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Wednesday, May 25, 2022

Why did the Borqs Technologies Inc. (BRQS) stock show a boost in the current market trading?

Borqs Technologies Inc. (BRQS) gained in the current market after announcing inking a deal with Qualcomm. BRQS stock values at $0.22, gaining more than 26.95% from the previous close. BRQS stock closed at $0.17 at the end of the last trading session with a $16.55 million shares trading volume.


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Global Internet of Things (IoT) Industry Overview

Borqs Technologies Inc. (BRQS) is a provider of 5G and Internet of Things services, and it is based in China. Statistics and past data indicate that the Internet of Things industry will have between $308 billion and $310 billion by 2020. In 2021, the figures will have increased from around $381 billion to $400 billion. Experts predict that the whole industry’s growth rate will be substantially faster than average, reaching $1.85 trillion by 2028 at a stable annual growth rate of 25 percent, according to experts.

According to a recent analysis by Grand View Research, Inc., the worldwide 5G services market will reach USD 1.67 trillion by 2030. The increased need for ultra-reliable and low-latency data networks to enhance mobile connections is expected to drive market expansion.

While the covid-19 epidemic was underway, the Internet of Things (IoT) graph soared due to several firms introducing new technologies and a spike in demand from both individuals and businesses. For example, during the pandemic, the need for Internet of Things-enabled equipment increased dramatically in hospitals. The sector is still highly narrow, and it would take a few more years before it became accessible to the vast majority of the target population, which is now out of reach.

Borqs Technologies inked a deal with Qualcomm

In addition to obtaining the 5G patent licensing agreement from Qualcomm, Borqs Technologies, Inc. (BRQS) has successfully inked a series of amended license arrangements with the company. Using Qualcomm’s most up-to-date technology, the Company will be able to develop and produce 5G devices for clients throughout the globe. The widespread use of 5G in conjunction with Qualcomm 5G platforms will continue to make 5G more robust for applications beyond smartphones and include home connections, computers, industrial equipment, power grid management, and other applications.

Conclusion

The global internet of things and 5G industry will see solid growth in the upcoming years. The deal with Qualcomm will benefit the company in the long run.

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