5G Technology Market, Impact of COVID-19, By Components, Companies, Global Forecast by 2027
5G Technology Market is expected to reach US$ 65.49 Billion by 2026. Global Forecast, Impact of COVID-19, Industry Trends, by Components, Connectivity, Growth, Opportunity Company Analysis.
By: Renub Research
In addition, the driving components that are critical for the success of 5G technologies are hardware, software and services coupled with advancements in 5G technology. By Connectivity, the multiple wireless connectivity features are broadly classified into eMBB, FWA, mMTC and uRLLC. The eMBB attributes to the primary focus by 5G network operatives on remitting enhanced broadband capacities for high-speed cloud-based gaming, AR/VR, UHD video, and constant video calls. The eMBB is providing exceptionally high data speeds for consumers and industries.
Besides, mMTC envisages catering to the growing need for a developed digital ecosystem. The mMTC focuses on providing high connection density applications, such as smart buildings and smart cities. The ever increasing demand to guarantee continuous connectivity for all the IoT devices deployed in a network is envisioned to contribute to the growth of the mMTC segment over the forecast period. As per this research report, the Worldwide 5G Technology Industry is expected to grow with a massive CAGR of 58.70% from 2020-2026.
The 5G technology is estimated to provide various vital benefits to numerous sectors like IT & telecom, Energy & Utility, Manufacturing, Media & Entertainment, Transportation & Logistics, Aerospace & Defence, Healthcare, Government & Public Safety and BFSI. The IT & telecom inculcates significant investments by key players in the latest technologies for communication. 5G services are awaited to deliver ubiquitous broadband access between homes and offices, encouraging remote consultation with specialists and reducing business travel. Moreover, key application, such as healthcare, is expected to see a significant enactment of the 5G services to render enhanced telemedicine and healthcare emergency services during and post-pandemic. According to our analysis, the Global 5G Technology Market Size was US$ 4.10 Billion in 2020.
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