Global 5G smartphone market to gather $6,574.7 bn by 2028

According to Research Dive the global 5G smart phone market is anticipated to gather a revenue of $6,574.7 billion by 2028, growing at a CAGR of 124.4% during the 2021-2028 timeframe.

There has been a growing demand and adoption of the IoT technology over the last few years. This surging demand is expected to boost the 5G smart phone market in the forecast period. Additionally, the growing demand for connected devices is also predicted to further the growth of this market.

Strategic alliances between key market players and business expansions by leading companies are expected to offer huge growth opportunities to the market during the analysis years. Moreover, the growth in demand for connected devices using cloud technology is expected to boost the market.

High investment cost with respect to setting up of 5G towers may, however, prove to be a restraint in the growth of the 5G smart phone market.

Segments of the market
The report has divided the 5G smart phone market into a few segments based on operating system, sales channel, and regional analysis.

• By operating system, the Android sub-segment is predicted to grow the fastest by garnering a revenue of $3,448.9 billion by 2028. The ease of use associated with Android phones along with their ability to multitask have made them extremely popular. These features have helped this sub-segment to grow at such a fascinating rate.
• By sales channel, the online channel sub-segment is expected to be highly profitable and register a revenue of $3,155.4 billion by 2028. The rise of e-commerce websites which offer numerous choices and varieties of products to the customers at a single place is expected to be the primary growth driver of this sub-segment.
• By regional analysis, the 5G smart phone market in the Europe region is anticipated to be highly lucrative and garner $2,090.1 billion by 2028. The high disposable income of people in this region along with the growing demand for 5G smart phones have helped the market in the Europe region to grow rapidly.

CT Bureau