND, Oregon, March 17, 2020 /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 expected to generate $667.9 billion by 2026, registering a CAGR of 122.3% from 2020 to 2026.
Surge in demand for low latency connectivity for industrial automation processes and increase in content streaming services demand propel the growth of the global 5G technology market. In addition, increase in number of IoT devices and edge computing adoption offers the growth opportunities. On the other hand, challenges related to small cell deployments and fiber backhaul utilization hinder the market growth. Contrarily, surge in investments in smart cities and autonomous vehicles create new opportunities in the market.
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The report divides the offering segment into hardware, software, and services. The hardware segment held more than half of the total market share in 2020, and is estimated to maintain its dominant position by 2026. This is attributed to 5G hardware easing up the edge processing and leading to low levels of latency. However, services segment is expected to grow at the highest CAGR of 133.1% from 2020 to 2026, owing to increase in innovation across the globe and adoption of novel technologies in smart cities.
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The end use segment is segmented based on manufacturing, energy & utilities, automotive, healthcare, transportation & logistics, media & entertainment, government, and others. The manufacturing segment would contribute nearly one-fifth of the total share in 2020, and will maintain its lead status during the forecast period, owing to the growth of the industry of refurbished robots. However, the automotive segment is expected to witness the highest CAGR of 130.3% from 2020 to 2026, owing to rise in smart cities and increase in demand for connected cars that utilizes internet of things (IoT).
Geographically, the Asia-Pacific region held nearly two-fifths of the market share in terms of revenue in 2020. Moreover, Asia-Pacific region is expected to grow at the highest CAGR of 130.7% from 2020 to 2026. This is due to supportive government initiatives in emerging economies for deploying 5G spectrum along with new entrants preferring to establish their presence in the region. The research also analyzes Europe, Asia-Pacific, and LAMEA regions.
Key market players discussed in the report are Deutsche Telekom AG, Huawei Technology, Ericsson, Orange S.A., Nokia, Telecom Italia, Qualcomm Inc., T-Mobile, Telstra, and Intel Corporation. They have adopted various strategies including mergers & acquisitions, collaborations, partnerships, and others to gain stronghold in the industry.
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About Allied Market Research
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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