NEW YORK, April 11, 2024 /PRNewswire/ — The global 5g equipment market size is estimated to grow by USD 56716.75 million from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 66.5% during the forecast period. The 5G equipment market faces energy efficiency challenges due to increased traffic load from telecommunications companies and consumers. Network infrastructure must be upgraded for 5G implementation, requiring advanced services like SDN, NFV, and MEC for network programmability. Key players include equipment manufacturers, telecom vendors, and governments, investing in infrastructure, talent acquisition, and regulatory compliance for high-throughput, low-latency services like mobile cloud gaming, video conferencing, and public safety communications.
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The Product segment emerges as the fastest-growing segment in the 5g equipment market
The 5G equipment market is experiencing significant growth due to the increasing adoption of fifth-generation technology standard for data-intensive applications. Smartphones and tablets are leading the charge, with their high demand for data-driven services such as high-definition videos, cloud-based applications, online gaming, and real-time communication. Telecom operators are investing in 5G infrastructure, including bandwidth-enhancing technologies, to support these applications and services. The remote work culture and online learning are also driving the need for global connectivity and high-speed data transfer. Telemedicine, remote surgery, and autonomous vehicles are just a few examples of how 5G is revolutionizing industries. The integration of augmented reality (AR) and Internet of Things (IoT) devices, such as wearable fitness trackers and industrial sensors, is further expanding the potential of 5G. Governments and nations are investing in the development of 5G infrastructure, including base stations, antennas, and open RAN deployment. The hardware and software components of 5G equipment are essential for enabling edge computing capabilities, semi-autonomous vehicles, and digitalization. The market for 5G equipment is expected to continue growing as more industries embrace the benefits of fifth-generation wireless networks.
The 5G equipment market in North America, particularly in the US, is experiencing significant growth due to increased data traffic, wireless technology adoption, and the rollout of advanced 5G services. Barriers to entry include equipment procurement, spectrum acquisition, regulatory compliance, talent acquisition, and financial planning. Strategic planning is crucial for businesses to leverage 5G’s high throughput, reliability, and low latency for mobile cloud gaming, video conferencing, live broadcasting, remote-controlled machines/vehicles, public safety services, and functionality improvement. Advanced RAN slicing, time-critical communication, network performance enhancement, peak downlink speeds, and peak uplink speeds are key features driving demand. Unique mobile subscribers and mobile users are expected to reach 345 million by 2023, with wireless 5G connections increasing. Smart Retail and other industries, including manufacturing, will benefit from 5G’s high bandwidth capabilities, low latency rates, and network programmability. Businesses must invest in SDN, NFV, MEC, and network hierarchies for networking efficiency and to meet their unique needs.
Commenting on the market trends, a Senior Analyst of Technavio, stated,” 5G equipment market is experiencing significant growth due to increasing R&D activities, with Qualcomm and Ericsson leading investments of USD200 million and USD350 million respectively. Huawei completed 5G New Radio testing in early 2020. Key trends include network hierarchies, efficiency, business needs, data transfer, high bandwidth, low latency, data-intensive applications, smartphones, tablets, and cloud-based services in sectors like retail, healthcare, and manufacturing.”
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Analyst Review
The 5G Equipment Market is experiencing significant growth due to the increasing adoption of fifth-generation technology standard worldwide. This growth is driven by the surge in data-intensive applications, such as high-definition videos, online gaming, and cloud-based services, which require massive bandwidth. The proliferation of smartphones, tablets, IoT devices, and semi-autonomous vehicles further fuels the demand for 5G equipment. Governments and nations are investing heavily in 5G infrastructure to support digitalization and remote work culture. The integration of edge computing capabilities into 5G equipment enables real-time data processing and analysis, making it an essential component of big data and cloud computing. Customer premise equipment, including routers and modems, are crucial hardware components in the 5G ecosystem. Software advancements in these areas are also vital to ensure seamless integration and optimal performance. The global connectivity provided by 5G is revolutionizing industries and transforming the way we live and work.
Market Overview
The 5G Equipment Market is experiencing significant growth with various technologies and applications coming into play. The demand for 5G infrastructure components such as antennas, base stations, and routers is surging due to the increasing need for faster and more reliable connectivity. Smartphones and other devices equipped with 5G capabilities are also driving the market forward. The market is also witnessing the adoption of advanced technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IoT) in 5G equipment. The market is expected to reach new heights with the deployment of 5G networks in various industries including healthcare, education, transportation, and manufacturing. The market is competitive with key players like Samsung, Huawei, Nokia, and Ericsson leading the charge. The market is also witnessing collaborations and partnerships between companies to develop and deploy 5G equipment. The future looks bright for the 5G Equipment Market with endless possibilities and innovations on the horizon.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
