The next-generation technology demands beyond mobile internet and improvements in data speed. Demand for connectivity is expected to be driven by trends such as IoT, autonomous cars, smart cities, augmented reality/virtual reality, ultrahigh-definition content, and industrial automation. Growing demand for machine-to-machine (M2M) communication and industrial IoT is expected to play a major role in the adoption of 5G services. 5G would offer data transfer rate of ≥1 Gbps as speculated by leading network providers and chipset developers.

The 5G chipset market is estimated to be valued at USD 2.03 billion in 2020 and is likely to reach USD 22.41 billion by 2026, at a CAGR of 49.2% from 2020 to 2026. 5G-enabled smartphones and other consumer devices are expected to drive the growth of the 5G chipset market.

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The operation of 5G in mmWave frequency band is expected to play a huge role in delivering high-speed internet connectivity. Millimeter wave technology offers serval advantages, such as high-speed data transfer (large bandwidth), high resolution, low interference (systems with high immunity to cramming), small form factor (small component sizes, such as smaller antenna dimensions), increased security, and cost-effectiveness; all these features make millimeter wave technology ideal for 5G network.

In terms of IC type, the 5G chipset market for ASIC is expected to grow at the highest CAGR. Demand for ASICs in high-end smartphones is likely to be the key factor propelling the growth of the market. In terms of operational frequency, the market for mmWave band (between 26 and 39 GHz) is expected to witness the highest growth between 2020 and 2026. High bandwidth offered by this spectrum and the improving participation of telecom service providers in this spectrum are fueling the growth of this frequency band. On the basis of product, the devices segment is expected to witness the highest growth. Demand for 5G-enabled smartphones is likely to be the key factor propelling the growth of the 5G chipset market for devices.

In terms of end-user industries, the 5G chipset market for consumer devices is expected to grow at the highest CAGR during the forecast period. The growth of this market is attributed to the proliferation of 5G-enabled consumer electronic devices in the market. After the commercialization of 5G network connectivity, it is expected that there will be high demand for 5G-enabled smartphones with high-speed internet connectivity.

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The 5G chipset market in APAC is expected to grow at the highest CAGR from 2020 to 2026. The growth of on-demand video services and IoT will drive the growth of the market in APAC. Moreover, in APAC, the 5G chipset market has huge opportunities in smart cities. Various countries in Asia have either initialized the implementation of smart city projects or are in the planning phase. China is the biggest marketplace in APAC for the development of smart cities.

The integration of 5G services with satellite communication and strategic partnerships with system integrators in emerging economies can be seen as the growth opportunities in the 5G ecosystem. The amalgamation of 5G with satellite communication system will facilitate streamlined communication in mission-critical and industrial applications, such as airplanes, high-speed rails, ships, and unserved/underserved locations where legacy cellular networks fail.

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