The 5G chipset market is estimated to reach $2.03 billion in 2020 and $22.41 billion by 2026, at a CAGR of 49.2 percent from 2020 to 2026.
The demand for M2M/IoT connections and 5G smartphones are fuelling the growth of the 5G chipset market, according to a report published by MarketsandMarkets.
ASIC is expected to hold the largest share of the 5G chipset market from 2020 to 2026 fuelled by the demand for 5G-enabled smartphones. ASIC chipsets are mainly used in applications such as consumer electronics, autonomous cars, and industrial automation.
The 5G chipset market for mmWave frequency band (between 26 and 39 GHz) is expected to grow at the highest CAGR. The radiocommunication conference (WRC) in 2019 will hold the key to realizing the potential of 5G bands above 24 GHz.
The 5G chipset market is expected to be led by the consumer electronics end-user industry. This can be attributed to the proliferation of 5G-enabled consumer electronic devices in the market.
North America is estimated to account for the largest share of the 5G chipset market in 2020. Technologies such as connected cars, machine-to-machine communication, and artificial intelligence will offer huge opportunities for the growth of the 5G chipset market in North America.
