Global 5G chipsets forecast to hit $11B by 2024

group of people holding smartphones
For all 5G chipsets including phones and networks, the market will hit $11 billion in 2024 (Getty Images)

The global 5G chipset market is expected to grow tremendously at a 66% annual rate until 2024, reaching $10.9 billion by then, according to Trends Market Research.

The current level for the 5G chipset market is $870 million in 2019, the analyst firm said.

The 5G chipset market includes network infrastructure, smartphones, routers and modems and more. A variety of wafer types and integrated circuits are being used to produce the chipset. They include millimeter wave Integrated Circuits, a new element for 5G.

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Also, 5G networks are expected to serve the entire array of industries from telecom to automotive and from energy and utilities to building automation.

Increases in data speed and lower latency in 5G will help drive the need for 5G chipsets to make possible autonomous cars, smart cities and a wide array of Internet of Things technology, according to TMR.

Major players in the 5G chipset market include Analog Devices, Ericsson, Intel, Microsoft and Samsung. 5G chipsets for mobile phones are being made by Qualcomm, Samsung, Intel, Mediatek and Huawei.

In 2018, the biggest share of revenues was for the Asia-Pacific region because of the number of companies in Japan, Korea and China. North America had the second largest share.  

RELATED: 5G will bring new growth to smartphone sales, IDC says

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