Uttar Pradesh, India -- (SBWIRE) -- 11/11/2019 -- Based on the latest insights in the report title "5G Technology Market by Offering (Hardware, Software, and Services), Connectivity (Enhanced Mobile Broadband [eMBB], Ultra-Reliable Low Latency Communication [URLLC], and Massive Machine Type Communication [mMTC]), Application (Connected Vehicle, Monitoring & Tracking, Automation, Smart Surveillance, VR & AR, Enhanced Video Services, and Others), and End User (Manufacturing, Automotive, Energy & Utilities, Transportation & Logistics, Healthcare, Government, Media & Entertainment, Others): Global Opportunity Analysis and Industry Forecast, 2020-2026" by Report Ocean, the market is estimated to reach $667.90 billion by 2026.

Increasing Need for High Speed Connectivity to Boost the Global 5G Technology Market

With high speed data connectivity and internet becoming an increasingly important requirement among the consumers, the demand for 5G technology has subsequently increased. Its rising demand has prompted manufacturers to intensify their research activities and lay growing focus on the development of the technology. The market is expected to be driven by a number of factors and garner a positive growth rate over the forecast period.
Increasing adoption of virtual networking architecture in the telecommunication industry, fast-paced technological advancements in the field of semiconductors and sensors, and growing adoption of mobile and connected devices across different industries are some of the leading factors driving the market growth of 5G technology. With the imminent commercialization of 5G network connectivity, a booming demand for 5G-enabled smartphone devices is expected. This, in turn, is expected to be another key growth driver for the market in the coming years.

Market Segmentation

The global 5G technology market is segmented on the basis of offering, application, connectivity, and end-user,
By offering, the market includes software, hardware, and services.
By connectivity, the market narrows down into Massive machine type communication (mMTC), Ultra-reliable low latency communication (URLLC), and Enhanced mobile broadband (eMBB).
By application, the market segments into Enhanced video services, Smart surveillance, Monitoring & tracking, Connected vehicles, VR & AR, Automation, and others.
By end-users, the market comprises Transportation & Logistics, Energy & Utilities, Manufacturing, Media & Entertainment, Automotive, Government, Healthcare, and other industries. The media and entertainment and automotive industries are expected to garner massive revenue in the coming years and dominate the market landscape. The rising need for 5G technology in the transportation and healthcare industries is projected to be a major growth factor for these segments.

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Regional Analysis

The global 5G technology market is geographically segmented into North America, Europe, Asia Pacific, and LAMEA. The market in Asia Pacific is expected to stand out and is anticipated to gain an impressive growth rate in the coming years.
The favorable adoption level of new and advanced technologies among organizations across various industries is a key driving factor for the regional market. A number of countries herein are reportedly initiating and planning to implement smart city projects. There lies a huge opportunity for 5G technology amidst such large-scale projects. This is expected to boost the market growth of the technology in the region in the coming years.
Moreover, an influx of new entrants across different industries and rising consumption of digital applications is anticipated to play a key role in fuelling the growth of the regional market.

Competitive Landscape

The 5G technology market is fairly competitive with the presence of various large-scale, domestic, and startup companies. The players in the market are investing both time and money to encourage the development of the technology and attain a competitive edge. Some of the key players in the market include names like Telecom Italia, Deutsche Telekom AG, Telstra, Nokia, Ericsson, Huawei Technology, Orange S.A., Qualcomm Inc., T-Mobile, and Intel Corporation.

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