Explosive Growth Expected in Global 5G Services Market as Demand Soars
The Global 5G Services Market is
increasing due to the widespread adoption of 5G technology, offering faster
data speeds, lower latency, and enabling transformative applications across
industries in the forecast period 2024-2028.
According to TechSci Research report, “5G Services Market - Global
Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028”, The
global 5G services market has witnessed significant growth and is poised for
further expansion in the coming years. With the advent of fifth-generation (5G)
wireless technology, the market has experienced a paradigm shift in terms of
speed, connectivity, and reliability. 5G services offer ultra-fast data transfer
rates, low latency, and enhanced network capacity, enabling a wide range of
applications across various industries. One of the key drivers of the global 5G
services market is the increasing demand for high-speed internet connectivity.
As the world becomes more digitally connected, there is a growing need for
faster and more reliable internet services. 5G technology provides data
transfer speeds that are several times faster than its predecessor, 4G. This
enables users to download and upload large files, stream high-definition
videos, and engage in real-time gaming without any lag or buffering issues.
Moreover, the proliferation of Internet
of Things (IoT) devices is expected to fuel the demand for 5G services. IoT
devices require a robust and efficient network infrastructure to transmit and
receive data in real-time. 5G technology offers the necessary bandwidth and low
latency required to support a large number of connected devices simultaneously.
This opens up new opportunities for industries such as healthcare,
manufacturing, transportation, and smart cities, where IoT devices play a
crucial role in improving operational efficiency and enhancing customer
experience. Furthermore, the deployment of 5G networks is expected to
revolutionize the way businesses operate. The high-speed and low-latency
capabilities of 5G technology enable the implementation of advanced
technologies such as augmented reality (AR), virtual reality (VR), and
autonomous vehicles. These technologies have the potential to transform
industries such as entertainment, gaming, retail, and automotive, offering
immersive experiences and improving productivity.
In addition, the global 5G services
market is witnessing significant investments from telecommunication companies
and governments worldwide. Several countries are actively rolling out 5G
networks and investing in infrastructure development to support the growing
demand for high-speed connectivity. These investments are expected to drive the
adoption of 5G services across various sectors, creating new business
opportunities and revenue streams. However, the global 5G services market also
faces certain challenges. One of the major concerns is the high cost associated
with the deployment of 5G infrastructure. Building a robust and extensive 5G
network requires substantial investments in equipment, spectrum licenses, and
network upgrades. Moreover, the availability of compatible devices and the need
for regulatory approvals pose additional challenges to the widespread adoption
of 5G services.
In conclusion, the global 5G services
market is poised for significant growth in the coming years. The demand for
high-speed internet connectivity, the proliferation of IoT devices, and the
adoption of advanced technologies are driving the market expansion. However,
challenges such as high deployment costs and device compatibility need to be
addressed to fully realize the potential of 5G services. As the world becomes
increasingly connected, 5G technology is expected to play a pivotal role in
shaping the future of industries and transforming the way businesses operate.
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The Global 5G Services Market is
segmented by Vertical, Communication Type, End-User, and region. Based on
Vertical, the market is bifurcated into Manufacturing, IT & Telecom, BFSI, Others. Based on Communication
Type, the market is bifurcated into FWA, eMBB, uRLLC, mMTC. Based on End-user, the market is
bifurcated into R Smart Cities,
Connected Workers, Connected Vehicles, Connected Factories, Smart Buildings,
Smart Utilities, Connected Healthcare, Others. Based on region, the market is further
bifurcated into North America, Asia-Pacific, Europe, South America, Middle East
& Africa.
Based on Communication Type, The enhanced Mobile
Broadband (eMBB) segment dominated the market with a share of more than 40% in
2022 and is expected to grow considerably over the forecast period. The high
share is attributed to the preliminary focus by 5G network operators on
delivering enhanced broadband capabilities for applications, such as high-speed
cloud-based gaming, AR/VR, UHD video, and uninterrupted video calls. The
initial phase of the rollout is expected to focus on a 5G wireless non-standalone
deployment model. eMBB provides extremely high data speeds for residential and
commercial use.
