The mmWave 5G market has experienced rapid expansion, increasing from $2.99 billion in 2023 to $3.45 billion in 2024, with a notable compound annual growth rate (CAGR) of 15.3%. This growth is linked to the development and adoption of 5G standards, rising data needs, urbanization, and smart city initiatives. The market is expected to continue growing, reaching $5.8 billion by 2028 at a CAGR of 13.9%. Key growth factors include advancements in 6G development, enhanced security measures, rural connectivity, cross-industry collaboration, and research in quantum communication. Significant trends include mmWave 5G integration in autonomous vehicles, smart infrastructure development, smart grids, use in agriculture, and expansion of enhanced fixed wireless access (FWA).
Major Driver In The mmWave 5G Market
The rapid digitization of enterprises is set to drive the expansion of the mmWave 5G market in the coming years. Digitalization entails integrating digital technologies into business operations, facilitating revenue enhancement through digital transformation. mmWave 5G technology offers high-speed internet connectivity, facilitating seamless data transfer for businesses. Notably, the 2021 Retail Digital Transformation Survey by BDO USA LLP revealed that 35% of respondents prioritized improving customer experience, highlighting the significance of digitalization in the retail sector. Additionally, 30% focused on optimizing business processes and supply chain efficiencies, further emphasizing digital transformation's impact. Thus, the swift digitization of enterprises propels the growth of the mmWave 5G market, evident from its market size in 2023, 2024, and anticipated expansion in 2028.
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mmWave 5G Market Competitive Landscape
Samsung Electronics Co Ltd., Verizon Communications Inc., AT&T Inc., Huawei Technologies Co Ltd., Intel Corporation, Qualcomm Incorporated, NEC Corporation, Nokia Corporation, Telefonaktiebolaget LM Ericsson, ZTE Corporation, NXP Semiconductors N.V., Analog Devices Inc., Microchip Technology Inc., Skyworks Solutions Inc., Keysight Technologies Inc., Qorvo Inc., Rohde & Schwarz GmbH & Co KG, Viavi Solutions Inc., Xilinx Inc., MACOM Technology Solutions Holdings Inc., ADVA Optical Networking SE, Ceragon Networks Ltd., Casa Systems Inc., Inseego Corp, Airspan Networks Holdings Inc., Anokiwave Inc., Akoustis Technologies Inc., Movandi Corporation, Cohere Technologies Inc., E-Band Communications LLC
Key mmWave 5G Market Trend
Technological advancement is a key trend in the mmWave 5G market. Major players operating in the market are developing advanced products with the latest technologies to strengthen their position in the market. For Instance, in May 2022, MediaTek, a Taiwan-based manufacturer of semiconductors launched the next generation of 5G smartphones powered by the Dimensity 1050 system-on-chip [SoC] with TSMC 's 6nm manufacturing technology, which is its first mmWave 5G chipset and offers seamless connection, displays, gaming, and power efficiency. These chips will be utilized in the next generation of 5G smartphones.
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mmWave 5G Market Segmentation
The mmWave 5G market covered in this report is segmented –
1) By Component: Hardware, Solutions, Services
2) By Bandwidth: 24GHz to 57GHz, 57GHz to 95GHz, 95GHz to 300GHz
3) By Use Case: eMBB, FWA, mMTC, URLLC
4) By Application: Real-time Surveillance Cameras, AR and VR, Industry 4.0, Live Streaming, Transport Connectivity, Ultra High-definition Video, Other Applications
5) By End User: Aerospace and Defense, Telecom, Media and Entertainment, Automotive and Transportation, Public Safety, Healthcare and Life Sciences, Other End Users
By Geography:The regions covered in the mmwave 5g market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the mmWave 5G market in 2023.
The mmWave 5G Global Market Report 2024 furnishes information about the global mmwave 5g market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
