Rising Demand for High-Speed Internet and Extensive Network Coverage is Spurring the Global 5G Chipset Market
According to Acumen Research & Consulting, the Global 5G Chipset Market size is estimated to grow a CAGR above 66% over the forecast timeframe and reach a market value of around USD 145 billion by 2030.
With the rising reliance on the virtualized environment during the COVID-19 epidemic, the necessity for sophisticated 5G infrastructure became critical. The increased regularity with which organizational processes are migrating to the cloud and other virtual environments has encouraged expenditures in robust interconnection platforms. This trend is expected to continue in the aftermath of the global epidemic crisis, as firms and businesses are unlikely to return to their traditional modes of operation. Furthermore, as business needs become more diverse, organizations are striving to harmonize them, necessitating the need for 5G infrastructure. As a result, rapid growth in the global number of connected devices and vehicles, as well as increased digitalization and smart city programs, are some of the major factors expected to drive the global 5G technology market. However, based on this ongoing trend, researchers project that the market will grow by more than 50x in terms of value.
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However, rising demand for high-speed data transmission, mobile broadband technology, and data and information analysis is propelling 5G cellular technology forward. As a result, growing demand for high-speed internet and 5G cellular technologies for a variety of applications, including automated vehicles, distance learning, multiuser gaming, live streaming, videoconferencing, telemedicine, and virtual reality, is expected to propel the 5G chipset market forward. A 5G chipset component is required for 5G-enabled mobile phones, computers, gateways, and telephony base stations. This 5G chipset module enables these devices' users to connect to next-generation connections and enjoy a more improved experience.
Global 5G Chipset Market Growth Aspects
One of the key factors driving the market is the increasing need for high-speed internet and extensive network availability for multiuser videogames, video broadcasts, and file-sharing. Furthermore, major market players are heavily investing in R&D operations to develop cost-effective technology networks and virtual network configuration management, which are expected to drive 5G chipset market growth. In addition, many businesses use internet of things (IoT) devices and 5G advanced technologies to monitor machine performance in real-time, reducing overall idle time and improving operational efficiency. This, combined with the growing popularity of the internet of things (IoT) in the development of smart cities, infrastructure, and grid projects around the world, is propelling the market growth.
Furthermore, limited global 5G coverage and accessibility of 5G networks in specific areas can raise the cost of establishing tower stations and limit the adoption of 5G chipsets, which is expected to limit market revenue growth to some extent over the forecast period. Besides that, the incorporation of 5G chipsets in production lines and workflows to speed up production and boost Industrial revolution 4.0 has substantially increased demand for 5G chipsets, which is expected to drive 5G chipset market revenue growth during the forecast period.
Regional Overview
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global 5G chipset market. The North America market is expected to account for the largest revenue share over the forecast period due to the increasing adoption of innovative technologies that require high-speed Internet, such as IoT connectivity or machine to machine in different industry sectors. Furthermore, the large presence of major market players in the region's countries, such as Qualcomm Incorporated, Intel Corporation, MediaTek Inc, and others, is expected to drive revenue growth in the region throughout the projection period. As regulators clear the way for rapidly expanding next-generation services, the United States is expected to be the first in the world to deploy 5G technology, wireless applications, and infrastructures. For example, the US administration announced $400 million in projects to conduct research on 5G wireless connections in July 2016. Furthermore, the Government of Canada is strongly committed to enhancing involvement in next-generation communication networks and 5G technologies by creating an innovation environment that promotes ICT growth.
Market Segmentation
The global 5G chipset market has been segmented by Acumen Research and Consultancy based on frequency type, chipset type, process node, deployment type, and industry vertical. Based on the frequency type, the market is divided into sub-6GHz, mmWave, and sub-6GHz + mmWave. Based on chipset type, the market split into modem, and RFIC. Based on process node, the market is classified into 7 nm, 10 nm, and others. Based on deployment type, the market is categorized into smartphones/tablets, telecom base station equipment, connected vehicles, connected devices, broadband access gateway devices, and others. Based on industry vertical, the market is segmented into manufacturing, energy & utilities, media & entertainment, IT & telecom, transportation & logistics, healthcare, and others.
Major Players
Some key players covered global in the 5G chipset industry are Qualcomm Technologies, Inc., Broadcom, Intel Corporation, Nokia Corporation, Samsung Electronics Co., Ltd., Mediatek Inc., Anokiwave, Xilinx Inc., Huawei Technologies Co., Ltd., Unisoc Communications, Inc., Qorvo, and Infineon Technologies AG.
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