The Global 5G Technology Market size valued to USD 5.53 billion in 2020 shall witness an elevation of USD 620.72 billion by 2030, with a growing CAGR of 58.6% from 2020-2030.
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Top Companies: Intel Corporation, Deutsche Telekom Ag, Ericsson, Huawei Technologies Co., Ltd, Nokia Corporation, Orange, Qualcomm Technologies, Inc, Telecom Italia, Telstra, T-Mobile Usa, Inc and others.
Market Dynamics and Trends
The 5G technology is the future of telecommunication sector, where increased use of digital gadgets and increasing demand of smart-phones are expected to amplify the market growth. Besides, the technological advancements and the infrastructure developments shall fuel-up the 5G technology market during the forecast period.
Other factors like big-shot investments in the telecommunication industry, wide application of 5G networks, and surge in the data traffic, are expected to enhance the market growth during the forecast period.
However, high-cost deployment of 5G networks may hamper the growth of 5G technology market.
Moreover, growing smart cities, increased use of IoT and cloud-based solutions are expected to create ample of opportunities in the 5G technology market.
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Geographical Analysis
North America is expected to dominate the global 5G technology market throughout the fore-cast period, owing to higher adoption of 5G technology and the presence of advanced infrastructures.
The 5G technology market study depicts that 60% of North American consumers are willing to pay extra for 5G coverage. Besides, it is estimated that the 5G technology will contribute $2.2 trillion to the global economy between 2020 and 2030, of-which the financial services in North America shall benefit the most.
Asia Pacific is expected to show rapid growth over the forecast period; the major contributors being India and China. Furthermore, fast developing infrastructure, increased use of digital devices, increased use of smartphones and the increasing integration with existing devices are expected to fuel-up the growth of 5G technology market.
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