Nowadays, the principal component in the consumer devices, customer premise equipment, and network infrastructure equipment has been the 5G chipset that permits the end-user to form the wireless network based on the Fifth generation wireless (5G) standard network. It is described as the next generation to the 4G LTE mobile connection network.
The global 5G chipset market is estimated to grow with a CAGR of 38.83 % during the forecasting period of 2019-2027. The market is expected to reap revenue of $24,335 million by the end of 2027.
The 5G networks are expected to expand broadband wireless services beyond Mobile Internet to the Internet of Things (IoT) and critical communication segments to enable a perceived fully ubiquitous connected world. Interestingly, mobile broadband subscriptions grew with the annual growth rate of more than 20% in the last six years and reached 4.3 billion globally by the end of 2017. This huge adoption in mobile broadband services was due to the affordable price. This significant upsurge in the uptake of mobile broadband services is primarily driving the growth of the 5G chipsets market. Several technological challenges, high infrastructure costs, and certain security concerns pose as the key challenges for the proliferation of the 5G chipset market. The global 5G chipset is segmented on the basis of type, offerings, and verticals.
Geographically, the global 5G Chipset market has been segmented on the basis of four major regions, namely, North America, Europe, Asia Pacific, and the remaining countries collectively forming the Rest of World regional segment. The Asia Pacific is expected to be the largest and fastest-growing region by the end of the forecasting years. The research in China, initiated by the government and jointly conducted through industry-academia partnerships have primarily driven the expansion of the market in the region.