PUBLISHER: Grand View Research | PRODUCT CODE: 1493307
PUBLISHER: Grand View Research | PRODUCT CODE: 1493307
The global 5G infrastructure market size is anticipated to reach USD 95.88 billion by 2030, registering a CAGR of 22.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. A surge in demand for 5G connections globally is vital in driving industry growth. The demand for a 5G network is high due to its ability to offer high-speed & low-latency internet connectivity. Businesses across the globe are increasingly focusing on leveraging the Internet of Things (IoT) ecosystem to optimize their operations and improve overall performance. IoT comprises a network of interconnected devices equipped with sensors, software, and network connectivity, enabling them to gather and share information.
The rapidly increasing number of Industrial Internet of Things (IIoT) devices is expected to generate massive demand for enhanced data connectivity. As a result, it is anticipated to boost the adoption of 5G services in industrial applications, which, in turn, is expected to spur market growth. Key market players are partnering to offer 5G solutions to consumers. For instance, in June 2023, Nokia and Virgin Media O2 extended their ongoing partnership by three years. In this deal, Nokia will continue to supply its RAN equipment from its AirScale portfolio. With this agreement, Virgin Media O2 will continue to offer improved connectivity to its customers in the UK. The COVID-19 pandemic significantly impacted the global economy and 5G infrastructure deployment.
Lockdown measures in countries like the U.S., China, and India caused supply chain disruptions and delayed deployments of 5G infrastructure. Spectrum auctions for 5G frequencies were also postponed by telecom authorities and governments, including in the UK, France, Italy, and Spain. These delays further hampered the global rollout of next-generation network infrastructure, limiting the industry growth. Asia Pacific is expected to dominate the global industry over the forecast period owing to the rapid rollout of 5G in several countries of the region. In addition, the high demand for digital transformation across Asia Pacific will support the regional market growth.