When it comes to 5G smartphones, MIC estimates that following the official launch in 2019, global 5G smartphone shipment volume will grow 7.9% year-on-year to 33.2 million units in 2020 and further to 445 million units in 2023, with a CAGR of 12.4% for the period 2020-2023.

"There are about 20 countries that are ready to launch their 5G networks and products for the commercial market this year," says Eddie Han, senior industry analyst with MIC. "Other than 5G technology, foldable and multi-lens designs are other areas of focus for smartphones at this year's MWC. Although there are yet to have any killer 5G applications available, 5G smartphones launched this year will be all compatible with sub-6GHz bands but not necessary with mmWave."

"When it comes to 5G equipment development, there are a total of 70 5G commercial orders separately placed with the top three telecom equipment manufacturers: Ericsson, Nokia, and Huawei," says Kay Chung, senior industry analyst with MIC. "Despite the global backlash, Huawei still secures a total of 34 orders, the highest compared to Nokia's 21 orders and Ericsson's 18 orders. Notably, 5G orders not only come from countries with advanced network infrastructure such as the US, Korea, and Japan but also from countries with limited network infrastructure such as South Africa."