Proliferation of IoT & Connected Devices Driving 5G Chipset Industry

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In 2020, Asia-Pacific is projected to command the largest share of the global 5G chipsets market, followed by North America, Europe, Latin America, and the Middle East & Africa

The 5G chipsets market is expected to grow at a CAGR of 52.7 per cent from 2020 to 2027 to reach $23.5 billion by 2027. Factors such as the growing demand for high-speed data services, rapidly developing smartphone technology, and the proliferation of IoT & connected devices are driving the growth of this market.

“However, the high cost of equipment, the fragmented spectrum harmonization model, and rising cybersecurity concerns hinder the growth of this market,” read a report by Research and Markets.

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Asia-Pacific is projected to command the largest share

In 2020, Asia-Pacific is projected to command the largest share of the global 5G chipsets market, followed by North America, Europe, Latin America, and the Middle East & Africa. The large share of this region is mainly attributed to the presence of major technology players manufacturing 5G chipsets and higher adoption & proliferation of 5G technology.

Based on chipset type, the application-specific integrated circuits segment is estimated to command the largest share of the market in 2020. The large share of this segment is primarily accounted for its low cost of manufacturing for high volume production, higher efficiency, better performance than other ICs, and higher adoption by cellular network providers for cost-saving.

Based on frequency, the 5G chipsets market is segmented into below 1ghz, sub 6ghz, and above 24ghz. In 2020, the sub 6Ghz segment is expected to command the largest share of the market. The large share is primarily attributed to its ability to provide widespread coverage in densely populated areas of cities and flexible deployment of ubiquitous 5G network coverage. Further, the sub 6Ghz frequency can penetrate through walls and travel farther distances.

Based on application, the 5G chipsets market is segmented into automotive & transportation, smart factories, smart cities, gaming & entertainment, and smart retail. In 2020, the smart cities segment is poised to command the largest share of the overall 5G chipsets market. 5G chipsets are used in solving key issues and requirements in smart cities, such as infrastructure & real estate management, prompt access to services, efficient transportation & logistics, public security and surveillance, efficient utility management, intelligent mobility, environment & pollution monitoring, and smart lighting solutions.

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