Fortune Business Insights has released a new report that suggests that the 5G infrastructure market is primed to explode in the next few years. The report predicts that the market will grow at an astonishing CAGR of 76.29 percent between 2018 and 2026, climbing from $720.6 million to $50.64 billion during the forecast period.
The research firm credits the rapid expansion of the Internet of Things for much of that growth. There is a rising demand for connected devices at both the enterprise and consumer levels in a variety of different industries. The current 3G and 4G networks cannot provide the high speed internet coverage needed to meet that demand, which is why companies working to deliver smart cars, smart cities, and mobile tech have also been trying to develop better 5G infrastructure.
“5G technology is expected to positively influence connected agriculture, smart cities, machine-to-machine communication, and home automation,” said a Fortune Business Insights analyst. “Some of the prominent challenges faced by organizations with regards to improving reliability, performance, and connectivity can be resolved through 5G infrastructure.”
The report highlights Ericsson, Qualcomm, Huawei, and Samsung as some of the biggest players in the 5G space, amongst several others. Fortune Business Insights also called particular attention to Nokia and T-Mobile, which signed a $3.5 billion infrastructure contract in 2018. North America, Europe, and Asia are projected to be the three largest 5G markets.
The Internet of Things (IoT) is a growing network of connected machines and objects that can communicate with each other and the Internet to better automate, creating efficiency and synergy. As the machine-to-machine begins to spread into consumer and residential markets, end users are beginning to require methods of interfacing with the network. Biometrics, smartphones and wearable tech are converging to allow for a more accessible IoT.
At the same time, as the IoT grows to control more and more of every day automated life, there is a growing importance for security and regulation. Many experts believe that biometrics and mobility hold the key to a safer and more secure IoT. Learn more on Mobile ID World’s Internet of Things page.