5G Technology Market size to experience significant growth prospects from 2016 to 2023
5G Technology Market size 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.
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.
This technology offers very high bandwidth for mobiles and advanced features for various smart devices. In addition, it is considered to be extremely endurable for WWWW (Wireless World Wide Web). It is likely to support millimeter wave, M2M/IoT (Internet of Things), multiple-input and multiple-output (MIMO) application as well as device-centric network architectures, along with spectrum sharing functionalities.
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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.
This technology offers internet speed between 10 Gbps and 100 Gbps and provides ultra low latency range from 1ms to 10ms when compared to 4G technology that offers low latency range from 40ms to 60ms. This enables users to live stream and watch sports matches and events over the internet and this can be achieved using steerable antennas with mmWave (Millimeter Wave) technologies.
Rapid growing demand for high internet speed in order to get real time response is anticipated to be one of the key driving factors for 5G technology market growth over the next seven years. Its interdependence on various other technologies such as millimeter wave propagation, as well as IPv6 transmission protocol may pose a challenge to demand growth over the forecast timeframe.
Numerous features offered include high resolution, bi-directional large bandwidth shaping, supervision tools for fast action, precise traffic statistics and supports as many as 65,000 connections. This in turn is predicted to further propel industry growth from 2016 to 2023.
The 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.
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. 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.
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 size. 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.
Industry participants accumulating significant 5G technology market share include AT&T, Alcatel-Lucent, Telefonica, Orange, etc. Other prominent companies are Fraunhofer-Gesellschaft, Qualcomm, Huawei Technologies, Ericsson, Verizon Communications, Nokia Networks, Deutsche Telecom, NTT DoCoMo, and Samsung Group.
In order to ensure the presence of a robust standardization framework, various standard bodies such as universities, ITU, 3GPP, IEEE, and public bodies have been contributing to the ecosystem.
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