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5G Market Research Report Information By Components (Phantom Cell and Device-To-Device Communication), By Applications (Consumer Electronics, Automotive, Retail, Energy, Utility, and Healthcare), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.


ID: MRFR/ICT/1961-HCR | 100 Pages | Author: Shubham Munde| June 2024

5G Market Overview



The 5G Market is projected to grow from USD 15.03 billion in 2024 to USD 229.41 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 40.60% during the forecast period (2024 - 2032). Additionally, the market size for 5G was valued at USD 10.18 billion in 2023.



Increasing demand for high-speed transmission, low network latency, and connected device trends are the key market drivers enhancing the market growth. Additionally, the spread of cloud-based applications has boosted the need for sophisticated network technology, propelling market expansion.


Figure 1: 5G Market Size, 2024 - 2032 (USD Billion)


5G Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


5G Market Trends


Growing number of 5G enable smartphones is driving the market growth

Market CAGR for 5G is driven by the rising number of 5G enabled smartphones. Over 650 5G smartphone models have been released, making up 50% of all 5G devices by form factor, according to a report. Shipments of 5G devices topped 615 million units in 2021, more than double the previous year. Smartphone standalone (SA) capability, including 3CC New Radio (NR) carrier aggregation, is receiving more attention. Shipments of smartphones increased globally by 6% in 2021 compared to 2020. A greater variety of 5G smartphone models are now accessible in the mid-tier pricing range, in addition to enhanced device capabilities. This indicates that 5G cell phones are becoming more accessible to a wider range of market sectors. As more consumers can afford the device and access the 5G network, this will fuel the market for 5G.


Figure 2: Forecasted number of smartphone mobile network subscriptions globally from 2016 to 2028 in millions

5G Market

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

IDC predicts that by 2021, investments in smart city technology will total $135 billion. The next generation of wireless infrastructure within a smart city is projected to be driven by small cell networks built on top of 5G technologies, which is anticipated to generate a lucrative potential for the 5G market over the forecast period. Furthermore, it is anticipated that 5G technologies will encourage innovation and the uptake of cutting-edge technology in smart cities. Increased expenditures in smart city infrastructure would present a substantial potential for deploying 5G technologies, aiding in the expansion of the 5G industry.


Thanks to edge computing, large amounts of data can be processed near the data source. Edge computing enables real-time analysis with quicker response times, enhancing overall performance and dependability. Edge computing also aids in lowering worries about security and privacy. By 2020, Gartner predicts there will be 50 billion IoT devices worldwide. These devices are producing an ever-increasing amount of data. The demand for faster data speeds is anticipated to rise with the demand for edge computing and IoT devices' data volume. 5G technologies will make unmatched data rates possible, enhancing real-time data processing capabilities and the entire user experience. Thus, driving the 5G market revenue.


5G Market Segment Insights


5G Component Insights


The 5G market segmentation, based on components, includes phantom cell and device-to-device communication. The device-to-device communication segment dominated the market, accounting for 80.4% of market revenue (5.5 Billion). Device-to-device communication has several advantages, including better spectrum and energy efficiency, cellular coverage, and resource consumption. D2D communication is consequently being used more frequently, which significantly affects market expansion. The need for device-to-device (D2D) communication in new technologies has increased due to quick infrastructure growth, ongoing digitalization, autonomous computing, and device collaboration. However, the phantom cell sector witnessed a significant growth rate. There is no easy way to identify the caller because these calls usually use fake numbers as caller IDs. However, after a short but perceptible wait, the call will be answered and transferred to a call center worker who will try to sell you something.


Figure 3: 5G Market, by Component, 2022 & 2032 (USD Billion)




Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

5G Application Insights


The 5G market segmentation, based on application, includes consumer electronics, automotive, retail, energy, utility, and healthcare. In 2022, the healthcare segment dominated the market. The increasing use of telemedicine and robotic surgery is driving the market. The market is expanding because of the rise in telecommunications innovation, the introduction of wearable medical devices powered by 5G technology, the ability of 5G technology to download large patient data files at light speed, and the availability of cheap sensors.


February 2020: Verizon and Emory Healthcare have formed a strategic alliance to develop and test 5G Ultra Wideband-enabled application cases that can potentially revolutionize the healthcare industry. As part of the collaboration, Verizon provided 5G Ultra Wideband service to the Emory Healthcare Innovation Hub (EHIH), making it the nation's first 5G healthcare innovation center.


Additionally, the retail sector was the fastest-growing sector in 2022. Retailers will benefit from 5G's unbroken business operations, a dependable network that can handle peak traffic, extreme personalization, AR/VR shopping experiences, quick access and real-time, streamlined operations, access to central systems, and simplicity in tracking products, price, inventory, and customer information.


5G Regional Insights


By region, the report provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American 5G market area will dominate this market. Increased spending by these businesses to offer 5G services in important nations like the U.S. and Canada is anticipated to fuel market expansion. For instance, AT&T started providing 5G services in certain areas of Tampa, Florida, including the Tampa Airport and the Channel District, in January 2021. By connecting more people and devices, 5G services will provide the fastest bandwidth.


Further, the leading countries studied in the market report are US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.


