Description
Scope of 5G Devices Market
The global 5G devices market includes the production, distribution, and acceptance of devices that enable 5G connection in a variety of consumer and industrial applications. This market encompasses a wide range of devices, such as smartphones, tablets, laptops, IoT devices, modems, routers, gateways, and infrastructure equipment, all of which are geared to take use of 5G networks’ capabilities.
Manufacturers of smart gadgets are incorporating 5G technology into mobile phones, tablets, and other communication devices to improve performance through quality communication services and rapid Internet access. To improve the customer experience, 5G device manufacturers provide features such as quick document sharing, ultra secure hotspots, and controlled & secure connectivity. The commercial sector is projected to adopt 5G technology to improve communication speed, connectivity with employees, and connectivity with centralized systems via the Internet. This innovative technology is expected to be adopted by smartphone manufacturers as a next-generation communication solution. The increasing adoption of connectivity, digital applications, and wearable technologies is likely to fuel growth for companies in the 5G device market. Furthermore, upgrading current supporting infrastructure, such as modems, towers, and other supporting equipment, will provide considerable potential for new participants.
In terms of revenue, the size of the 5G Devices Market was estimated at USD136.79 billion in 2023. From 2023 to 2030, the market is projected to expand at a compound annual growth rate (CAGR) of 33.50%, with a peak value of roughly USD 1033.77 billion. The research looks at the market in terms of revenue in all of the key regions, which have been divided into countries.
Impact of COVID – 19
The epidemic impacted global supply lines, delaying the production and delivery of 5G devices. Factory closures, movement restrictions, and logistical issues slowed component fabrication and delivery, resulting in shortages and delays in product releases. Economic uncertainties and shifts in consumer behavior during the pandemic altered buying habits. While demand for essential goods remained reasonably consistent, customers may have delayed purchases of non-essential items, such as 5G equipment, resulting in a temporary dip in sales. The pandemic boosted digital transformation projects in a variety of businesses, resulting in increasing use of technologies that require high-speed connectivity, such as IoT, cloud computing, and telemedicine. This increased emphasis on digitization may have led to the demand for 5G devices in particular industries. Government programs, stimulus packages, and incentives designed to mitigate the pandemic’s economic impact may have had an indirect impact on demand for 5G equipment. Subsidies for digital infrastructure development and support for remote work initiatives may have increased demand for 5G-enabled gadgets.
5G Devices Market: Growth Drivers
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Rapid Expansion of 5G Networks:
As telecom operators around the world install 5G networks, the need for compatible devices to enjoy high-speed, low-latency connectivity increases, fostering market growth.
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Consumer Demand:
The growing demand for high-speed data, improved mobile broadband, ultra-reliable communication, and IoT connection is driving the adoption of 5G-enabled smartphones, tablets, and wearable devices.
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The rise of Industry 4.0:
The use of 5G technology in industrial applications such as smart manufacturing, driverless vehicles, remote monitoring, and augmented reality is driving demand for industrial-grade 5G devices and equipment.
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IoT and Smart Cities efforts:
With the growth of IoT devices and smart city efforts, 5G infrastructure and compatible devices are required to support massive machine-type communication (mMTC) and enable IoT-enabled services and applications.
5G Devices Market: Restraints
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High Initial Costs:
Because 5G devices, particularly smartphones and infrastructure equipment, have advanced features, components, and technologies, they may be more expensive than their 4G equivalents, thus limiting mass-market adoption.
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Network Coverage and Availability:
Limited 5G network coverage and availability in specific regions or urban areas may impede the adoption of 5G devices, since consumers and companies may prioritize network availability when making purchasing decisions.
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Device Compatibility and Interoperability:
Issues with compatibility and interoperability among different generations of wireless technologies (e.g., 5G, 4G, Wi-Fi) and frequency bands may impede seamless device connectivity and user experience across heterogeneous networks.
5G Devices Market: Challenges
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Regulatory Compliance:
Device manufacturers face challenges in meeting regulatory requirements, standards, and certifications related to 5G technology, spectrum allocation, radio frequency (RF) emissions, and electromagnetic compatibility (EMC), which have an impact on time-to-market and product development costs.
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Supply Chain Disruptions:
Component shortages, trade tensions, and geopolitical uncertainties may have an impact on the availability, pricing, and lead times of critical components, materials, and technologies used in the manufacture of 5G devices, influencing market dynamics and vendor competitiveness.
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Consumer Education and Awareness:
Educating and informing consumers about the benefits, features, and capabilities of 5G technology and devices is critical for driving acceptance and market penetration. Effective marketing, promotional efforts, and user-friendly interfaces can all help to address customer issues and desires..
5G Devices Market: Opportunity Factors
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Enterprise and Industrial Adoption:
The adoption of 5G devices in enterprise and industrial settings, such as manufacturing, healthcare, transportation, and energy, creates significant growth opportunities for vendors who provide specialized devices and solutions tailored to industry-specific needs.
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Emerging Use Cases:
5G technology-enabled use cases and applications such as remote healthcare, autonomous vehicles, smart infrastructure, and immersive media experiences open up new market opportunities for innovative 5G devices and services that cater to changing consumer and business needs.
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5G Infrastructure Investments:
Telecom operators, governments, and industry stakeholders continue to invest in 5G infrastructure deployment, network expansion, and technology upgrades, driving demand for 5G devices such as smartphones, modems, routers, and IoT devices that fully leverage the capabilities of 5G networks.
5G Devices Market: Recent Developments
- ZTE is a Chinese multinational telecommunications equipment and system manufacturer. Recent advancements may include the introduction of new 5G handsets, infrastructure solutions, and IoT devices, as well as participation in global 5G network deployments and trials.
- Nokia is another significant 5G network equipment supplier, including radio access network (RAN) technologies as well as core network infrastructure. Recent developments may include the introduction of new 5G hardware and software technologies that will allow operators to deploy and manage 5G networks more efficiently.
- Despite obstacles in some markets due to geopolitical sensitivities, Huawei continues to be a prominent player in the 5G device market. Recent advances may include the introduction of new 5G smartphones, tablets, and other connected devices, as well as improvements to their 5G infrastructure solutions.
5G Devices Market: Key Outcomes of the Report
The rise of the 5G devices market is likely to create considerable potential, as 5G technology adoption has received good indications globally. The market is being driven by the increasing usage of virtual networking architecture in telecommunications, as well as the increase in mobile data traffic. Increased M2M connectivity across several industries is also predicted to fuel 5G devices growth throughout the projection period. Mobile connections in North America and Asia Pacific are predicted to account for more than half of all mobile connections globally in the future, driving the 5G device market.
List of Key Players in the Global 5G Devices Market
- Verizon Communications
- Analog Devices
- NEC
- Cavium
- Huawei
- Cisco
- Intel
- Nokia
- Leapfrog 5G Devices
- Qorvo
- Ericsson
- Samsung
- SK Telecom
- ZTE
- Korea Telecom
- Mediatek
- MACOM
- T-Mobile
- Other market players
5G Devices Market: Segmentation
By Device Type
- Smartphones
- Tablets
- Hotspot Devices
- Others
By Frequency Band
- Low-band (sub 1 Gz)
- Mid-band (sub 6 Gz)
- High-band (mmWave)
By End User
- Enterprises
- Residential
- Government
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
