The 5G Phone Market Will Grow 5X by 2023. Which Companies Benefit?
The 5G cellular technology market makes a lot of headlines these days as telecoms like Verizon Wireless (NYSE: VZ) and AT&T (NYSE: T) make ongoing announcements about new markets that they've just launched 5G services in. Meanwhile, the number of 5G-capable smartphones that are available for consumers to buy is still staggeringly low, making all of the claims by carriers that they have the fastest and best-built network and the most 5G cities all moot points right now.
But these companies are likely angling for consumer attention now because an explosion of 5G devices is just around the corner. According to research firm Gartner, 5G-capable smartphones will go from just 10% of the market next year to an impressive 56% in 2023.
This is good news for wireless carriers, of course, as 5G offers them the opportunity to sell more expensive 5G connections for phones and Internet of Things (IoT) connectivity for wearables like smartwatches. But the expanding 5G phone market could also help device makers, including Apple (NASDAQ: AAPL), as users see a concrete reason to upgrade their phones.
Source Fool.com
