5G fixed wireless access market 2020 is all set to accrue a valuation of USD 7,553.87 million by 2024-end, reveals Market Research Future (MRFR). The worldwide market is expected to progress at an exceptional rate of 70.75% between 2019 and 2024 (review period). We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
Market Drivers and Key Barriers
The COVID-19 outbreak and the resultant lockdown impositions have given rise to remote work, education as well as entertainment among people. The situation has boosted the use of the Internet, leading to augmented need for communication networks. More and more people are opting for streaming services, be it Disney+, HBO Now or Netflix, post SARS-CoV-2. The novel coronavirus spread and the ensuing stay at home measures being taken across countries have led to more need for stronger networks, which is proving to be quite favorable for the 5G fixed wireless access market.
Following the COVID-19 impact on the market, leading companies have been focusing on bridging the communication gap between people as well as businesses. They are also trying to leverage the opportunity that has been birthed by the pandemic, which is the rising need for higher bandwidth among people. They are indulging in partnership and agreement strategies to curb any revenue loss and also elevate their market position. For instance, Keysight Technologies Inc. has been selected by Arcadyan to provide its 5G test platforms that can help validate the latter’s consumer premises equipment for FWA. Arcadyan will be using Keysight’s UXM 5G Wireless Test Platform to gain a higher position in the 5G fixed wireless access market.
The 5G fixed wireless access market also stands to profit from the mounting integration of the latest technologies like IoT/Internet of Things millimeter-wave in the 5G FWA. The accelerated deployment of connected devices like smart devices, laptops and smartphones for residential and commercial applications also backs the global market growth.
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Offering, territory and application are the key segments based on which the MRFR study of the market has been carried out in the report.
Offering-wise, the market sections are hardware as well as services. In the year 2018, the services segment clinched the leading position in the 5G fixed wireless access market and MRFR expects the segment to maintain its market position throughout the evaluation timeline.
The territory-based market segments can be semi-urban, rural and urban. It is projected that the semi-urban area can be the top segment, advancing at the fastest rate over the next few years. The key reason cited for the mentioned growth can be the soaring demand for broader spectrum among end-users.
The application areas of 5G FWA include commercial, residential, government and industrial. In the coming years, the commercial segment can acquire the highest progression rate while the residential segment can emerge as the leader in the global market.
The geographical distribution of the 5G fixed wireless access industry comprises North America, Asia Pacific/APAC, Europe, and the rest of the world/RoW.
North America and Europe have clinched the leading and second-leading positions in the global market for 5G fixed wireless access technology, respectively.
The North American market is booming, thanks to the presence of a widespread and well-developed IT infrastructure, a large pool of renowned firms and the high availability of technically skilled workforce. MRFR estimates that the US can post the highest growth rate in the following years, because of the extensive residential and commercial applications, including autonomous driving, distance learning, video conferencing, multi-user gaming, telemedicine, augmented reality and live streaming. The 5g FWA applications have become even more extensive in the space of few months of 2020, especially in the region’s healthcare industry, in light of the efforts being given to find a COVID-19 breakthrough.
The European market for 5G fixed wireless access is primarily supported by the rising government spending on the development of the 5G infrastructure. The mounting number of significant business activities, such as product launch, collaboration, acquisition and merger, is also leading the regional market to greater heights. For instance, in May 2020, Stockholm’s first completely green 5G network for commercial applications was launched, as a joint venture of Telia and Ericsson. This 5G network is powered completely by renewable energy. The new 5G network launch aims to boost the user experience and also gain extensive use-cases in industries like health care, entertainment, transport and manufacturing.
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Renowned Industry Contenders
Some of the renowned industry contenders listed in the MRFR study are Siklu Communication, Ltd. (Israel), AT&T Inc. (US), Telus Corporation (Canada), Hrvatski Telekom (Croatia), Cisco Systems, Inc. (US), Cohere Technologies, Inc. (US), Huawei Technologies Co., Ltd (China), Samsung Electronics (South Korea), Swisscom (Switzerland), Nokia Corporation (Finland), Telefonaktiebolaget LM Ericsson (Sweden), Mimosa Networks, Inc. (US), Mobile Telephone Networks (MTN) (South Africa), Cellular South, Inc. (C Spire) (US), Arqiva (Hampshire), United States Cellular Corporation (US), Qualcomm Technologies (US), Telefónica (Spain), Orange SA (France), Verizon Communications Inc. (US), to list a few.
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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