USD 38.02 billion
Report ID:
SQMIG50C2026 |
Region:
Global |
Published Date: July, 2024
Pages:
162
|Tables:
107
|Figures:
76
Global 5G Services Market size was valued at USD 73.13 Billion in 2022 and is poised to grow from USD 98 Billion in 2023 to USD 1018.68 Billion by 2031, at a CAGR of 34% over the forecast period (2024–2031).
The 5G services market is witnessing remarkable growth owing to the growing demand for reliable and faster internet speeds to aid gaming, streaming, and other applications. Moreover, the market is propelled by major progress by IoT, comprising smart technologies and connected devices like industrial automation, smart homes, and smart cities that demand low latency of 5G and greater bandwidth. Nonetheless, this market growth may be hindered by infrastructure limitations and technological complexity. Constructing the essential infrastructure like dense networks of smaller cells might be intricate in locations with logistical or physical constraints, hampering market growth. Moreover, the complexity of 5G with the current networks needs major expertise and could pose deployment challenges. Yet, the market is opportune to expansion in novel applications and significant growth of Internet of Things.
US 5G Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 38.02 billion
Largest Segment
IT & Telecom
Fastest Growth
IT & Telecom
Growth Rate
59.40% CAGR
To get more reports on the above market click here to Buy The Report
Global 5G Services Market is segmented by Application, Communication, Enterprise, End User, and Region. Based on Application, the market is segmented into Communication and Collaboration, Asset Tracking, Smart Cities, Smart Building, Autonomous Vehicle, Smart Healthcare, Industry 4.0, Smart Utilities, Immersive Media & Gaming and Others. Based on Communication, the market is segmented into Enhanced Mobile Broadband, Massive Machine Type Communication, and Ultra-Reliable Low Latency Communication. Based on Enterprise, the market is segmented into Manufacturing, Healthcare & Lifesciences, Retail & Commerce, Transportation & Logistics, Education, Energy & Utilities, Media & Entertainment, BFSI, Government & Public Sector, Construction & Real Estate, and Other Enterprise. Based on End User, the market is segmented into Consumer, and Enterprise. By Region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Analysis by Application
Based on application, the communication and collaboration segment is expected to hold a notable share of the market owing to enhanced reliability and speed. 5G delivers remarkably more reliable connectivity and faster data speeds than the traditional technologies. This improves tools of communication and collaboration, streamlining video calls, real-time video conferencing, and testing in an effective and efficient way. These factors are propelling the segment’s growth.
On the other hand, the smart healthcare segment is anticipated to grow considerably in the coming years owing to better transmission of data in real-time. 5G’s high speed and low latency capabilities allow transmission of huge volumes of healthcare information in real-time, comprising patient monitoring data and high-resolution imaging. This is vital for remote consultations and regular diagnostics. Owing to this factor, the segment will witness notable growth in the coming years.
Analysis by Enterprise
Based on enterprise, the healthcare segment is anticipated to hold a considerable share of the market owing to enhanced telemedicine and robotics and remote surgery. The low latency and high bandwidth offered by 5G enhance the telemedicine service quality by aiding high-definition video calls. This enhances the effectiveness and accessibility for patients in remote areas. This is one of the key driving factors of the segment growth.
However, the manufacturing segment is expected to grow steadily due to the rise of smart factories. 5G allows the development of smart factories wherein different systems like sensors, machinery, and control systems are interlinked and enhanced. This streamlines monitoring in real-time, process optimization, predictive maintenance, resulting in enhanced operational efficiency, driving the demand in the sector.
To get detailed analysis on other segments, Request For Free Sample Report
Asia-Pacific is holding a dominant share of the 5G services market due to several factors, but the key ones include early adoption by key markets and growing urbanization. Nations like South Korea and China are early adopters of innovative technologies including 5G. Especially, China has made notable funding in 5G infrastructure and speedily turned out widespread 5G networks. South Korea is another pioneer with significant level of 5G innovation and adoption. Moreover, the growing population and heavy penetration of the internet is also fueling the market in the region. The key operating players of 5G services in Asia-Pacific include China Mobile, Fujitsu Limited, China Telecom Corp Ltd., Tencent, ZTE Corporation, and more.
North America is expected to be the fastest-growing region among others owing to strong technological network and supportive government policies. North America brags about its strong technological network with key innovative new entrants, technology firms, and research institutions. Such a network aids speedy deployment of 5G applications and technologies. In addition, the market growth in the region is fueled by supportive policies for the development of 5G, comprising regulatory frameworks, spectrum auctions, and private-public alliances.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
5G Services Market Drivers
Novel Application Areas and Growing Mobile Data Traffic
Mounting Demand for High-Speed Connectivity and Growth of IoT
Restraints
Security and Health and Safety Issues
Economic Uncertainty and Interoperability Issues
Request Free Customization of this report to help us to meet your business objectives.
5G Services Market providers need to focus on maximizing their business scope by reaching into new markets and developing 5G services for different industrial and personal uses. Raising new capital to fund their R&D and business expansion efforts will be essential for new 5G services companies going forward. The development of custom robots for specific applications across different industry verticals will also help companies expand their sales potential in the future.
Top Players in the Global 5G Services Market
5G Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing improvements in 5G technology and increasing mobile data traffic are fueling the 5G Services market. Nonetheless, security issues and safety and health concerns are a few hindering factors for the 5G Services market. North America is expected to lead the market owing to the high number of telecom operators, increasing innovations and application areas, and heavy investments in research and development. Moreover, the growth of smart cities and improved mobile broadband are some opportunities noted for the market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 73.13 Billion |
Market size value in 2031 | USD 1018.68 Billion |
Growth Rate | 34% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the 5G Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the 5G Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the 5G Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 5G Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG50C2026