With the emergence of technology, the way we communicate and access information has been changed tremendously. The Internet has penetrated into every nook and corner of the world. It has been estimated that in the year 2023, approximately 5.17 billion people are using the internet, which is 65% of the global population.
The reason behind this humongous number of internet users is that the internet has become an indispensable tool for information, entertainment, and communication. Furthermore, the wireless communication has evolved in the following pattern.
1G → 2G → 3G → 4G → 5G
So, the latest 5G has been a buzzword for the past few years. This fifth generation of the technology is anticipated to be faster, bigger, and better. There will be higher data rates, reduced latency, energy savings, and cost reductions. Market research depicts that by the end of the year 2023, it is likely to witness approximately 1.68 billion 5G subscriptions globally.
So many people are willing to invest in 5G through telecommunication companies and in the technologies that are likely to become popular 5G devices. Various wireless networks like T-Mobile US or Verizon Communications Inc. have arduously worked to establish large 5G networks in bid to get attention of the customers.
Companies are keen to build famous 5G enabled devices for example 3D inspection systems or chips. There are a myriad of companies such as cloud computing companies and the providers of hardware’s, network access, and network access all keen to benefit from the latest 5G technology.
Further afield, there are various companies developing virtual reality, self-driving car technology, and robotics could reap benefits from 5G technology. The long term 5G global economic enablement is predicted to take on the global economy in terms of sales enablement across all the industries.
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The 5G Technology Growth Trajectory: –
- The growth pathway of sales from the 5G is going to remain high, reaching USD 13.1 trillion by the year 2035.
- Moreover, there will be approximately 22.9 million jobs supporting a thriving value chain.
- The manufacturing industries will be impacted positively as 20%-30% potential productivity gains
- In the automotive sector there will approximately 80% reduction in vehicle accidents
- In the agriculture sector, there will be improved digitalization and connectivity can yield up to 25-265 increased productivity
Hence, there are various domains which are going to reap benefits from the 5G sustainable benefits. Some of the prominent 5G sustainable benefits are-
Efficiencies in 5G network equipment can aid in reducing carbon emissions from the mobile network by approximately 50% over the next decade.
5G drone using Artificial Intelligence to execute weed elimination and this further reduces herbicide and pesticide usage by approximately 50%.
Moreover, 5G enabled intelligent transportation systems can make up to 15% less traffic and subsequently lesser pollution emitted by the vehicles.
Increased energy efficiency
The 5G enabled mIOT devices are developed to have a longer battery life time compared to previous technology.
Apart from this, a robust 5G network will bring remarkable significant direct benefits such as: more data, increased speed, and more devices. In fact, a better network experience for citizens and businesses. 5G enabled use cases are imperative to building the 5G economy:
- Fixed wireless access
- Extreme mobile broadband
- Critical IoT in e health and connected vehicles
- IoT in consumer wearables, tracking, and logistics
Apart from this the broad social benefits will include:
- Improved productivity
- Improved health and safety
- Improved cost competitiveness
Regional analysis for the 5G Technology networks market-
The Asia Pacific region is expected to account for the largest revenue share in the coming years. The reason behind this is the rising number of the investment by the prominent market players in the developing regions. For example, companies such as Nokia are initiating collaborations in the 5G network domain.
Other than this, the North America market accounted for steady revenue share in the year 2021. There are a rising number of collaborations between numerous market players in the region to widen the 5G connectivity in North America.
Furthermore, the Europe market accounted for a moderate revenue share in the year 2021. The European Commission has committed public funding totaling over USD 710 million to support this effort.
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Prominent Companies in the Domain of 5G Technology Market: –
The 5G network market is segmented with numerous medium and large sized players accounting for majority of market revenue. The major players in the domain of the 5G market are-
- Telefonaktiebolaget LM Ericsson ( Ericsson)
- Cisco Systems, Inc
- Huawei Technologies Co, Ltd
- NEC Corporation
- Siklu Communication, Ltd
- ALFA Network Inc
- Dell Inc
In a nutshell,
It is quite evident that the 5G market holds numerous opportunities. Although, before you plan to invest, a recent report from Research Nester incorporates all the imperative parameters that you need to know before making an investment.