Asia Pacific is expected to be the dominant region for the 5G Chipset market owing to the large telecommunication industry and early adoption of 5G technologies. The Asia Pacific countries are at rapid development stages in digitization and have over 1.9 billion mobile internet users in 2018, which is expected to reach 2.7 billion by 2025 according to the GSM Association. Countries including South Korea, Australia, and Japan are undergoing fast developments for becoming early adopters in 5G network technologies. For instance, in April 2019, KT Corporation from South Korea launched the first nationwide commercial 5G network for consumers and enterprises. In May 2019, Huawei announced that it will be launching a 5G lab in South Korea.
The growing investments in networking infrastructure for wider broadband range and network coverage is influencing the growth of the 5G chipset market. 5G cellular network technology developments are creating their demand in multiple sectors such as healthcare, education, transportation, commercial offices, banking & finance, and other organizations. Rapid growth in data consumption and the emergence of smart devices such as home automation, drones and self- driving cars will augment the industry growth.
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Smartphone manufacturers are inclined towards integrating these chips in their devices which will be one of the major product segments in the 5G Chipset market. According to the GSMA, there were 5.1 billion unique mobile subscribers globally in 2018. The declining smartphone prices and rapid technological advancements in consumer electronics technologies are creating a strong demand for high processing network hardware globally. The growth of 5G network will push smartphone and wearable device manufacturers to integrate these chips into their product offerings to provide extended features such as faster data transfer rates, streaming services, and improved communication to consumers.
5G Chipset Market By IC Type
- Millimeter Wave IC
5G Chipset Market By Frequency
- Low frequency
- High frequency
- Millimeter wave bands
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The emergence of IoT market is fueling the development of faster technologies creating opportunities for 5G Chipset market. IoT technologies have connected a large number of devices through the internet and network, which includes machines, office equipment, household appliances, smart home devices, and many others. This is creating a greater demand for data transfer and networking to ensure faster and efficient operations. For instance, organizations and enterprises are using IoT devices for better data exchanges within manufacturers, operators, and connected devices.
Smart city projects, such as city of Barcelona, with deployments for smart bins, driverless metro, smart parking spaces, digital bus services, and others is driving the 5G Chipset market. These include free internet access through the city’s Wi-Fi networks. Connected car market is another emerging application area for networking devices.
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