The global next generation wireless network market is estimated to acquire a substantial revenue by growing at a CAGR of ~15% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed primarily to the continuous evolution of wireless technology, beginning from 0G, i.e., radio telephones to 5G, the next-gen wireless system set. 5G wireless networks are being developed in a manner to be well-suited for very high frequencies, equipped with low latency and huge data capacities, which in turn is expected to intensify the demand for these networks in the near future. In 2020, more than 210 million customers purchased a 5G subscription, which is calculated to rise by almost 8 times, reaching up to 1.6 billion by the end of the year 2023. Along with these, with the rising emergence of internet of things (IoT) connectivity, more wireless network services are surfacing with an aim to downscale energy consumption and cost. This is another factor projected to drive market growth in the forthcoming years. Advancements in wireless sensor networks, informatics and telecommunications is also assessed to offer profitable opportunities to the market players.
The market is segmented by end user into telecommunication, consumer electronics, manufacturing, healthcare, banking, automotive, retail, aerospace and defense, and others, out of which, the healthcare segment is anticipated to hold the largest share in the global next generation wireless network market. This can be accounted to the shift of healthcare spending towards preventive care as 5G offers enormous opportunities for expanding monitoring practices via wearable devices. Increasing development of microscopic cameras and remote-controlled robotic surgery are also projected to drive growth of the market segment in the future. In addition, the manufacturing segment is also evaluated to occupy a notable market share over the forecast period owing to the growing adoption of artificial intelligence and IoT technologies in the industry for improving data collection and enhancing efficiency. Moreover, on the basis of technology, the 5G segment is predicted to observe the highest CAGR by the end of 2030, ascribing to the high flexibility of 5G technology as compared to Wi-Fi, and its ability to support a wide range of devices. CLICK TO DOWNLOAD SAMPLE REPORT
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global next generation wireless network market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the implementation of government schemes supporting the development of wireless cellular technologies such as O-RAN architecture, and rising usage of IoT among organizations, especially in China, India and Japan. For instance, more than 2.8 billion IoT connections were established in China in 2018, which increased up to approximately 6.8 billion by the end of 2020. Additionally, the market in North America is projected to grab the largest share during the forecast period in view of the rising adoption of wireless technology in applications such as household appliances, self-driving cars and industrial machinery. In addition, strong presence of major IT players in the region is also assessed to fuel the market’s progress in the imminent time.
The global next generation wireless network market is further classified on the basis of region as follows:
Our in-depth analysis of the global next generation wireless network market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are continuous evolution of wireless technology and rising emergence of internet of things (IoT) connectivity.
The market is anticipated to attain a CAGR of ~15% over the forecast period, i.e., 2022 – 2030.
High initial investment to deploy next generation wireless networks is estimated to hamper the market growth.
Asia Pacific region will provide more opportunities for market growth owing to the implementation of government schemes supporting the development of wireless cellular technologies in the region.
The major players in the market are AT&T Inc., Qualcomm Technologies, Inc., IBM Corporation, Cisco Systems, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, type, end user, and by region.
The 5G segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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