The 5G equipment market is expected to grow by USD 11.75 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled Global 5G Equipment Market 2020-2024 (Graphic: Business Wire)
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Communications is one of the key and important part of the smart city infrastructure. Smart cities require extensive machine type communication (MTC) applications. Some of the crucial MTC applications are smart metering, property monitoring, logistics management, and smart parking. These applications require communication that is faster and long-reaching as they are located in challenging environments such as basements and farms. With the help of 5G networks, such MTC applications can be easily established and implemented. 5G also facilitates smart traffic management and makes autonomous driving easier and safer. Therefore, with the proliferation of smart cities, the growth of the global 5G equipment market will gain traction during the forecast period.
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As per Technavio, the growing adoption of smartphones and demand for better connectivity will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
5G Equipment Market: Growing Adoption of Smartphone and Demand for Better Connectivity
The adoption of mobile devices such as smartphones has increased over recent years. As of 2018, about 7.62 billion people across the world had cellular devices. In addition, the increased use of smartphones for various tasks and the growing demand for high-speed internet are exerting significant pressure on cellular networks. This is pushing telecom operators to expand their network, increase bandwidth. Also, the high adoption of smart devices such as smartwatches and personal assistants such as Siri has increased the demand for faster connectivity technologies. These factors are increasing the penetration of 5G services, which, in turn, will boost the growth of the global 5G equipment market during the forecast period.
“Government initiatives for high-speed network connectivity and the increasing focus on implementing automation will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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5G Equipment Market: Segmentation Analysis
This market research report segments the 5G equipment market by product (macrocell, small cell, and others) and geography (North America, Europe, APAC, MEA, and South America).
The North American region led the 5G equipment market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, North America is expected to register the highest incremental growth due to the increasing adoption of wireless technologies in the US.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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