The global 5G chipset market is projected to grow rapidly over the forecast period. The growth can be attributed to the increasing demand for the high-speed broad network coverage and internet among the users. The growth of the market is driven by factors such as the rising number of mobile users across the globe and technological advancements taking place in the M2M/IoT technology.
The increasing demand for mobile data services and a presence of a large number of mobile services providers are expected to drive the growth of the market. The 5G technology focuses on delivering high-speed and reliable connection, high-speed data streaming, low latency, better battery life, and others benefits to the end users. All the above mention benefits are expected to replace the existing 4G technology rapidly in the coming decade and will open the new growth opportunities for 5G technology.
Over a couple of decades, there has been a high demand for wireless devices such as mobile handsets, tablets, routers among others. The emergence of the wireless devices and benefits provided by these devices for the personal as well as for the commercial users is expected to contribute significantly to the growth of 5G chipset market. Further, the 5G technology is anticipated to provide promising infrastructure with the help of Multiple Input and Multiple Output (MIMO) technology, millimetre wave, and others which is expected to benefit the industries such as automotive & transportation, energy & utilities, healthcare, retail, industrial automation, consumer electronics, public safety & surveillance among others. For instance, there is a direct relationship between 5G implementation and adoption of autonomous vehicles. 5G is expected to address problem areas such as high-speed data transfer requirements, the flawless connection among the devices, and achieving autonomy in automated assembly lines.
The 5G chipset market is also expected to benefit from the increasing number of initiatives taken by the governments for developing smart cities. Smart city project aims at providing core infrastructure and gives decent quality life to its citizens by providing a clean and sustainable environment using intelligent solutions. Some of the features of the smart city project include intelligent transport system, smart parking, traffic management, smart power grids, waste management, smart lighting, and telecare, etc. With the evolution of wireless technology and automation, the 5G has become an essential requirement for such smart mission implementation. Furthermore, With the introduction of 5G billions of devices will be connected with a high-speed mobile network for which a lot of data needs to be collected and maintained which can only be attained by adopting 5G technology that is expected to drive the growth of the market.
The North American market is expected to hold a significant market share over the forecast period owing to the rapid adoption rate of advanced technologies in the market. The region also has a presence of major 5G service providers which is further driving the growth of the market. The Asia Pacific market is anticipated to witness a highest growth rate owing to the factors such as the increasing number of mobile device users and infrastructural developments taking place in the emerging economies such as India and China.
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