mmWave 5G Global Market Report 2023: Rapid Digitalization of Enterprises Drives Growth

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Global Mmwave 5G Market

Global Mmwave 5G Market
Global Mmwave 5G Market

Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "mmWave 5G Global Market Report 2023" report has been added to's offering.

This reportprovides strategists, marketers and senior management with the critical information they need to assess the market.

The global mmWave 5G market is expected to grow from $2.58 billion in 2022 to $2.99 billion in 2023 at a compound annual growth rate (CAGR) of 15.9%. The mmWave 5G market is expected to grow to $5.19 billion in 2027 at a CAGR of 14.7%.

Major players in the mmwave 5g market are AT&T Inc., NXP Semiconductors N.V., Airspan Networks, Qualcomm, Fastweb S.p.A., SoftBank Group, Nokia Corporation, HRMavenir Systems Inc., NTT Docomo Inc., Ericsson, Huawei Technologies Co. Ltd. , Verizon Communications Inc. , Rakuten Mobile Inc., Pharrowtech, and Alcan Systems.

Reasons to Purchase

  • Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.

  • Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.

  • Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.

  • Measure the impact of high global inflation on market growth.

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  • Outperform competitors using forecast data and the drivers and trends shaping the market.

  • Understand customers based on the latest market shares.

  • Benchmark performance against key competitors.

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The main components of mmwave 5G are hardware, solutions, and services. Hardware refers to the physical part of computers that are used in mmWave 5G such as array antenna systems and other components that are needed for the network.

The bandwidth includes 24GHz to 57GHz, 57GHz to 95GHz, and 95GHz to 300GHz used for eMBB, FWA, mMTC, URLLC that are used in various applications such as real-time surveillance cameras, AR and VR, industry 4.0, live streaming, transport connectivity, ultra-high-definition video, and others and different end users such as aerospace and defense, telecom, media and entertainment, automotive and transportation, public safety, healthcare, and life sciences, and others.

Technological advancement is a key trend in the mmWave 5G market. Major players operating in the market are developing advanced products with the latest technologies to strengthen their position in the market.

For Instance, in May 2022, MediaTek, a Taiwan-based manufacturer of semiconductors launched the next generation of 5G smartphones powered by the Dimensity 1050 system-on-chip [SoC] with TSMC 's 6nm manufacturing technology, which is its first mmWave 5G chipset and offers seamless connection, displays, gaming, and power efficiency. These chips will be utilized in the next generation of 5G smartphones.

North America was the largest region in the mmWave 5G market in 2022. The regions covered in the mmwave 5g market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the mmWave 5G market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Rapid digitalization of enterprises is expected to propel the growth of the mmWave 5G market going forward. Digitalization refers to integrating digital technologies into business. Businesses are transforming their processes to improve revenues, which is also called digital transformation.

The mmWave 5G technology offers high internet speeds, enabling and facilitating data transfer for businesses. For instance, according to the 2021 Retail Digital Transformation Survey conducted by BDO USA LLP, a US-based financial advisor, customer experience remained retail's top digital priority with 35% of members prioritizing improving customer experience, 30% on optimizing business processes and driving operational efficiencies across the supply chain, 15% on consolidating or upgrading legacy IT infrastructure, 11% on implementing change management for digital adoption in the workplace and 9% on adopting a new business or revenue model. Therefore, the rapid digitalization of enterprises is driving the growth of the mmWave 5G market.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Attributes:

Report Attribute


No. of Pages


Forecast Period

2023 - 2027

Estimated Market Value (USD) in 2023

$2.99 billion

Forecasted Market Value (USD) by 2027

$5.19 billion

Compound Annual Growth Rate


Regions Covered


Key Topics Covered:

1. Executive Summary

2. mmWave 5G Market Characteristics

3. mmWave 5G Market Trends And Strategies

4. mmWave 5G Market - Macro Economic Scenario
4.1. COVID-19 Impact On mmWave 5G Market
4.2. Ukraine-Russia War Impact On mmWave 5G Market
4.3. Impact Of High Inflation On mmWave 5G Market

5. mmWave 5G Market Size And Growth
5.1. Global mmWave 5G Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global mmWave 5G Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. mmWave 5G Market Segmentation
6.1. Global mmWave 5G Market, Segmentation By Component, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Hardware

  • Solutions

  • Services

6.2. Global mmWave 5G Market, Segmentation By Bandwidth, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24GHz To 57GHz
57GHz To 95GHz
95GHz To 300GHz
6.3. Global mmWave 5G Market, Segmentation By Use Case, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • eMBB

  • FWA

  • mMTC


6.4. Global mmWave 5G Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Real-Time Survilliance Cameras

  • AR And VR

  • Industry 4.0

  • Live Streaming

  • Transport Connectivity

  • Ultra High-defination Video

  • Other Applications

6.5. Global mmWave 5G Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

  • Aerospace And Defense

  • Telecom

  • Media And Entertainment

  • Automotive And Transportation

  • Public Safety

  • Healthcare And Life Sciences

  • Other End Users

7. mmWave 5G Market Regional And Country Analysis
7.1. Global mmWave 5G Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global mmWave 5G Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

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