Figure 4: 5G MARKET SHARE BY REGION 2022 (USD Billion)

5G Market, by Component, 2022 & 2032 (2)

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Asia-Pacific 5G Market accounts for the second-largest market share. One of the biggest regional investments in 5G technologies is China. More money is being invested in the market due to the Chinese government's, telecom operators, and suppliers' rising efforts to install 5G. Several well-known 5G telecom infrastructure providers are based in the nation. 40–50% of Chinese mobile consumers may be utilizing 5G by 2025. The nation is gaining more in terms of network convergence, virtualization, and slicing. Moreover, China’s 5G market held the largest market share, and the Indian 5G market was the fastest-growing market in the Asia-Pacific region.


Europe’s 5G market is estimated to expand at a rapid rate from 2023 to 2032 due to the region's expanding use of fifth-generation services. For instance, 24 of the EU's 27 member states, including Austria, France, Belgium, Germany, and Greece, will have commercial 5G services in place by the end of March 2021. Further, the German 5G market held the largest market share, and the UK 5G market was the fastest-growing market in the European region.


5G Key Market Players & Competitive Insights


Leading market players are largely investing in research and development to expand their product lines, which will help the 5G market, grow even more. The launch of new products, larger-scale mergers and acquisitions, contractual agreements, and collaboration with other organizations are significant market developments in which market participants engage to increase their presence. The 5G industry must provide affordable products to grow and thrive in a more competitive and challenging market environment.


One of the primary business strategies manufacturers use in the 5G industry to increase market sector and benefit customers is local manufacturing to lower operational costs. In recent years, the 5G industry has stipulated some of the most important medicinal benefits. Major players in the 5G market, including Alcatel-Lucent (France), LM Ericsson (Sweden), Bharti Airtel Limited (India), Verizon Wireless (U.S.), and others, are investing in research and development operations to improve market demand.


Reliance Jio is an Indian telecom and broadband service provider headquartered in Mumbai. The company operates its mobile and broadband networks using Long-Term Evolution (LTE) technology, and its media services include collections and programs of recorded and live music, sports, live and catch-up television, movies, and events. In October 2022, Reliance Jio selected Nokia as a key supplier to offer 5G Radio Access Network (RAN) gear from its AirScale portfolio nationwide in a multi-year agreement. A base station, high-capacity 5G Massive MIMO antenna, Remote Radio Heads (RRH) that handle several frequency bands and self-organizing network software will all be provided by Nokia under the terms of the agreement.


Cisco provides its customers with Internet Protocol (IP)-based networking technologies. Networking software, routers, video, wireless, security, voice and unified communication, telepresence, collaboration, webex, data center, virtualization, and unified computing systems are the company's goods and services. In June 2022, Cisco announced an expanded relationship with General Dynamics Information Technology (GDIT), a commercial unit of General Dynamics, to supply Cisco Private 5G services to a wide range of government agencies. Cisco's dependable and secure private 5G service will be combined with GDIT's extensive experience, in-depth knowledge of use cases for government agencies, and expertise in cybersecurity, artificial intelligence, edge computing, and IoT devices to provide each customer with an end-to-end tailored solution to achieve their desired mission outcomes.


Key Companies in the 5G market include



5G Industry Developments


February 2022: AT&T and IBM announced plans to demonstrate 5G wireless networking and edge computing's digital transformation capabilities. AT&T and IBM have collaborated to develop virtual environments where enterprise clients may physically feel the power of AT&T's connectivity with IBM AI technology and hybrid cloud.


September 2022: ZTE Corporation, a major international provider of enterprise, telecommunications, and consumer technology solutions for mobile internet, along with China Transport Telecommunications & Information Group, China Mobile Research Institute, the Beijing Branch of China Mobile, and other partners, demonstrated the first 5G NTN (Non-Terrestrial Network) field trial globally at the 5G-Advanced Industry Development Summit which was held in Beijing.


5G Market Segmentation


5G Component Outlook




  • Phantom Cell




  • Device-To-Device Communication




5G Application Outlook




  • Consumer Electronics




  • Automotive




  • Retail




  • Energy




  • Utility




  • Healthcare




5G Regional Outlook






  • North America



    • US




    • Canada






  • Europe



    • Germany




    • France




    • UK




    • Italy




    • Spain




    • Rest of Europe






  • Asia-Pacific



    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World



    • Middle East




    • Africa




    • Latin America






Report Attribute/Metric Details
Market Size 2023 USD 10.18 Billion
Market Size 2024 USD 15.03 Billion
Market Size 2032 USD 229.41 Billion
Compound Annual Growth Rate (CAGR) 40.60% (2024-2032)
Base Year 2023
Market Forecast Period 2024-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Market Competitive Landscape, Revenue Forecast, Growth Factors, and Trends
Segments Covered Component and Application
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered US, Canada, France, German, Italy, UK, Spain, Japan, China, Australia, India, South Korea, and Brazil.
Key Companies Profiled Alcatel-Lucent (France), LM Ericsson (Sweden), Bharti Airtel Limited (India), and Verizon Wireless (U.S.)
Key Market Opportunities Growing demand for networks with high reliability and low latency
Key Market Dynamics Increasing mobile network data traffic


Frequently Asked Questions (FAQ) :

The 5G market size was prized at USD 10.18 Billion in 2023.

The market is anticipated to expand at a CAGR of 40.60% from 2024 to 2032.

North America had the major share of the market.

The key players in the market are Alcatel-Lucent (France), LM Ericsson (Sweden), Bharti Airtel Limited (India), and Verizon Wireless (U.S.).

The device-to-device communication category acquired a major market share in 2022.

The healthcare sector had the largest share of the market.

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