5G New Radio Market to Grow with a CAGR of 28.4% Globally through to 2028
Global 5G New Radio market is rising due to increasing
demand for faster and more reliable wireless communication networks in the
forecast period 2024-2028.
According to TechSci Research report, “Global 5G
New Radio Market - Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, Global 5G New Radio Market has valued at USD 34
Billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 28.4% through 2028. The global 5G New Radio (NR) market
is currently experiencing significant growth and transformation, driven by the
ever-increasing demand for faster, more reliable, and low-latency wireless
communication networks. As the fifth generation of mobile network technology,
5G NR represents a pivotal advancement in the telecommunications industry. It
offers a wide array of benefits, including exponentially higher data transfer
speeds, reduced network latency, and enhanced capacity to accommodate the
burgeoning Internet of Things (IoT) ecosystem.
The adoption of 5G NR is propelled by various factors,
including the proliferation of bandwidth-intensive applications such as
augmented reality (AR), virtual reality (VR), autonomous vehicles, and smart
cities. Telecommunications providers are aggressively investing in
infrastructure upgrades to deploy 5G networks, and device manufacturers are
producing a growing number of 5G-compatible smartphones and other connected devices.
Moreover, industries such as healthcare,
manufacturing, and transportation are embracing 5G NR to enable innovations
like remote surgery, smart factories, and autonomous transportation systems.
With these developments, the global 5G NR market is poised for sustained
growth, creating opportunities for businesses across multiple sectors to
leverage the transformative power of 5G technology for their operations and
services.
Browse over 26 market data Figures spread
through 91 Pages and an in-depth TOC on "Global 5G
New Radio Market”.
The Global 5G New Radio (NR) Market is experiencing
rapid growth and transformation, driven by the increasing demand for high-speed
connectivity, the expansion of the Internet of Things (IoT) ecosystem, and the
need for enhanced mobile broadband applications. 5G NR technology is
revolutionizing the way we connect and communicate, offering significantly
higher data transfer speeds, lower latency, and increased network capacity
compared to previous generations of wireless networks. One of the primary
drivers of the Global 5G NR Market is the escalating demand for high-speed
connectivity. With the proliferation of data-intensive applications such as
video streaming, online gaming, and virtual reality, there is a growing need
for faster and more reliable network connections. 5G NR technology addresses
this demand by providing significantly higher data transfer speeds, enabling
seamless and immersive user experiences.
The expansion of the IoT ecosystem is another key
driver of the Global 5G NR Market. As more devices become connected and
communicate with each other, there is a need for a network infrastructure that
can handle the massive volume of data generated by these devices. 5G NR
technology offers the necessary bandwidth and low latency required to support
the growing number of connected devices, enabling seamless communication and
data exchange. Furthermore, the need for enhanced mobile broadband applications
is driving the adoption of 5G NR technology. With the increasing use of
high-definition video streaming, augmented reality (AR), and cloud gaming,
there is a demand for networks that can deliver high-quality content with
minimal latency. 5G NR technology meets this demand by providing faster data
speeds and lower latency, enhancing the overall user experience and enabling
new applications and services.
The ongoing digital transformation across industries,
commonly referred to as Industry 4.0, is also a significant driver of the
Global 5G NR Market. Industries such as manufacturing, transportation,
healthcare, and logistics are leveraging 5G NR technology to enable automation,
remote monitoring, and real-time data analytics. The ultra-low latency and high
reliability of 5G NR networks are critical for supporting mission-critical
applications and enabling the seamless integration of machines and systems. Government
initiatives and investments are playing a pivotal role in propelling the
adoption of 5G NR technology. Numerous countries are actively investing in the
development of 5G infrastructure as part of their strategic plans to stimulate
economic growth, enhance connectivity, and improve competitiveness on a global
scale. Governments are also implementing policies and regulations that
streamline the process of acquiring spectrum licenses, ensure fair competition
among telecom operators, and address security and privacy concerns. By
providing a clear and supportive regulatory framework, governments are creating
a favorable environment for the growth of the Global 5G NR Market.
In conclusion, the Global 5G NR Market is experiencing
significant growth and transformation, driven by the increasing demand for
high-speed connectivity, the expansion of the IoT ecosystem, the need for
enhanced mobile broadband applications, the ongoing digital transformation
across industries, and government initiatives and investments. With its ability
to deliver faster speeds, lower latency, and increased network capacity, 5G NR
technology is revolutionizing the way we connect, communicate, and conduct
business, opening up new opportunities and possibilities across various sectors.
The Global 5G New Radio Market is segmented into Offering,
Operating, Architecture, Application, Industry, regional distribution, and
company.
