Provide insights and data on the following areas: Global View of 5G Readiness Per Market, Consumer Trends Leading to 5G Creation, IoT Growth, Augmented and Virtual Reality, and 5G as a Driver of Economic Growth.
Global View of 5G Readiness Per Market
- South Korea is leading the 5G market penetration, with 66% of South Korea expected to be 5G connected by 2025. This is followed by the US at 50%, Japan at 49%, China at 36%, Europe at 30%, Mexico at 14%, India at 11% and Brazil at 11%.
Consumer Trends Leading to 5G Creation
- A consumer desire for connectivity is driving the growth of the 5G sector.
- For example, 67% of consumers indicate they would purchase a new smartphone when 5G connectivity becomes possible. Additionally, 62% of consumers would replace their home internet service for 5G when it becomes available, in order to take advantage of the faster speeds.
- In 2014, only 13% of businesses used IoT, whereas by 2019, that had increased to 25%.
- By 2023, McKinsey predicts there will be 43 billion IoT connected devices worldwide, a nearly threefold increase from 2018.
Augmented and Virtual Reality
- In 2017, the global augmented and virtual reality market size was $11.35 billion.
- This market was projected to be "$571.42 billion by 2025, growing at a CAGR of 63.3% from 2018 to 2025."
5G as a Driver of Economic Growth
- China is expected to see the most economic returns from the 5G expansion, followed by the US and Japan.
Proposed next steps:
You need to be the project owner to select a next step.