5G Technology Market Expected to Witness an Exponential CAGR of 82.4% Through 2028 - Study by Future Market Insights

5G Technology Market Expected to Witness an Exponential CAGR of 82.4% Through 2028 - Study by Future Market Insights

PR Newswire

VALLEY COTTAGE, New York, March 6, 2019

VALLEY COTTAGE, New York, March 6, 2019 /PRNewswire/ -- The approximately US$ 608 billion market for 5G technology is projected to take a massive leap beyond infancy, at a rapid pace. A new analytical study by Future Market Insights (FMI) forecasts magnificent growth prospects for the 5G technology market over the coming years. 5G technology deployment will surpass the market valuation of US$ 35 billion in next five years, as indicated by FMI's analysis.

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5G Network Trials & Device Launches to Prevail

The latest of mobile communications evolution, 5G technology deployment is prominently pushed by the spectacular growth in the number of unique mobile subscribers, says The Mobile Economy 2019 Report. Set to revolutionize the mobile communications industry (as suggested by GSMA (Groupe Spéciale Mobile Association), the 5G technology optimization majorly relies on MEC (Mobile Edge Computing) that reduces 5G's dependence on back-haul for computing and storage.

Preview Analysis of 5G Technology Market Segmented by technology: 5G RAN, 5G NG Core, NFVI, Routing Backhaul, and Optical Backhaul, and Others; By application: irtual & Augmented Reality, Connected Automotive, Smart Manufacturing, Connected Energy, Wireless eHealth, Connected Drones, Smart Cities, Others: https://www.futuremarketinsights.com/reports/5g-technology-market

In addition, increasing launches of 5G enabled products is underscoring the rapid expanse of 5G technology. While Samsung has announced the launch of the world's first 5G smartphone, teaming up with eight telecom operating leaders, China-based ZTE will also shortly unveil their first 5G device, targeting launch in China and Europe, in 2019. ZTE has been one of the top telecom equipment suppliers globally, and continues to emphasize massive investments in R&D for 5G technology coverage. The company's 5G transport product is also ready for commercialization.

Enterprises in Developed Regions Leading the Bandwagon

The US-based enterprises such as AT&T Inc. and Verizon Communication Inc. are collaboratively working towards 5G technology commercialization. The report highlights an increasing role of governments in the expansion of 5G technology network coverage.

The aforementioned companies have also launched customer trails in multiple regional markets – instrumenting a strong base for the commercialization of 5G technology. Substantial adoption of advanced technologies such as cloud and IoT (Internet of Things) will also continue to boost 5G technology deployment in coming years, as industries are accelerating the shift from consumer-centric cellular coverage to machine-centric communications.

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Contract Agreements Trending Competitive Landscape

According to FMI's study, telecom giants are strategizing on contracts and collaborations to retain their lead in the global market. Leading providers of 5G technology and telecommunication services are focusing on collaborating with each other to increase global market revenue shares as well as improve new outreach to new potential markets.

The report also covers strategic profiles of some other prominent players in the global 5G technology market, including Ericsson, Telecom Italia, AT & T, Inc., Huawei Technologies Co., Ltd., Orange S.A., China Mobile Limited, KT Corporation, Qualcomm, and Verizon Communications, Inc. among others.

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