February 23, 2020

Global 5G Chipset Market would reach $22.93 billion by 2024

The next generation of technology demands improvement in data speed. The demand for connectivity is expected to be driven by trends like autonomous cars, smart cities, industrial automation, and IoT (Internet of Things). The ever-increasing demand for broad network coverage and high-speed internet, with reduced power consumption and latency, will augment the growth of the global 5G chipset market during the projection period. With 5G networks to be rolled out soon, the network providers and the smartphone OEMs are gearing up for the transition phase.

The 5G network relies on the cloud and arrays of small antenna to provide ultra-speed data for mobile communication. The network band will
be different than that of 4G (LTE) band, so smartphone OEMs are looking to equip handsets with 5Genabled modem chipsets for end-to-end communication. The major manufacturers of 5G chipsets for handsets are Qualcomm, Samsung, Intel, Mediatek, and Huawei. Qualcomm claims its Snapdragon 855 series is the world’s first real 5G chipset.

The market for 5G chipsets is expected to witness tremendous growth over the forecast period from 2019 to 2024. The major factors driving growth will be an increasing demand for the Internet of Things and machine-to-machine connections, coupled with an ever-increasing demand for high-speed mobile data services and rapid development in automated devices. Further, the 5G chipset market is set to experience an exponential growth because of its wide range of applications. Studies and research on this subject introduced a wide range of areas and spheres where 5G chipsets will have major applications. With the latest technological developments, the market has spread its operations and applications from North America to Asia and Europe, and all across the globe.

5G technologies facilitate all the necessary network advancements to completely automate the manufacturing process. Significantly lower latency alongside much faster speeds allow for critical applications being used securely, opening up a widerange of new opportunities. Thus, a remarkable growth in the market for 5G chipsets is expected by theend of 2024. The market was valued REDACTED million in 2018 and is expected to reach nearly REDACTED billion in 2024, growing at a CAGR of REDACTED during the forecast period.

Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Middle East and Latin America. Asia-Pacific held the highest revenue share in the market in 2018 at REDACTED million, and it is expected that it will continue to dominate the revenue share with a value of REDACTED billion in 2024. The Asia-Pacific region has large number of companies supplying 5G chipsets. In this region, Japan, Korea,and China are the key countries from where demand is being generated, and majority of the players are located. However, the North American region held the second largest share of the global market and is expected to offer substantial market potential for the 5G chipset market, expanding at a CAGR of REDACTED during the forecast period from 2019 through 2024 to reach REDACTED billion in 2024, up from REDACTED million in 2018.

Since North America is a quick adopter of technological advancements the 5G chipset market has swiftly formed a strong base in the region. High demand for advanced technologies such as artificialintelligence, machine-to-machine communication, and connected cars will provide huge opportunities for the development of the 5 G chipset market in North America.

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