FREMONT, CA: Technavio presents a report titled ‘Global 5G Equipment Market’ highlighting the expected growth of global 5G equipment market to be at a CAGR of more than 32 percent during the period 2016-2020.
The rising popularity of IoT has had a significant impact on the 5G equipment market. Also with the growth of technologies such as software defined networking (SDN) and network functions virtualization (NFV), the market for 5G equipment is expected to have a positive outlook in the coming years. The growth in mobile data traffic is driven by an increase in the number of data capable devices and high bandwidth applications. The rapid deployment of smart grid systems in countries such as India, the US, China, Spain, France, and Germany is one of the latest trends gaining significant traction in the market.
Americas Leading the 5G Market
Americas is expanding their wireless networks to meet the rising customer demand. The country leads the global 5G equipment market and the increasing use of IoT solutions will contribute to the growth of this market. Nearly 80 percent of the enterprises in the US have been using the IoT products and services, with the support of cloud platforms and data analytics to improve their business efficiency. The demand for high speed broadband access network has also been increasing rapidly in this region, leading telecom operators to expand wireless networks to meet the rising customer demand.
Surge of Connected Devices in EMEA
The growing number of connected devices drives the adoption of 5G technology in EMEA. Increased adoption of sensors in the automotive and healthcare sectors and raising number of connected devices drive the adoption of 5G technology in this region. Increasing rate of urbanization and development of smart cities in APAC is adding on to boost the growth of global 5G equipment market.
“Proliferation of smartphones and tablets is fueling the growth opportunities of this market. In addition, telecom operators globally have observed rising demand for enhancing their network management capabilities to provide strong and stable connectivity solutions for smart applications,” says Abhishek Sharma, M2M and Connected Devices Research Expert, Technavio.
