Overview and Scope
mmwave 5G refers to millimeter waves that are frequencies beginning at 24 GHz and above, often known as mmWaves or high-band 5G. Millimeter wave (mmWave) frequency bands above 24 GHz can deliver extreme capacity, ultra-high throughput, and ultra-low latency. 5G networks allow for faster data speeds and much higher bandwidth.
Sizing and Forecast
The mmWave 5G market size has grown rapidly in recent years. It will grow from $2.99 billion in 2023 to $3.45 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to development and adoption of 5G standards, growing consumer and enterprise data needs, urbanization, smart city initiatives, increased mobile video consumption.
The mmWave 5G market size is expected to see rapid growth in the next few years. It will grow to $5.8 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to 6G development, enhanced security measures, rural connectivity initiatives, cross-industry collaboration, quantum communication research. Major trends in the forecast period include autonomous vehicles connectivity, smart infrastructure development, smart grids, 5G in agriculture, enhanced fixed wireless access (FWA).
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Segmentation & Regional Insights
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
North America was the largest region in the mmWave 5G market in 2023. The regions covered in the mmwave 5g market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rapid digitalization of enterprises is expected to propel the growth of the mmWave 5G market going forward. Digitalization refers to integrating digital technologies into business. Businesses are transforming their processes to improve revenues, which is also called digital transformation. The mmWave 5G technology offers high internet speeds, enabling and facilitating data transfer for businesses. For instance, according to the 2021 Retail Digital Transformation Survey conducted by BDO USA LLP, a US-based financial advisor, customer experience remained retail’s top digital priority with 35% of members prioritizing improving customer experience, 30% on optimizing business processes and driving operational efficiencies across the supply chain, 15% on consolidating or upgrading legacy IT infrastructure, 11% on implementing change management for digital adoption in the workplace and 9% on adopting a new business or revenue model. Therefore, the rapid digitalization of enterprises is driving the growth of the mmWave 5G market.
Key Industry Players
Major companies operating in the mmWave 5G market report are 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
The mmwave 5g market report table of contents includes:
1. Executive Summary
2. mmWave 5G Market Characteristics
3. mmWave 5G Market Trends And Strategies
4. mmWave 5G Market – Macro Economic Scenario
5. Global mmWave 5G Market Size and Growth
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32. Global mmWave 5G Market Competitive Benchmarking
33. Global mmWave 5G Market Competitive Dashboard
34. Key Mergers And Acquisitions In The mmWave 5G Market
35. mmWave 5G Market Future Outlook and Potential Analysis
36. Appendix
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