5G Technology Market Size & Share, by Offering (Hardware, Software and Services); Communication Infrastructure (Small Cell, Macro Cell, RAN and DAS); Network Technology (SDN, NFV, MEC and FC); Chipset Type (ASIC, FRIC, MVTC and FPGA) and By Application (Manufacturing & Utilities, Financial Services, Public Services, Agriculture & Mining) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Increasing Investments for Deployment of 5G Infrastructure: According to the International Telecommunication Union (ITU), total number of individuals using the internet grew from 29.3 units per 100 inhabitants in the year 2010 to 51.4 units per 100 inhabitants in the year 2018 and is further estimated to reach 53.6 units per 100 inhabitants in the year 2019.
  
  Owing to the rising demand for access to high speed internet amongst the growing internet users, telecom operators around the globe, particularly in developed and developing nations are increasingly investing for the deployment of 5G infrastructure. With 5G now being a reality post commercial launches in nations such as U.S. and South Korea in the year 2018, several other nations are lined up for the launch of 5G networks in the coming years. Apparently, mobile handset manufacturing companies are gearing up their speeds to release 5G smartphones and keep pace with the ongoing trend. According to The Mobile Economy Report 2019 of The GSM Association, mobile operators around the globe planned to invest around USD 480 billion between 2018 and 2020 in mobile capex so as to support the generational shift and further drive consumer engagement in the digital era.
• Development of Supportive Policies By Governments For Digital Advancement: Governments of nations around the globe are actively engaging for the advancements in mobile networks of the digital future. Designing supportive policies and enabling them so as to avoid any threats associated with the digital advancements are some of the key focus areas that are outlooked by the government. Moreover, government are also taking priorities for the allocation of spectrum in sufficient amount for 5G technology as it requires larger continuous blocks of spectrum in the mid-range and mmWave frequency bands. Additionally, telecom operators are also encouraging the governments of nations to facilitate access to public sites for operators to deploy network equipment. Government are also further focusing on reducing sector-specific tax burden along with creating several incentives for technological innovations so as to encourage greater investments by telecom operators. Such factors are anticipated to drive the growth of the global 5G technology market in the upcoming years.

Challenges

• Delay in Standardization of Spectrum Allocation: Several developing nations around the globe are yet to keep pace with the ongoing trends of 5G technology. Owing to such a factor, allocation of spectrum frequency bands for 5G technology infrastructure and standardization processes and regulations can be delayed hampering the telecom associated companies to roll out 5G related networks, devices and related technological products. Such a factor is anticipated to hinder the growth of the global 5G technology market during the forecast period.