5G Technology Market Size

5G Technology Market size was valued at USD 20.13 billion in 2023 and is likely to cross USD 2.80 trillion by 2036, registering more than 46.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of 5G technology is estimated at USD 27.57 billion.

The global 5G technology market is anticipated to grow on the back of rising need for high speed internet and data connectivity amongst consumers around the globe. The journey of digital transformation over the years have significantly helped industries to advance in modernizing their existing processes and thereby exhibit growth in their revenues. Moreover, technological concepts, such as artificial intelligence, internet of things (IoT) and others are also anticipated to contribute towards the growth of the global 5G technology market over the coming years. According to The Mobile Economy Report 2019 of The GSM Association the number of global IoT connections in-between 2018 and 2025 is anticipated to triple to 25 billion connections, whereas IoT revenue to reach USD 1.1 trillion. Additionally, the report also stated that over 710 million people were expected to subscribe to mobile services, and 5G technology to contribute to merely 15% of the overall technology mix by the end of 2025.