Qualcomm on Thursday released a study forecasting the worldwide 5G wireless market will total an enormous $13.2 trillion by 2035.
The study for Qualcomm by IHS Markit, a London-based consulting firm, also found that investment in deploying 5G technology would total $235 billion annually and support 22.3 million jobs.
“Like electricity and the steam engine before it, IHS Markit views 5G as a catalyst that will thrust mobile technology into the exclusive realm of general-purpose technology,” said Bob Flanagan, economics consulting director at the firm. “The profound effects arising from these innovations range widely, from the positive impacts for human and machine productivity, to ultimately elevating the living standards for people around the world.”
The U.S. is expected to lead in wireless research and capital expenditures in the 5G value chain, representing 27% of average annual investment, followed closely by China at 26%.
San Diego-based Qualcomm said there are now more than 30 live 5G networks and more than 40 manufacturers launching 5G-enabled devices, making this the fastest rollout of a cellular technology generation.
“As I look back on the industry’s achievements over the past year, it is astounding the progress we have made in accelerating the rollout of 5G around the world,” said Cristiano Amon, president of Qualcomm. “I’m extremely proud to work for a company that makes big bets, early on, in laying the foundation for technologies as significant as 5G that will transform industries and enrich lives.”
Qualcomm shares closed at $89.98 on Thursday, near the 52-week high of $92.50, after release of the forecast.
5G stands for 5th generation wireless system and promises a tenfold increase in speed from the current 4G. For example, with 5G a full HD movie can be downloaded in a matter of seconds.