Thus, eMBB is expected to cater to
several use cases, such as in-vehicle infotainment, 4K video access, and
virtual meeting, thereby driving the segment growth. The massive Machine-Type
Communications (mMTC) segment is expected to witness the fastest CAGR from 2023
to 2030. Massive machine-type communications envisage catering to the growing
need for a developed digital ecosystem. mMTC focuses on providing services for
high connection density applications, such as smart buildings and smart cities.
The growing need to ensure uninterrupted connectivity for all the IoT devices
deployed in a network is anticipated to contribute to the growth of the mMTC segment
over the forecast period.
Based on Vertical, The enterprise
segment led the market in 2021 and held the largest revenue share of 94.0%. The
segment is expected to continue its dominance over the forecast period due to
the significant investments by key players in the latest technologies for
communication. The growing demand for higher data speeds for residential and
commercial applications is estimated to drive the growth of the IT &
telecom segment over the forecast period. 5G services are expected to deliver
ubiquitous broadband access between homes and offices, which would encourage
remote consultation with specialists and reduce business travel. The growing
need for enhanced broadband capacity for virtual business meetings is
anticipated to propel the segment growth during the forecast period. The
manufacturing sector has been digitalizing rapidly. As such, production lines
are being automated continuously to enhance overall productivity. This has
triggered the need for seamless wireless communication between the robots,
sensors, actuators, and other devices installed in manufacturing facilities.
Thus, the manufacturing segment is expected to exhibit the fastest CAGR over
the forecast period. Moreover, key verticals, such as healthcare, are expected
to see a considerable adoption of the services to provide enhanced telemedicine
and healthcare emergency services during and post-pandemic.
The consumer segment is expected to grow
at the highest CAGR of 71.4% during 2023–2030. This growth is attributed to the
increasing commercialization of the 5G services for consumer applications
across various countries, including the U.S., China, Japan, Germany, and South
Korea. The number of 5G subscribers is increasing at a faster rate since 5G
provides lower latency, higher speed, and greater capacity as compared to the
4G LTE networks.
Key market players in the Global 5G
Services Market are:
- AT&T, Inc.
- BT Group plc
- China Mobile Ltd.
- China Telecom
Corporation Ltd.
- Bharti Airtel Ltd.
- NTT Docomo
- KT Corp.
- Saudi Telecom
Company
- Vodafone Group
- Deutsche Telekom AG
- SK Telecom Co.,
Ltd.
- Verizon
Communications, Inc.
- T-Mobile USA, Inc.
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“Asia Pacific led the market in 2022
with a share of over 40% and is estimated to expand further at the fastest CAGR
during the forecast period. Key market players in APAC, such as China Telecom,
China Mobile, SK Telecom, and KT Corp., are investing aggressively in rolling
out the 5G network infrastructure in China, Japan, and South Korea. Most of
these investments are for the deployment of the next-generation infrastructure
for the media & entertainment, transportation & logistics, healthcare,
and manufacturing industry verticals. These investments are estimated to propel
the growth of the Asia Pacific regional market over the forecast period.
Moreover, the high demand for smartphones supporting higher data speeds has
resulted in the robust production of 5G-enabled smartphones across the region.
5G services are expected to gain traction as key smartphone manufacturers in
the region, such as Huawei Technologies Co. Ltd., Samsung Electronics Co.,
Ltd., and BBK Electronics Corp., continue to launch 5G-enabled smartphones in
response to the rising demand. North America was the second-largest regional
market in 2022. Some of the most significant investments in deploying the 5G
network infrastructure are materializing in the U.S. For instance, according to
GVR analysis, mobile operators based in the U.S. invested around USD 250
billion in mobile network infrastructure rollout between 2010 and 2017. The
aggressive investments in the country in building smart homes, establishing
smart industries, and rolling out smart city projects are expected to
contribute to the growth of the regional market over the forecast period.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“5G
Services Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Communication Type (FWA, eMBB, uRLLC, mMTC),
By Vertical (Manufacturing, IT & Telecom, BFSI, Others), By End-Use (Smart
Cities, Connected Workers, Connected Vehicles, Connected Factories, Smart
Buildings, Smart Utilities, Connected Healthcare, Others) By Region, and By
Competition,”
has evaluated the future growth potential of Global 5G Services Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global 5G Services Market.
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