5G mm-Wave Tech Market Grows with Rising Demand for High-Speed Internet By CIOTechOutlook Team

5G mm-Wave Tech Market Grows with Rising Demand for High-Speed Internet

CIOTechOutlook Team | Friday, 29 November 2024, 02:19 IST

The market for 5G mm-Wave Technology is rapidly expanding due to the growing need for faster internet and improved mobile broadband offerings. The Market Size reached USD 3.04 Billion in 2023 and is projected to hit USD 10.49 Billion by 2032, with a compound annual growth rate (CAGR) of 14.77% from 2024-2032.

The increasing use of smart gadgets and IoT programs, which need fast data speed and minimal delay, is a major factor driving growth. Operating above 24 GHz enables quicker data transmission and reduced latency, making it perfect for AR, VR, and HD video streaming.

Moreover, the automotive industry is incorporating 5G mm-Wave Technology for connected cars. In December 2023, the collaboration between Qualcomm and T-Mobile will boost city connectivity, with a projected increase in global 5G subscriptions to 1.3 billion.

The combination of 5G mm-Wave Technology with vehicle-to-everything (V2X) communication is transforming navigation and safety in connected vehicles. 5G mm-wave technology guarantees quick speeds and low latency by facilitating instant data sharing among vehicles, infrastructure, pedestrians, and networks. This enables real-time updates on the status of roads, traffic flow, and potential dangers, improving navigation and decreasing traffic jams.

In 2023, North America was the leader in the 5G mm-wave technology market, controlling a large portion of the revenue thanks to extensive investments in telecommunications infrastructure and being an early adopter of 5G technology. The market expansion in the area is backed by big tech companies and network operators, promoting innovation and accelerating the implementation of mm-wave solutions.