Market Research

Next-Generation Wireless Market Soars with 5G, Reaching USD 95 Billion by 2030

Posted by Pramod Kumar on November 6, 2024 at 6:31

The next-generation wireless communication market is projected to be valued at USD 35.8 billion in 2024, with an expected compound annual growth rate (CAGR) of 17.6% from 2024 to 2030, reaching USD 95.0 billion by the end of this period. This surge is driven by an increasing need for advanced communication solutions, growing investments in the telecommunications sector, and stronger governmental support for expanding IT infrastructure globally.

To address these demands, companies are deploying innovative 5G network strategies, focusing on reducing small cell costs and capturing the attention of both mobile network operators (MNOs) and industry verticals. Virtualized solutions like software-defined networking (SDN) and network functions virtualization (NFV) further improve operational efficiency by centralizing network functions.

Due to a rising demand for seamless voice and data access, many providers are accelerating 5G network investments, creating cost-effective smaller cells that enhance bandwidth capabilities. Additionally, 5G-enabled C-RAN advancements are poised to benefit wireless technologies, supporting network slicing and multi-access edge computing (MEC) for enhanced functionality.

Increasing demand for reliable communication solutions across sectors, such as public safety, defense, and healthcare, also fuels market growth. In the U.K., nearly 4 million homes received full-fiber broadband from 2021 to 2022, reflecting this demand.

Key Market Insights:

  • 2024 Hardware Dominance: Hardware accounts for 45% of revenue, with products like routers, modems, network switches, fiber-optic cables, transmission equipment, network hubs, and pre-installed software firewalls.

  • Software Growth: Software will experience the highest CAGR (17.9%) through 2030, offering scalable and responsive network management essential for handling rising data traffic.

  • Cellular Technology Impact: The cellular category, comprising 35% of 2024’s revenue, is driven by the expansion of GSM standards, mobile data services, and prepaid options.

  • Wi-Fi Expansion: Wi-Fi demand, driven by smart home adoption, IoT growth, and demand for seamless connectivity, is set to grow at an 18.2% CAGR through 2030.

  • Telecommunications Revenue: The telecommunications segment, contributing 30% of market revenue, benefits from the growth of machine-to-machine (M2M) communications and a focus on value-added services.

  • Regional Insights: North America leads with a 45% market share in 2024, while APAC is expected to grow fastest (17.9% CAGR) due to tech adoption, government initiatives, and smart city developments. In 2023, around half of U.S. mobile users had 5G, adding nearly USD 2 trillion to the U.S. GDP.

  • 5G in APAC: APAC countries like India, China, Japan, and South Korea prioritize 5G for advanced manufacturing, M2M, IoT, and industrial uses.

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Posted by Pramod Kumar

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others.
He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd.
Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.

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