5G Technology Market – What are the main factors that contributing towards industry growth?

5G Technology Market can be categorized into Wi-Fi, radio access technologies (RAT), HSPA (high speed package access), worldwide interoperability for microwave access (WiMAX), and GSM (global system for mobile). Based on application, it can be segregated into retail sector, government and utilities, healthcare sector, defense and military, individual users, and offices.

Surging adoption of mobile broadband as well as growing machine-to-machine communication in organizations is expected to fuel the global 5G technology market size over the forecast period. Superior data transfer rates accompanied by less power consumption when compared to its predecessors is projected to positively impact demand from 2016 to 2023.

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Asia Pacific 5G technology market share is predicted to exhibit significant growth prospects over the forecast period. Countries such as India, China and Korea are expected to have major contribution owing to numerous ongoing initiatives and developments.

U.S. 5G technology market size is forecast to witness high growth rates over the forecast timeframe, mainly on account of increasing number of subscriptions. The Federal Communications Commission (FCC) has already begun an assessment of the allocation of 5G frequencies.

Persistently rising high speed and large network coverage demands from numerous industry applications such as distant learning, autonomous driving, multi-user gaming and video conferencing, opera live streaming, telemedicine, and augmented reality is anticipated to fuel 5G technology market growth. Furthermore, it is likely to enhance mobile network performance capabilities and is projected to have high contribution in establishing foundational infrastructure for smart city development.

Various countries such as Japan are now planning to showcase this innovation throughout during the PyeongChang 2018 Winter Olympics as well as Tokyo 2020 Summer Olympics. This in turn is forecast to have substantial growth impact on 5G technology market. For instance, in 2014, Ericsson entered into an agreement with SK Telecom Co. Ltd for joint research on these technologies in South Korea. Industry players are now focusing on introducing innovative technologies in order to gain competitive advantage.

5G Technology Market is projected to experience significant growth prospects from 2016 to 2023. Surging adoption of internet enabled devices across the globe is likely to drive industry growth over the forecast period.

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