5G Technology Market: By Component (Hardware, Software, and Services), By Connectivity (Enhanced Mobile Broadband (EMBB), Ultra-Reliable Low Latency Communication (URLLC) and Massive Machine Type Communication (MMTC)), By Application (Automation, Monitoring & Tracking, Connected Vehicle, Smart Surveillance, VR & AR, Enhanced Video Services, and Others), By End User (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, and Others), and Geography  

5G Technology Market size was valued at USD 5,372.8 million in 2022 and is expected to grow at a significant CAGR of 23.5% over 2023-2029. 5G networks deliver an improved internet experience of 1 Gbps and 10ms and a basis for cloud and AI-based services. To satisfy the rising demand for mobile broadband services, network capacity must be increased by a new spectrum, resulting in widespread adoption of the 5G core for the implementation of 5G technology for improved mobile broadband services. Reduced latency in 5G, growing adoption of virtual networking architecture in telecoms, and higher mobile data traffic are driving the industry. Increasing M2M connectivity across multiple industries is predicted to fuel 5G infrastructure growth throughout the forecast period. To enhance their market share and geographical presence, players have used tactics such as collaboration, partnership, product introduction, R&D, and acquisition.

The growing popularity of IoT uses cases in various industries that require wide-area connectivity and the capacity to manage many connections has spurred demand for massive IoT solutions. Massive IoT is gradually gaining traction as a new focus for IoT connectivity. 5G networks are expected to facilitate a massive deployment of intelligent IoT nodes in various settings. It will also provide a firm platform for the widespread adoption of critical communications services. During the projection period, the manufacturing segment of the 5G services market is expected to have a bigger market share. The demand for seamless connectivity to drive industrial devices such as robots and actuators is growing. This will allow future factories to be more efficient, networked, and flexible. Inside factories, 5G will make manufacturing procedures easier, such as more efficient production lines (with machine vision and high-definition video for process management), factory AGVs (autonomous transportation), and machine control, all with a latency of less than 5ms using URLLC.

5G Technology Market Key Developments:

• In November 2021, Ericsson enters into agreement for a USD 6.2 billion cash offer to acquire Vonage, a global provider of cloud-based communications, with the unanimous approval of the Vonage Board of Directors. The acquisition underlines Ericsson's strategy to expand its presence in the wireless enterprise and broaden its global offerings.
• In Feb 2020, Huawei Consumer Business Group (BG) hosted a virtual launch in Barcelona, Spain, during which it announced a series of new 5G products and strategies that demonstrate the full capabilities of its all-scenario ecosystem.