5G infrastructure market to soar
The report suggests that the global market will rise at a high CAGR of 76.29% during the forecast period, covering 2018 through to 2026. There is a massive demand for high speed internet among end-use industries and 5G infrastructure plays a crucial role in deploying such high speed internet services.
The analysts in the report predict that the global market is anticipated to reach US$ 50,640.4 Mn by 2026, as against US$720.6 Mn in 2018.
“5G technology is expected to positively influence connected agriculture, smart cities, machine-to-machine communication, and home automation,” says a lead analyst at Fortune Business Insights. “Moreover, some of the prominent challenges faced by organizations with regards to improving reliability, performance, and connectivity can be resolved through 5G infrastructure,” he added. 5G connectivity offers several advantages such as higher efficiency and high-spped data transmission than 3G or 4G networks.
North America is anticipated to maintain its dominance in the global 5G infrastructure market. Further, the market covered a value of US$ 266.0 Mn in the year 2018. Increasing number of infrastructure projects in the U.S. is the primary factor responsible for driving the market. Early adoption of advanced technologies such as automation, IoT are significant factors driving growth. Growth in this region is also attributable to the rising demand for on-demand video services and rising trend of smart cities.
In Europe the market is expected to grow at a considerable rate owing to the presence of well-established 5G infrastructure providers. For instance, Vodafone is planning to roll out 5G technology tests in Birmingham, Manchester, Liverpool, Glasgow, Bristol, London, and Cardiff.
In 2018, the market in Asia Pacific was valued at US$ 162.1 Mn and is expected to grow at a substantial rate in the forthcoming years mainly due to rising support from government and private industries.
Rising demand for mobile bandwidth among consumers worldwide is augmenting demand for 5G networks. Smart city growth and demand for IoT connectivity sensor devices is increasing. This, in turn, is contributing to the development of 5G infrastructure. Some of the emerging applications such as self-driving cars and augmented reality (AR) also support the development of 5G infrastructure.
The burgeoning demand for smartphones, laptops, and computers and other connected devices is creating demand for advanced networks. Under Industry 4.0, IoT devices, vehicles, equipment, and machinery are connected to each other – all requiring high speed internet coverage. Today, current 4G networks cannot deliver the speeds and latency required for such technology, whereas 5G is poised to fill the gap. Furthermore, distributed antenna systems used in 5G infrastructure enable several advanced services.
To highlight the potential of 5G, Nokia partnered with T-Mobile in July 2018 to build a 5G wireless network – a multi-year agreement valued at $3.5 billion.
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