Global 5G Technologies Market To Grow At A Rate Of 40%
As per The Business Research Company’s 5G Technologies Global Market Report 2023, the global 5G technologies market size is expected to grow from $10.5 billion in 2023 to almost $415 billion by 2032 at a compound annual growth rate (CAGR) of more than 40%. global 5G technologies
This exponential growth in the 5G technologies market in the forecast period will be supported by increasing adoption of technology, investments by market players, and demand for advanced technology; but most importantly by the growth in the number of IoT devices.
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Growth in the number of Internet of things (IoT) devices is expected to increase the demand for the 5G technologies market in the forecast period. According to reports, 5G is 10 times faster than current LTE (long-term evolution) networks. This increase in speed will allow IoT devices to communicate and share data faster than ever. 5G networks will go a long way toward improving the performance and reliability of these connected IoT devices. For instance, according to McKinsey & Company, a US-based management consulting firm, the worldwide number of IoT-connected devices is projected to increase to 43 billion by 2023, an almost threefold increase from 2018. Also, the value of the Internet of things (IoT) applied device market in Japan is expected to increase by 21% by 2024. Therefore, the increasing number of IoT devices will expand the 5G technologies market.
What Are The Major Players In The 5G Technologies Market?
The 5G technologies market is highly consolidated with a few large players dominating the market. The top ten competitors in the market made up to 98.34% of the total market.
Ericsson was the largest competitor with above 18% share of the market, followed by Nokia, Qualcomm Technologies Inc., Intel Corporation, Broadcom, Huawei Technologies Co. Ltd., Cisco Systems Inc., KT Corp., Marvell technology, and Samsung with nearly 3% of the market share.
Market Strategy For The Major Players In The 5G Technologies Market
5G technology companies are undergoing partnerships and collaborations to strengthen their position in the market. For instance, in June 2022, Qualcomm, a US-based semiconductor company, acquired Cellwize Wireless Technologies Pte. Ltd. for an undisclosed amount. This acquisition aims to strengthen Qualcomm Technologies’ 5G infrastructure solutions to fuel the digital transformation of industries, power the connected intelligent edge and support the growth of the cloud economy. Cellwize Wireless Technologies Pte. Ltd. is a Singapore-based telecommunications provider.
Qualcomm Technologies Inc is the third largest competitor in the 5G technologies market, with a nearly 14% share of the market. QUALCOMM Incorporated is a semiconductor company that develops digital wireless telecommunications products. It includes processors and connectivity solutions, software and charging products.
