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According to the new market research report on 5G chipset, the 5G chipset market is expected to be worth $2.03 billion in 2020 and is likely to reach $22.41 billion by 2026, at a CAGR of 49.2% from 2020 to 2026. The growth of the 5G chipset market can be attributed to the growing demand for high-speed internet and broad network coverage with reduced latency and power consumption and increasing M2M/IoT connections. However, high hardware cost involved in terrestrial network densification is restraining the growth of the 5G chipset market.
Sub-6 GHz to hold largest market share from 2020 to 2026
Sub-6 GHz operational frequency is expected to account for the largest market share from 2020 to 2026. The wide availability of this frequency band and the ability to cater to multiple 5G use cases are likely to be the prime factors driving the adoption of this spectrum.
5G chipset market for automotive & transportation to witness highest growth between 2020 and 2026
The 5G chipset market for the automotive & transportation end-user industry is expected to grow at the highest CAGR during the forecast period. 5G can allow system and application developers to develop a wide range of applications; the major applications include vehicle-to-vehicle (V2V), vehicle-to-infrastructure (V2I), vehicle-to-pedestrian (V2P), and vehicle-to-network (V2N). These applications of 5G would further help in the development of other applications, such as automated driving, digital logistics, and intelligent navigation.
5G chipset market in APAC to grow at highest CAGR
This report covers the 5G chipset market in North America, Europe, APAC, and RoW.High demand for advanced technologies such as connected cars, machine-to-machine communication, and artificial intelligence will offer huge opportunities for the growth of the 5G chipset market in North America.
The growth of on-demand video services and IoT will drive the growth of the market in APAC.Moreover, in APAC, the 5G chipset market has huge opportunities in smart cities.
Various countries in Asia have either initialized the implementation of smart city projects or are in the planning phase. China is the biggest marketplace in APAC for the development of smart cities.
