Global Next-generation Communication Devices Market - Segmented by Type (Wired and Wireless), Device (Smart Phones, Warning/Security Systems, Entertainment Systems), Application (Consumer Electronics, Automotive, Military), and Region - Growth, Trends, and Forecast (2018 - 2023)
The next-generation communication devices market is expected a CAGR of 21% over the forecast period (2018 - 2023).
The evolving communication technologies are transforming the traditional telephonic services to more advanced wired and wireless services. The next-generation communication technologies support reliable high data performance and easy access to high-quality videos, uninterrupted calling, and gaming. The rapid globalization has enhanced interaction levels and the next-generation communications are expected to offer great opportunities in terms of connectivity, in the coming years.
Digital platforms play a significant role in driving the economy, and rapid digital infrastructure development is taking place in all the emerging countries. Internet of Things (IoT), Big Data, context-rich systems, eCommerce, 3D printing, and other such entities, which are ruling the current global market with the greatest demand, are further emphasizing the need for more innovative communication technologies. With the initiative of Industry 4.0 and increased availability of LTE technology, it is expected to further drive the growth of the market over the forecast period.
5G Becoming Increasingly Popular
Among the next-generation wireless communication systems, the 5G mobile and wireless communication technology have been widely researched. A global shift towards user-centric mobile applications from traditional carrier-centric applications is a major reason for the growing importance of the 5G technology. Upon implementation, the 5G technology is expected to handle huge mobile data traffic volume and a large number of connected devices, along with long network lifetime, with improved quality of services, such as high-transmission rate with low delay, among others. It is estimated that about USD 6 billion will be invested in R&D initiatives of the 5G technology in next five years. Apart from the future high-speed applications, 5G networks are expected to offer opportunities for innovations in IoT, ultra HD video content, remote health care, autonomous vehicles, and many others.
5G networks are expected to use various spectrum bands for various applications, ranging from sub-6 GHz cellular bands to millimeter wave bands. Even though technologies like LTE and corresponding advanced deployments have hit the market, majority of the mobile operators and organizations are investing more in R&D initiatives to develop the 5G technology. The 5G technology is considered to be a revolutionary shift in wireless networking, to achieve great throughput, latency, and other scalability requirements for the future applications, such as augmented reality applications (that are already in the market) that need high bandwidth. Even though 5G is yet to be standardized, investors are looking forward to 5G development efforts, focusing on air interface transmission schemes and advanced antenna technologies. Large-scale commercial deployments of this technology are expected to begin within the forecast period.