(Health-NewsWire.Net, August 06, 2022 ) According to a new market research report titled, “5G Chipset Market by Application (Automotive & Transportation, Smart Factories, Smart Cities), by Chipset Type, by Frequency, by Processing Node, by Deployment Type, by Vertical, and Geography – Global Forecast to 2027”, the 5G chipsets market is expected to grow at a CAGR of 52.7% from 2020 to 2027 to reach $23.5 billion by 2027. The growing demand for high-speed data services, rapidly developing smartphone technology, and the proliferation of IoT & connected devices are some of the major factors driving the 5G chipsets market. However, the high cost of equipment, a fragmented spectrum harmonization model, and rising cybersecurity concerns are obstructing the growth of the market to some extent.
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Based on application, the smart cities segment is expected to command the largest share of the overall 5G chipset market in 2020. 5G chipsets are used in solving key issues and requirements in smart cities, such as infrastructure and real estate management, prompt access to services, efficient transportation and logistics, public security and surveillance, efficient utility management, intelligent mobility, environment & pollution monitoring, and smart lighting solutions.
Based on chipset type, in 2020, the application-specific integrated circuits segment is projected to account for the largest share of the overall 5G chipsets market. The large share of this segment is primarily accounted for its low cost of manufacturing for high volume production, higher efficiency, better performance than other ICs, and higher adoption by cellular network providers for cost-saving.
Based on frequency, the sub 6Ghz segment is poised to command the largest share of the overall 5G chipset market in 2020. However, the above 24Ghz frequency segment is projected to grow at the highest CAGR during the forecast period. The factors attributed to the growth of this segment include its capability to support large bandwidth and high speed of data transfer.
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Based on vertical, the security & surveillance segment is projected to grow with the fastest CAGR during the forecast period. Rising security concerns in urban areas, coupled with efforts from city authorities to provide better security and enable faster reaction time in case of emergencies, is driving the growth of this segment.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (Germany, U.K., France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2020, Asia-Pacific is projected to command the largest share of the global 5G chipsets market, followed by North America and Europe.
COVID 19 IMPACT ON 5G CHIPSET MARKET
Although COVID-19 has reduced the speed of adopting 5G services globally, it has had a negligible impact on 5G since it is an emerging technology, and only a few industries utilize 5G-enabled network services. Moreover, COVID-19 has led various industries to shift their operations completely on remote servers, which requires a high-speed data connection and lower latency. This is expected to expand the demand for 5G chipsets during the forecast period.
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The key players operating in the global 5G chipsets market are Broadcom Inc. (U.S.), Qualcomm Inc. (U.S.), MediaTek Inc. (Taiwan), Intel Corporation (U.S.), Samsung Electronics Co. Ltd. (South Korea), ZTE Corporation (China), Qorvo Inc. (U.S.), Infenion Technologies (Germany), Fujitsu Ltd.(Japan), Macom technology solutions (U.S.), Unisoc Communications Inc. (China), Xilinx Inc. (U.S.), Huawei Technologies Co. Ltd. (China), and NXP Semiconductor N.V. (Netherlands).