Information Technology

2024 mmWave 5G Market Outlook: Size, Share, and Key Growth Drivers

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What Growth Rate is the mmWave 5G Market Anticipated to Experience from 2024-2033?

The mmWave 5G market has witnessed a swift expansion in its size over the past few years. It is projected to increase from a value of $2.99 billion in 2023 to $3.45 billion in 2024, registering a compound annual growth rate (CAGR) of 15.3%. The surge observed in the historical phase is due to the establishment and acceptance of 5G guidelines, escalating consumer and business data demands, urbanization, initiatives aimed at creating smart cities, and a rise in mobile video viewership.

In the forthcoming years, a swift expansion is projected for the mmWave 5G market, with a predicted valuation reaching $5.8 billion in 2028, registering a compound annual growth rate (CAGR) of 13.9%. Factors contributing to this estimated growth during the forecast period include progress in 6G technology, improved security protocols, initiatives for connecting rural areas, cross-sector collaboration, and research in quantum communication. The period is also characterized by some key burgeoning trends such as connectivity for autonomous vehicles, the advancement of smart infrastructure, smart grids, the application of 5G in agriculture, and the amplification of fixed wireless access (FWA).

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What Are the Significant Influencers of Growth in the mmwave 5g Market?

The anticipated upswing in the digitalization of business enterprises is set to drive the mmWave 5G market’s expansion in the future. Incorporating digital technologies into businesses is what defines this digitalization. In a bid to enhance revenues, businesses are revamping their procedures, a process often referred to as digital transformation. By offering superior internet speeds, mmWave 5G technology enables and expedites data transfers for businesses. This is reflected in the 2021 Retail Digital Transformation Survey conducted by the US-based financial advisors BDO USA LLP, where enhancing the customer experience emerged as a top priority for the digital realm of retail, with 35% of participants echoing this sentiment. Concurrently, 30% of respondents focused on refining business procedures and streamlining operational efficiency across supply chains, 15% on modernizing or enhancing outdated IT infrastructure, 11% on implementing change management for digital assimilation in workplaces, and 9% on introducing novel business or revenue models. Hence, the swift digital shift among enterprises is propelling the growth of the mmWave 5G market.

What Key Segments Define the mmWave 5G Market?

1) By Component: Hardware, Solutions, Services

2) By Bandwidth: 24GHz to 57GHz, 57GHz to 95GHz, 95GHz to 300GHz

3) By Use Case: eMBB, FWA, mMTC, URLLC

4) By Application: Real-time Surveillance Cameras, AR and VR, Industry 4.0, Live Streaming, Transport Connectivity, Ultra High-definition Video, Other Applications

5) By End User: Aerospace and Defense, Telecom, Media and Entertainment, Automotive and Transportation, Public Safety, Healthcare and Life Sciences, Other End Users

What Are the Key Developments Shaping the mmWave 5G Market?

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What Regions Are Driving Expansion in the mmWave 5G Market?

North America was the largest region in the mmWave 5G market in 2023. The regions covered in the mmwave 5g market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The mmWave 5G Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the mmwave 5g market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The mmWave 5G Market Include

1. mmWave 5G Market Executive Summary

2. mmWave 5G Market Segments

3. mmWave 5G Market Size And Template Market Growth Rate

4. Key mmWave 5G Market Trends

5. Major mmWave 5G Market Drivers

……

25. Key Mergers And Acquisitions In The mmWave 5G Market

26. Top mmWave 5G Companies

27. mmWave 5G Market Opportunities And Strategies

28. mmWave 5G Market, Conclusions And Recommendations

29. Appendix

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