PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1758877
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1758877
Global 5G Technology Market to Reach US$2.1 Trillion by 2030
The global market for 5G Technology estimated at US$259.9 Billion in the year 2024, is expected to reach US$2.1 Trillion by 2030, growing at a CAGR of 41.9% over the analysis period 2024-2030. Hardware Component, one of the segments analyzed in the report, is expected to record a 44.8% CAGR and reach US$1.5 Trillion by the end of the analysis period. Growth in the Software Component segment is estimated at 35.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$68.3 Billion While China is Forecast to Grow at 39.6% CAGR
The 5G Technology market in the U.S. is estimated at US$68.3 Billion in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$312.3 Billion by the year 2030 trailing a CAGR of 39.6% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 38.7% and 36.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 29.0% CAGR.
Global 5G Technology Market - Key Trends & Drivers Summarized
Why Is 5G Technology a Foundational Shift in Global Connectivity, Digital Innovation, and Infrastructure Modernization?
5G technology represents a generational leap in mobile communication, enabling ultra-fast data transfer, low latency, massive device connectivity, and dynamic network slicing. Unlike its predecessors, 5G is engineered to serve not only enhanced mobile broadband but also mission-critical applications and massive machine-type communications. This trifecta expands its relevance beyond consumer mobility into industrial automation, autonomous transport, telehealth, augmented reality, and smart infrastructure.
The technology’s ability to provide data rates up to 100x faster than 4G, latency as low as 1 millisecond, and support for one million connected devices per square kilometer is driving transformative changes across sectors. It underpins use cases that require real-time responsiveness, ultra-reliable connections, and dynamic service scaling. For governments, enterprises, and operators, 5G is no longer a telecom evolution but a strategic enabler of digital competitiveness and economic resilience.
Deployment of 5G networks is also catalyzing modernization across cloud computing, edge intelligence, and software-defined infrastructure. With its native support for virtualization, orchestration, and programmable network functions, 5G shifts connectivity from hardware-centric to platform-centric paradigms. This transition is redefining how services are developed, delivered, and monetized, making 5G a central pillar of future digital infrastructure.
How Are Spectrum Innovation, Core Network Evolution, and Open Architectures Advancing 5G Capabilities?
The foundation of 5G performance lies in spectrum diversification across low-, mid-, and high-band frequencies. Low-band provides broad coverage, mid-band delivers a balance of speed and range, and high-band (mmWave) supports ultra-high-speed data transfer over short distances. This layered spectrum approach allows operators to tailor 5G networks for specific geographies and use cases, optimizing network efficiency and capacity.
Evolution of the 5G core network is enabling fully virtualized, cloud-native architectures. Unlike legacy EPC (Evolved Packet Core), the 5G core supports network slicing, user plane function separation, and service-based architecture (SBA), making the network more agile and scalable. These capabilities allow differentiated services to coexist-such as streaming, factory automation, and telemedicine-on a single infrastructure with guaranteed performance levels.
Open RAN (Radio Access Network) is further accelerating 5G adoption by decoupling hardware and software in the RAN layer. This openness fosters innovation, vendor diversity, and cost reduction. It also enables integration of AI-driven network optimization, energy savings, and dynamic orchestration. Together, these advancements are pushing 5G beyond connectivity into programmable, intelligent, and disaggregated network systems ready to support future technology convergence.
Which Application Domains, Industry Verticals, and Global Markets Are Driving Demand for 5G Technology?
5G is unlocking new value in diverse domains-consumer broadband, industrial IoT, connected mobility, remote healthcare, media streaming, and cloud gaming. In manufacturing, 5G is enabling smart factories with autonomous robots, real-time asset tracking, and predictive maintenance. In logistics, it supports intelligent warehousing and connected fleets, while in healthcare, it powers remote diagnostics, AR-guided surgery, and mobile health units.
Enterprises across energy, mining, agriculture, and defense are deploying private 5G networks to achieve high-security, high-availability local connectivity tailored to mission-critical operations. These networks provide greater control over data sovereignty, latency, and bandwidth utilization. Meanwhile, cities are using 5G to build connected public infrastructure-from surveillance and traffic control to smart lighting and emergency response systems.
Regionally, Asia-Pacific is leading in 5G rollout and innovation, with China, South Korea, and Japan deploying large-scale networks and vertical applications. North America follows closely, driven by enterprise adoption, FWA services, and spectrum auctions. Europe is expanding through collaborative industrial deployments and regulatory alignment. Emerging markets in Latin America, Africa, and Southeast Asia are leveraging 5G for rural broadband, public services, and industrial modernization, often through leapfrogging strategies.
What Strategic Forces Are Shaping the Role of 5G Technology in the Future of Global Digital Transformation?
5G technology is emerging as the connective tissue of the future digital economy, integrating cloud, AI, IoT, and edge computing into a unified framework of intelligent services. As industries move toward automation, data-centricity, and decentralized operations, 5G provides the foundational infrastructure for enabling seamless connectivity, scalable service delivery, and data mobility across applications and geographies.
The move toward sovereign networks, cybersecurity regulation, and energy-efficient operations is influencing how 5G is deployed and managed. Sustainability concerns are prompting innovations in power-efficient base stations and dynamic network activation, while geopolitical tensions are shaping vendor ecosystems and technology alliances. At the same time, standardization efforts and interoperability frameworks are ensuring global alignment in technology development and deployment.
As digital transformation becomes a national and organizational imperative, 5G is positioned not merely as a communications upgrade, but as a strategic infrastructure layer. With next-gen innovations such as 6G, digital twins, and spatial computing on the horizon, could 5G become the essential launchpad for a hyperconnected, intelligent, and resilient global future?
SCOPE OF STUDY:
The report analyzes the 5G Technology market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Component (Hardware Component, Software Component, Services Component); Technology (Enhanced Mobile Broadband Technology, Ultra-Reliable Low Latency Communication Technology, Massive Machine Type Communication Technology); Technology Spectrum (5G NR Sub-6GHz, 5G NR mmWave); Application (Consumer Application, Enterprise Application)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.
Select Competitors (Total 42 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.