Based on its Architecture, The Non-Standalone (NSA)
segment dominated the market in 2022 and accounted for more than 65.0% share of
the global revenue. The ability of 5G NR NSA solutions to allow operators to
deploy 5G radio access technology using the existing 4G LTE core network,
enabling faster time-to-market and cost savings, is a major factor contributing
to the growth of the segment. With NSA solutions, operators can offer Enhanced
Mobile Broadband (eMBB) services and improved network performance while paving
the way for future standalone (SA) 5G deployments. Moreover, NSA solutions can
support advanced features such as massive MIMO, beamforming, and carrier
aggregation. Such factors are further expected to drive the adoption of 5G NR
technology and accelerate the deployment of next-generation networks.
The Standalone (SA) segment is projected to expand at
the highest CAGR over the forecast period. The deployment of 5G New Radio in
standalone mode is gaining popularity in the industry, and it is projected to
fuel the growth over the coming years. Standalone mode has various advantages
over non-standalone mode, including greater network speed and lower latency.
The standalone mode enables network operators to deliver end-to-end 5G services
that are not available in the non-standalone mode. The standalone mode also
allows for the implementation of sophisticated services like as network slicing
and edge computing, which may be utilized for applications such as autonomous
driving and smart cities. Furthermore, the growing demand for high-speed
internet and the growing number of connected devices are driving the adoption
of standalone mode.
Based on region, Asia Pacific region dominated the
market in 2022 and accounted for more than 38.0% share of the global revenue.
The increasing adoption of 5G technology in countries such as China, Japan,
South Korea, and India is a major factor contributing to the regional growth.
The region has a large population and a growing number of mobile subscribers,
which is driving the demand for high-speed internet services and advanced
applications. The governments in these countries are also investing heavily in
the development of 5G infrastructure, which is expected to provide significant
opportunities for telecom companies and network equipment providers in the
region. Additionally, the region is witnessing a significant increase in the
use of smartphones and other mobile devices, which is driving the demand for
5G-enabled devices and services.
The North America region is projected to expand at the
highest CAGR over the forecast period. Significant investment is being made in
the development and implementation of 5G infrastructure in the area, owing to
the growing demand for high-speed internet access, IoT applications, and cloud
services. Furthermore, the use of technologies such as artificial intelligence,
edge computing, and big data analytics is increasing, which is pushing the
demand for high-performance 5G networks. Collaborations between telecom firms
and technological behemoths to build and implement 5G networks and services are
also developing in the area. In addition, the area has been an early user of
5G-enabled smartphones and other gadgets, which is projected to boost market
development in the future years. Furthermore, the region has been an early
adopter of 5G-enabled smartphones and other devices, which is expected to
further drive the growth of the market in the coming years.
Major companies operating in Global 5G New Radio Market
are:
- Huawei Technologies Co., Ltd.
- Qualcomm Technologies, Inc
- Telefonaktiebolaget LM Ericsson
- Samsung
- Intel Corporation
- Cisco Systems Inc.
- Fujitsu
- NEC Corporation
- Verizon Communications Inc.
- Keysight Technologies.
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“The Global 5G New Radio (NR) Market is witnessing
rapid growth and transformation due to the increasing demand for high-speed
connectivity, the expansion of the Internet of Things (IoT) ecosystem, and the
need for enhanced mobile broadband applications. 5G NR technology is
revolutionizing communication by offering significantly higher data transfer
speeds, lower latency, and increased network capacity compared to previous
wireless networks. The demand for high-speed connectivity is driven by data-intensive
applications like video streaming, online gaming, and virtual reality, which
require faster and more reliable network connections. The expansion of the IoT
ecosystem necessitates a network infrastructure that can handle the massive
volume of data generated by connected devices, and 5G NR technology provides
the necessary bandwidth and low latency for seamless communication and data
exchange. Additionally, the adoption of 5G NR technology is driven by the need
for enhanced mobile broadband applications, such as high-definition video
streaming and augmented reality, which demand networks capable of delivering
high-quality content with minimal latency. The ongoing digital transformation
across industries, along with government initiatives and investments, further
propel the growth of the Global 5G NR Market, enabling automation, remote
monitoring, and real-time data analytics in sectors like manufacturing,
transportation, healthcare, and logistics. Overall, 5G NR technology is
revolutionizing connectivity, communication, and business operations, opening
up new opportunities and possibilities across various sectors.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“5G New
Radio Market – Global Industry Size, Share, Trends, Opportunity, and Forecast,
Segmented By Offering (Hardware, Software, Services), By Operating Frequency
(Sub-6 GHz, mmWave), By Architecture (Non-Standalone (NSA), Standalone (SA)),
By Application (Enhanced Mobile Broadband (eMBB), Ultra-reliable Low-Latency
Communications (URLLC), Massive Machine-type Communications (mMTC)), By
Industry (Telecom & IT, Manufacturing, Automotive, Healthcare, Retail,
Others), By Region, By Competition”, has evaluated the future growth
potential of Global 5G New Radio Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global 5G New Radio Market.
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