According to a recent ResearchMoz report, entitled ‘Global 5G Applications and Services Market Size, Status and Forecast 2020-2026’, a number of factors are at play in the market landscape that are helping it chart a high growth curve over the forecast period of 2020 and 2026.
Increasing demand for data networks with low latency and for ultra-reliable networks are major factors that require improved connectivity of mobiles. Additionally, use of mobiles and data services for telemedicine and monitoring of patients, especially those in remote locations, is creating demand for 5G applications and services.
It is also gaining prominence in transportation and logistics, owing to improvement in vehicle-to-infrastructure and vehicle-to-vehicle connectivity, which translates into uninterrupted connectivity, ready to drive demand in autonomous vehicles.
The report also noted that the rise of smart technology – due to increasing IoT adoption – is leading to higher demand for 5G applications and services. This increased adoption can be noted in the growing popularity of smart-homes and in the creation of smart-cities.
Besides, industries like the manufacturing sector are looking for higher efficiencies in industrial processing, thus adopting IoT-based robots, devices and actuators, creating a burgeoning need for seamless connectivity among IoT devices, thereby calling for 5G applications and services.
It’s worth noting that the major telcos are highly focused on working out a robust infrastructure for 5G so that a faster machine-to-machine communication can be facilitated. They are also actively seeking alliances with synergistic partners to not only help them gain a strong foothold in certain regions, but also to improve their portfolio of products.
The report noted that the global 5G applications and services market would grow at a considerable Compound Annual Growth Rate over the five-year forecast period. This will lead to a high market valuation and a number of opportunities flanking the market landscape.