5G Technology Market to show Favorable Growth globally by 2024

The global 5G technology market is expected to witness significant growth over from 2016 to 2024 (forecast period). Rising worldwide adoption of internet-enabled devices will drive the industry. Mobile service providers believe that 5G services will be rolled out by 2020 to meet customer and business demands.

Previous generation communication systems, such as the 3G, were a breakthrough in the world of communications technology. The 3G cellular system receives a signal from a nearby mobile phone tower and utilizes the same for messaging, data transfer, and phone calls. The 4G and 3G cellular systems work in the exact same manner. However, unlike 3G, 4G exhibits lower latency (the time lag between cause & effect) and ensure faster internet connectivity. The 4G cellular systems is nearly five times faster than the existing 3G system and it offers download speeds that almost reach 100 Mbps. 5G technology is faster than 4G, enabling enhanced productivity across all proficient devices, with a download speed of almost 10,000 Mbps. Furthermore, a higher bandwidth provides faster download speed, and also the ability to operate various complex internet apps on mobile phones.

Key Players:

Key players in the 5G technology market are Verizon Communications Inc. (U. S.); Nokia Networks (Finland); Samsung Group (South Korea); AT&T Inc. (U. S.); The Fraunhofer Society (Fraunhofer-Gesellschaft); NTT DoCoMo Inc.; Qualcomm Inc. (U. S.); Alcatel-Lucent S. A.; Huawei Technologies Co. Ltd. (China); and Telefónica S. A. In 2014, Ericsson signed a deal with SK Telecom Co. Ltd. for 5G technology research and development. With a view towards ensuring a strong standardized network, various public bodies such as the Institute of Electrical and Electronics Engineers, the ITU, 3GPP, and a few universities have been adding value to the 5G technology industry.

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Furthermore, increasing mobile broadband adoption and machine-to-machine communication in companies will fuel industry growth. High rates of data transfer along with low power consumption will also exhibit a positive impact.

Popularity of high-speed internet for enhanced real-time response will propel the global 5G technology industry in the years to come. However, the dependence of this technology on other technologies, such as millimeter wave propagation and IPv6 transmission protocol could restrict market performance.

The global industry is categorized on the basis of technologies, applications, and regions. The technology segment comprises Radio Access Technologies (RAT), Wi-Fi, High-Speed Package Access (HSPA), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX). Applications include healthcare, government & utilities, retail, individual users, offices, and defense & military. Owing to high investments in research & development, the application segment is led by government & utilities.

Geographically, the global 5G technology market is divided into Europe, North America, Asia Pacific, and Rest of the World. The U.S. market is estimated to grow robustly during the forecast period. This is because of increasing subscriptions in the region. The Asia-Pacific market too will register significant growth. Various countries such as China, Korea, and India will invest huge sums to support ongoing developments and initiatives in 5G technology. The government of United Kingdom is expected to launch its 5G strategy by 2017. In its recent budget, the government focused on the significance of mobile spectrum and prepared the nation to receive the new technology.

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