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% 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 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.