5G mm-Wave Technology market projected to reach $10.49 billion by 2032 with major growth potential.
From GlobeNewswire: 2024-11-27 09:00:00
The 5G mm-Wave Technology Market was valued at USD 3.04 Billion in 2023 and is projected to reach USD 10.49 Billion by 2032, with a CAGR of 14.77%. The market is driven by demand for high-speed internet, smart cities, automotive applications, and IoT devices. Major players include Qualcomm, Ericsson, Nokia, and Huawei.
5G mm-Wave Technology enables faster data transmission and lower latency, crucial for applications like AR, VR, and HD video streaming. Telecom giants like Verizon and AT&T are expanding their networks to support smart city initiatives. A partnership between Qualcomm and T-Mobile enhances urban connectivity, with global 5G subscriptions expected to reach 1.3 billion.
The integration of 5G mm-Wave Technology with V2X communication in connected vehicles revolutionizes navigation and safety. V2X communication allows real-time data exchange between vehicles, infrastructure, and networks for live updates on road conditions, traffic, and hazards, improving navigation and reducing collision risks. Major automakers and telecoms are driving innovation in this space.
In 2023, North America led the 5G mm-Wave Technology market, driven by investments in advanced telecommunications infrastructure and early 5G adoption. The region is supported by major tech companies and network operators, fostering innovation and deployment of mm-wave solutions. Asia-Pacific is expected to have the fastest growth rate in the coming years. The 5G mmWave technology market is experiencing rapid growth due to urbanization, increased mobile data consumption, and investments in 5G infrastructure, particularly in China and India. Qualcomm’s Snapdragon X70 modem and Nokia’s AirScale 5G RAN are pushing advancements in mm-wave connectivity. Cisco and NEC Corporation are collaborating to enhance 5G integration solutions.
The market report includes various sections such as an introduction, executive summary, research methodology, market dynamics impact analysis, statistical insights, competitive landscape, market segmentation by product, component, frequency band, license type, and application. It also includes regional analysis, company profiles, use cases, and best practices.
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