The mmWave 5G Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s mmWave 5G Global Market Report 2024, 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).
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.
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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
Major players operating in the mmWave 5G market are entering into strategic partnerships to strengthen their position in the market. Strategic partnerships drive collaboration, accelerate tech development, and strengthen the mmWave 5G market. For Instance, in February 2023, Telefónica S.A, a Spain-based Telecommunications company, Ericsson, a Sweden-based Telecommunications company, and Qualcomm Inc., a US-based multinational corporation, have jointly launched the first commercial mobile 5G millimeter wave (mmWave) network. This deployment represents a significant milestone in the advancement of 5G technology, particularly the use of mmWave spectrum, which enables high-speed, low-latency connectivity for a wide range of applications. The introduction of 5G mmWave networks is a key step in realizing the full potential of 5G technology, offering enhanced capacity and performance to support the growing demand for high-bandwidth services and applications.
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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26. South America mmWave 5G Market
27. Brazil mmWave 5G Market
28. Middle East mmWave 5G Market
29. Africa mmWave 5G Market
30. mmWave 5G Market Competitive Landscape And Company Profiles
Top Major Players:
- Samsung Electronics Co Ltd
- Verizon Communications Inc
- AT&T Inc
- Huawei Technologies Co Ltd
- Intel Corporation
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