5G in defence market estimated at $76.01 billion by 2030
The global 5G in defence market is estimated to hit US$76.01bn by the year 2030, according to a recent report conducted by Allied Market Research (AMR).
This has led to the rise in market value, supporting government initiatives towards 5G development.
According to the report, the “in defence” market was valued at US$551 million in 2020, indicating that its value will grow by as much as US$75.45bn in a decade's time.
During the first forecast period, Asia-Pacific is expected to offer opportunities to help with the market's growth alongside several prominent players such as Huawei Investment and Holding Co., Nokia Corporation, and Samsung Electronics Co Ltd.
Allied Market Research (AMR) claims that the report also provides an analysis of "top winning strategies, drivers and opportunities; market size and estimations; and changing market trends."
However, concerns around cyber security threats to the 5G network as a whole in addition to high infrastructure costs will "hinder the growth of the market to some extent", says Allied Market Research.
The on-going COVID-19 pandemic is another factor affecting the growth of 5G with governments across the globe having to put 5G technology investments on hold so attention can be turned to the healthcare services.
But due to the relaxed rules and regulations announced in most nations, these investments are starting to pick up pace, furthuring the overall development of the network.
Analysis of the global 5G in defence market in the report is divided into categories involving communication infrastructure, core network technology, network type, chipset, region and platform, with communication infrastructure's small cell segment contributing to more than two-fifths of the market share last year.
Under the platform category, it was found that the land segment made up more than three-fifths of the same market value in the same year, whilst the airborne segment would portray the fastest CAGR at 70.90 per cent during the forecast period from 2021 to 2030.
The Region category of the report saw Asia-Pacific hold the majority of the shares in the market in 2020, accounting for two-fifths of the total.
Furthermore, technological advancements in the 5G network and upgrading of military bases will present new opportunities as the forecast period progresses over the coming years, Allied Market Research claims.