PUBLISHER: Allied Market Research | PRODUCT CODE: 1344477
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344477
According to a new report published by Allied Market Research, titled, "Global 5G Smartphone Market by Operating System, Sales Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2023-2032," the global 5G smartphone market size was valued at $18,040.00 million in 2022 and is projected to reach $13,633,254.80 million by 2032, growing at an expected CAGR of 94.0% from 2023 to 2032.
Advanced access to web-based resources and other digital features is made possible by a smartphone with 5G technology. Platforms like iOS, Android, Windows Phone, and others support a wide range of third-party applications. Government funding for the construction of telecom infrastructure, low-cost product introductions, the development of 5G and other technologies, and most importantly, rising disposable income, all support the market's growth.
The rise of connected IoT devices, the rapid adoption of 5G smartphones, and the increasing penetration of mobile e-commerce is anticipated to propel the market during the forecast period. 5G smartphones support cutting-edge applications like e-commerce due to their increased speed. Therefore, increasing mobile e-commerce adoption is anticipated to support the market growth of 5G smartphones. 5G networks are designed to support a massive number of devices simultaneously. This ability to handle a high number of connected devices is crucial for IoT deployments where numerous sensors, actuators, and smart devices need to communicate with each other and with the cloud. Moreover, the low latency of 5G networks is vital for real-time IoT applications. It allows for near-instantaneous communication between devices, enabling rapid response times and facilitating time-sensitive operations. This is particularly significant for applications such as autonomous vehicles, industrial automation, and healthcare monitoring.
The proliferation of 5G-enabled devices, such as smartphones, IoT devices, and smart home appliances, increases the amount of sensitive data being transmitted over the network. This data can include personal information, financial details, and confidential business data. If there are security vulnerabilities in the network infrastructure or the devices themselves, it can lead to significant data breaches, eroding user trust and hindering the growth of the 5G smartphones market. In addition, with more devices connected to the internet through 5G networks, there is a larger attack surface for potential cyber threats. The higher speeds and lower latency of 5G can facilitate faster and more sophisticated attacks. If these vulnerabilities are not adequately addressed, it can deter customers from adopting 5G smartphones due to concerns about their personal data and privacy. These aspects are anticipated to limit the development of the 5G smartphone market during the forecast period.
The growing number of internet users is one of the most significant factors influencing the global 5G smartphone market. Because smartphones can use the internet and perform the same tasks as a computer or laptop, they are becoming popular as internet usage spreads. People frequently use their smartphones to access their preferred video streaming websites and applications. Thus, the proliferation of the 5G smartphone market was sparked by the increasing internet penetration. Additionally, the market has been expanding over the past few years as a result of numerous factors, including the increasing integration of AR technology, rising subscription rates for over-the-top (OTT) platforms, increasing internet user penetration, an increase in the number of e-sports in recent years, and many others.
The COVID-19 pandemic has had a significant impact on the market for 5G smartphones. The need for 5G smartphones has rapidly expanded with the acceptance of remote work and virtual collaboration. Consumers are still being more frugal and have reduced their spending on luxury items in favor of necessities. Disruptions to the world's supply chains are occurring. In February 2020, well-known smartphone manufacturer Foxconn closed its plants in China. For smartphone vendors, the bottlenecks in the production of handsets and the introduction of new devices were shortages of components, closures of factories, quarantine regulations, logistics, and travel restrictions. The coronavirus outbreak is yet another reason for electronics companies to reevaluate their dependence on the Chinese manufacturing sector, following the rising costs of labor and the effects of the trade.
The key players profiled in this report include: Samsung Electronics Co.Ltd., Huawai Technologies Co.Ltd., Motorola.Inc., Apple Inc., TCLCommunication Limited, LG Electronics Inc., Xiaomi Corporation, Nokia Corporation, Lenovo Group Limited, and BBK Electronics Ltd. The market players are continuously striving to achieve an upper hand in this competitive market using strategies such as collaborations and acquisitions.