What Has Been The Historical And Current Growth Of The mmWave 5G Market?
The mmwave 5g market has seen considerable growth due to a variety of factors.
• The dimensions of the mmWave 5G industry have swiftly expanded within the last few years. Anticipated to rise from a market size of $3.38 billion in 2024 to $3.85 billion in 2025, it's positioned to experience a compound annual growth rate (CAGR) of 14.1%.
Factors such as the creation and implementation of 5G norms, escalating demands for data among consumers and businesses, urban growth, the promotion of smart city strategies, and a surge in mobile video usage are largely responsible for this growth seen during the historical period.
What Is The Projected Growth And Market Size For The mmWave 5G
The mmwave 5g market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipations for the mmWave 5G market predicts a swift expansion over the upcoming years. Its value is projected to climb up to $6.66 billion by 2029, with a compound annual growth rate (CAGR) of 14.7%.
This projected increase during the forecast period can be ascribed to several factors such as the progression of 6G, improved security protocols, projects aimed at boosting rural connectivity, collaborations across industries, and research into quantum communication. Key trends that will mark this forecast period incorporate connectivity for autonomous vehicles, development of smart infrastructure, the advent of smart grids, the application of 5G in farming practices, and improved fixed wireless access (FWA).
What Are The Core Factors Supporting Growth In mmWave 5G Market?
The growth of the mmWave 5G market is predicted to be driven by the swift digitalization of businesses. Digitalization entails the implementation of digital technology within an enterprise, leading to what is often referred to as digital transformation. This shift in business practices aims to enhance revenue streams. The mmWave 5G solution provides exceptional web speeds, making business data transfer quicker and seamless. For example, a May 2023 report by Australia's government agency, the Commonwealth Scientific and Industrial Research Organization (CSIRO), highlighted that 68% of Australian businesses have already adopted artificial intelligence technologies. Additionally, 23% expressed intentions to deploy these technologies within the coming year. Therefore, the acceleration of enterprise digitalization is a key factor propelling the mmWave 5G market's growth.
What Are The Main Segments Of The Global mmWave 5G Market?
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
Subsegments:
1) By Hardware: Antennas, Radio Frequency (RF) Components, mmWave Transceivers, Network Routers
2) By Solutions: Network Management Solutions, mmWave Spectrum Solutions, Edge Computing Solutions, Cloud-based Solutions
3) By Services: Consulting Services, Network Deployment Services, Maintenance and Support Services, Training and Education Services
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What Emerging Trends Are Influencing The Growth Of The mmWave 5G Market?
A significant trend in the mmWave 5G market is the advancement in technology. To consolidate their market position, leading entities are creating products leveraging cutting-edge technologies. Take for example, MediaTek, a semiconductor manufacturer from Taiwan, introduced next-generation 5G smartphones in May 2022, equipped with the Dimensity 1050 system-on-chip [SoC] using TSMC's 6nm manufacturing technology. This is their premiere mmWave 5G chipset, ensuring uninterrupted connectivity, superior display, optimal gaming, and energy efficiency. These chips are to be incorporated into the upcoming generation of 5G smartphones.
Who Are the Key Players in the mmWave 5G Market?
Major companies operating in the mmWave 5G market include:
• 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
What Is The Most Dominant Region In The mmWave 5G Market?
North America was the largest region in the mmWave 5G market in 2024. The regions covered in the mmwave 5G market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
