Next Generation Wireless Network Market Trends

Growth Drivers

• The Growing Trend of Internet Of Things (IoT) And Connected Devices- The emergence of connected devices, such as smartphones, tablets, and home appliances, has created a large demand for next generation wireless networks that can support their connectivity. IoT devices connected to cellular networks increased by 17% from year-to-year (YoY) in the first half of 2021. It is estimated that by 2030, there will be more than 26 billion Internet of Things devices, as a result of the development of 5G and other technologies.  As a result, there has been an increase in investments in research and development of new technologies, such as 5G, that can support the vast number of connected devices. As a result, the market for next generation wireless networks is expected to grow significantly.
• Rise In The Sales Of Advanced Automobiles Worldwide Such As Autonomous Vehicles - It has been estimated that 2.80 million passenger cars with driver assistance features have been sold in China so far in 2022. Autonomous vehicles require a vast amount of data to be transmitted in real-time in order to function safely and efficiently. This data needs to be sent over a reliable, high-speed network, which is only possible with next-generation wireless networks.
• Rising Penetration of Smartphones, Tablets, And Laptops - There was a 64% smartphone penetration rate across the globe in 2019. According to the expected growth in smartphone penetration by the year 2025, the world will have 83 percent of smartphones in use. As more people are using these devices to access the internet, the need for faster and more efficient wireless networks is increasing.
• Growing Demand For Mobile Data Services And The Increasing Number Of Internet Users Across The Globe - In 2022, 5G was projected to account for 16 percent of mobile data traffic. Also, there are approximately 5.19 billion people with access to and use the internet worldwide, out of a total estimated population of 7.8 billion. The internet is used by 66.2% of the global population. In the period 2000-2023, the number of internet users increased by 1,350%.
• Increasing Smart City Projects Across Countries - The Chinese government is currently deploying approximately 780 Smart City programs throughout the country. Economic benefits from Smart Cities are estimated to be 19 trillion U.S. dollars by 2026. Smart city projects require a massive amount of data to be collected and analyzed in real-time, which is only possible with a robust, fast and reliable wireless network. As more cities adopt these projects, the need for next-generation wireless networks continues to increase.

Challenges

• Lack of a unified regulatory framework - Without a unified framework, the rules and regulations governing the industry vary widely from country to country. This makes it difficult for companies in the industry to expand into new markets since they have to comply with different regulations in each market.
• High initial investment to deploy next generation wireless networks
• Insufficient spectrum availability owing to existing regulations, making it difficult for wireless carriers to deploy their networks.