The latest generation of wireless technology is still in its relative infancy, but the industry is growing at an incredible rate, eventually expected to top $95 billion by 2030.
The latest wireless technology has wide application behind just cell phones, with industries eager to take advantage of the speed 5G offers. According to a report by Grand View Research, these factors are driving 5G growth, with the 5G infrastructure market growing at a compound annual growth rate (CAGR) of 34.2% from 2022 to 2030. By 2030, revenue is expected to hit $95.88 billion.
There are a number of industries driving the expansion of 5G, including augmented and virtual reality, industrial application communication, and telemedicine. Another major driver is the shipping industry, with 5G providing an effective way for companies to monitor ships and containers. Similarly, government services are increasingly adopting 5G, using it to help first responders stay connected.
The full report is well-worth a read and gives insight into the entire industry, as well as specific regions. One thing is clear, however: The 5G industry is just getting started.