The mmWave 5G Global Market Report 2023 by The Business Research Company, provides mmwave 5g market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s mmWave 5G Global Market Report 2023, the global mmWave 5G market size is expected to grow from $2.58 billion in 2022 to $2.99 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the mmWave 5G market is expected to grow to $5.19 billion in 2027 at a CAGR of 14.7%.
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.
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The mmwave 5g market 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
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.
The mmwave 5g market report table of contents includes:
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Top Major Players
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