TECHDIGEST – The global penetration of 5G is increasing as different regions continue to adapt the revolutionary technology. Consequently, most Americans are projected to spend more on 5G enabled smartphones.

According to data acquired by Finbold, Americans are expected to spend a whopping $61 Billion on 5G smartphones in 2021. The amount accounts for 12.5% of the $487 billion Americans plan to utilize on consumer tech in 2021.

Elsewhere, Americans are also estimated to spend $45 billion on laptops in 2021 to rank second, while television will receive the third-highest amount at $24 billion. Spending estimates on smart homes will be $15 billion, followed by health and fitness tech at $13 billion, while non-5G smartphones will attract an amount of 412 billion.

Spending estimates on true wireless earbuds stands at $8.7 billion, while $6 billion will go to gaming consoles. Among consumer tech products, e-toys are projected to receive the least amount at $3.6 billion.

More Americans aiming to leverage 5G benefits

The report explains the significance and implications of the projected spending on 5G smartphones. According to the research report:

“The spending also shows the culmination of efforts by phone companies to upgrade their wireless networks to 5G. With the upgrades, players in the sector have increased awareness campaigns on the technology with large-scale advertising campaigns. For the players involved, the amount set to be spent on 5G smartphones should be a positive outlook as it offers a chance to recoup costs invested in developing and popularising the network.”

The estimated spending on 5G smartphones shows the consumers’ attitude towards the technology that is increasingly gaining traction globally, with the U.S. ranking among top markets.

Read the full story with statistics here: https://finbold.com/americans-set-to-spend-more-than-60-billion-for-5g-smartphones-in-2021/

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TECHDIGEST – New data presented by Finbold indicates that about 4.74 billion people, representing 60% of the global population will have access to 5G coverage by 2026, as the network is projected a major technology take-off in the next few years.

The data revealed that as of June 2021, 1.97 billion people, representing 25% of the global population already had access to 5G network coverage.

Elsewhere, 3GPP accounts for the biggest share at 95%, while LTE has 86%. In 2023, 2024, and 2025, 5G network coverage is projected to account for 39%, 46%, and 53% of the global population, respectively.

Meanwhile, the data attributes 5G’s revolutionary nature to spur adoption.

According to the research report: “The projected growth of 5G technology is expected to be driven by the network’s new advantages compared to existing systems like 4G. The 5G technology introduces low latency, high speed, while enabling high data-intensive applications to perform efficiently compared. Therefore, the network offers room for performing high intensive operations while handling a significant number of devices.”

The 5G technology has received much hype globally, considering its use cases go beyond mobile broadband. The technology differs from its predecessors like 4G since it can power the Internet of Things (IoT), playing a key role in self-driving cars, drones, and virtual reality.

However, the adoption might experience a few bumps along the way, like high costs and limited access to various spectrum bands

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