The global 5G smart antenna market is expected to grow with a CAGR of 24.6% during the forecast period. The growing need for high-speed data transfer with reduced latency is driving the market demand for 5G smart antenna. Rising investments in IoT, smart cities, smart devices, machine learning, and others are increasing the demand for 5G smart antenna. In addition to this, the ever-increasing demand for improved mobile internet experience, coupled with the high adoption of smartphones, is accelerating the market demand for 5G networks, thereby increasing the market demand for 5G smart antenna.
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Based on applications, connected and self-driving vehicles are expected to hold a significant market share in the 5G smart antenna market during the forecast period. Connected vehicles require high bandwidth, lower latency, and other such features that can be provided by the 5G network. With the deployment of 5G, which is scheduled from as early as 2020, vehicle-to-everything (V2X) will enable vehicles to interact with their environment in real-time and thus, increase road safety, energy savings, and traffic efficiency.
Various strategies such as joint ventures, partnerships, and new product developments are being undertaken by key players in the 5G smart antenna market to gain a competitive edge in the market. For instance, in May 2019, Laird Connectivity expanded its vehicular antenna portfolio for public safety and aftermarket fleet applications. The new products are Gar and Barracuda, which are MIMO vehicular antennas that provide multi-band operation and GNSS navigation for increased throughput, reliability, and high capacity.
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