Borqs Technologies Has Successfully Purchased 5G License with Qualcomm
April 14 2022 - 9:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, provides the
following updates on the Company.
The Company has successfully signed a set of
revised licensing agreements with Qualcomm, which includes
purchasing the 5G patent licensing agreement. These agreements
enable the Company to design and manufacture 5G products based on
the Qualcomm latest technologies for customers worldwide. The
proliferation of 5G usage in connection with the Qualcomm 5G
platforms will continue to make 5G more robust for adaptations
beyond smartphones and extend into home connectivity, computing,
industrial equipment, power grid management, and more.
According to market research, the global 5G
services market size is estimated to reach USD 1.67
trillion by 2030, registering a CAGR of 52.0% from 2022 to
2030, according to a new study by Grand View Research,
Inc. The rapidly rising demand for ultra-reliable and
low-latency data networks capable of providing enhanced mobile
connectivity is estimated to boost the market growth over the
forecast period. The U.S. is anticipated to dominate the North
America regional market from 2022 to 2030 owing to the rising
demand for higher data speeds for several end-use applications
including M2M communications, energy & utility management, and
smart mobility management. The need to ensure strong, seamless, and
uninterrupted connectivity with autonomous vehicles is estimated to
drive the adoption of 5G services. Furthermore, robust deployment
of 5G network infrastructure is estimated to improve the
operational efficiencies in several IoT use cases, including smart
homes, smart cities, and industry 4.0. Hence, the rising need for
high bandwidth to provide reliable communication to IoT devices is
expected to elevate the overall market growth over the forecast
period. In some countries, such as the U.S., China,
and Japan, the trend of monitoring energy systems of buildings
remotely is rising gradually. This is expected to open new
opportunities for rolling out 5G services over the forecast period,
including smart control systems for the Company’s solar power +
storage subsidiary.
Reference:
https://www.prnewswire.com/news-releases/5g-services-market-size-worth-1-67-trillion-by-2030-with-cagr-of-52-0-grand-view-research-inc-301503805.html#:~:text=5G%20Chipset%20Market%20%2D%20The%20global,69.1%25%20from%202021%20to%202028.
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
a solar energy storage systems company in the U.S.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:
Sandra DouVice President of Corporate FinanceBorqs Technologies,
Inc.sandra.dou@borqs.net www.borqs.com
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