Borqs Technologies, Inc. (NASDAQ: BRQS) disclosed that it has purchased a 5G license with Qualcomm. The Company confirmed that has successfully inked a set of revised licensing agreements with Qualcomm, which includes buying the 5G patent licensing agreement. These agreements allow the Company to design and create 5G products based on Qualcomm's latest technologies for customers all around the world.

The adoption of 5G services is expected to be driven by the requirement to ensure strong, fast, and continuous connectivity with autonomous vehicles. Furthermore, it is projected that a strong deployment of 5G network infrastructure will boost operational efficiencies across a variety of IoT use cases, including smart homes, smart cities, and industry 4.0.

As a result, the increasing demand for high bandwidth to enable reliable connection to IoT devices is likely to drive market growth over the forecast period. The trend of remotely monitoring energy systems of buildings is progressively growing in several nations, such as the United States, China, and Japan. This is projected to open up new potential for the Company's solar power plus storage business to roll out 5G services over the projection period, including smart control systems.

It has been disclosed that the widespread use of 5G in conjunction with Qualcomm 5G platforms will continue to strengthen 5G's suitability for applications beyond smartphones, including home connections, computing, industrial equipment, power grid control, and more.