According to the latest market research report "5G Chipset Market by IC Type (RFIC, ASIC, Cellular IC, mmWave IC), Operational Frequency (Sub-6 GHz, Between 26 & 39 GHz, Above 39 GHz), Product (Devices, CPE, Network Infrastructure Equipment), End-User Industry, and Geography - Global Forecast to 2026," published by MarketsandMarkets™, the overall market is estimated to be valued at USD$2.03 billion in 2020 and is expected to be worth USD$22.41 billion by 2026, at a CAGR of 49.2 percent from 2020 to 2026. Increasing M2M/IoT connections are fueling the growth of the 5G chipset market. Increasing demand for mobile data services and high demand anticipated from 5G-enabled smartphones are the other key factors driving this market.

ASIC to hold largest market share from 2020 to 2026 

Application-specific integrated circuit (ASIC) is expected to hold the largest share of the 5G chipset market from 2020 to 2026. Demand for 5G-enabled smartphones is expected to result in the largest share of ASIC in the 5G chipset market. Many companies are in the process of developing ASIC chipsets to emerge as early providers and showcase commercial readiness for 5G. ASIC chipsets are mainly used in applications such as consumer electronics, autonomous cars and industrial automation.

5G chipset market for mmWave frequency band to grow at highest CAGR from 2020 to 2026 

The 5G chipset market for mmWave frequency band (between 26 and 39 GHz) is expected to grow at the highest CAGR during the forecast period. High bandwidth offered by this spectrum and the improving participation of telecom service providers in this spectrum are fueling the growth of this frequency band. This spectrum is a mixture of licensed and unlicensed spectrum. 

Consumer electronics to account for largest market size between 2020 and 2026 

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. After the commercialization of 5G network connectivity, it is expected that there will be high demand for 5G-enabled smartphones with high speed internet connectivity. Hence, the consumer electronics industry is estimated to hold the largest share of the 5G chipset market in 2020.

North America to lead 5G chipset market in terms of market size 

North America is estimated to account for the largest share of the 5G chipset market in 2020. High demand for advanced 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. Additionally, North America has emerged as a prominent region in terms of the development, testing, adoption and implementation of 5G network services and applications.