The North America 5G Chipset Market would witness market growth of 18.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America 5G Chipset Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $31,979.2 million by 2031. The Canada market is exhibiting a CAGR of 21.3% during (2024 - 2031). Additionally, The Mexico market would experience a CAGR of 20.3% during (2024 - 2031).
A 5G chipset is an integrated circuit that supports 5G wireless communication technology, enabling devices to connect to and utilize 5G networks. These chipsets are the key hardware components that allow devices like smartphones, tablets, IoT devices, laptops, and even vehicles to access 5G's advanced features, such as higher data transfer speeds, lower latency, and enhanced connectivity compared to previous generations like 4G.
The market is an evolving and rapidly growing segment within the telecommunications and semiconductor industries, representing a crucial element in deploying and expanding 5G networks globally. The introduction of 5G technology is perceived as a revolutionary advancement in communication technology due to the increasing demand for faster data transfers, enhanced connectivity, and the proliferation of smart devices. 5G chipsets are essential components that facilitate the seamless transmission of data across the fifth-generation mobile network, supporting a wide range of applications, including enhanced mobile broadband (eMBB), massive machine-type communication (mMTC), and ultra-reliable low-latency communication (URLLC).
In Canada, the growing adoption of 5G chipsets is primarily driven by the expansion of Industrial IoT (IIoT) applications, especially in industries such as oil and gas, mining, and manufacturing. As noted in a report by the Canadian government, updated in 2020, the telecommunications industry is transitioning from fourth-generation (4G) to fifth-generation (5G) technology, which is expected to drive economic growth.
By 2026, it is anticipated that Canadian telecommunications service providers will invest approximately $26 billion in Canadian networks, and 5G technology is expected to contribute up to $40 billion annually to the Canadian economy. Furthermore, the "Pan-Canadian Health Data Strategy" aims to develop an integrated health data system relying on 5G-connected medical devices and sensors, thus increasing the demand for 5G chipsets. Hence, the region will present lucrative growth opportunities for the market throughout the forecast period.
Free Valuable Insights: The 5G Chipset Market is Predict to reach USD 155 Billion by 2031, at a CAGR of 19.5%
Based on Operational Frequency, the market is segmented into Sub 6GHz, Between 26 & 39 Ghz, and Above 39 Ghz. Based on IC Type, the market is segmented into ASIC, RFIC, Cellular IC, and mmWave IC. Based on Product, the market is segmented into Devices, Customer Premises Equipment, and Network Infrastructure Equipment. Based on Industry Vertical, the market is segmented into Consumer Electronics, Automotive & Transportation, Industrial Automation, Energy & Utilities, Healthcare, Retail, and Other Industry Vertical. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Operational Frequency
By IC Type
By Product
By Industry Vertical
By Country
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