Global 5G Services Market

5G Services Market Size, Share, Growth Analysis, By Application (Asset Tracking, Smart Cities), By End User (Consumer, Enterprise), By Communication (Enhanced Mobile Broadband, Massive Machine Type Communication), By Region- Industry Forecast 2024-2031


Report ID: SQMIG50C2026 | Region: Global | Published Date: July, 2024
Pages: 162 | Tables: 107 | Figures: 76

5G Services Market Insights

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.

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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).  

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. 'AT&T Inc.', 'Verizon Communications Inc.', 'China Mobile Ltd.', 'China Telecom Corp. Ltd.', 'Vodafone Group Plc', 'Deutsche Telekom AG', 'Orange S.A.', 'Telefonaktiebolaget LM Ericsson', 'Nokia Corporation', 'Samsung Electronics Co. Ltd.', 'Huawei Technologies Co. Ltd.', 'Fujitsu Limited', 'Hewlett Packard Enterprise Co.', 'Cisco Systems Inc.', 'Intel Corporation', 'SK Telecom Co. Ltd.', 'LG Electronics Inc.', 'BT Group Plc', 'T-Mobile US Inc.', 'Rakuten Mobile Inc.'

Novel application areas, such as augmented reality, autonomous vehicles, virtual reality and advanced manufacturing are significantly driving the demand for 5G capabilities. Moreover, exponential growth in data traffic of mobile phones is fueling the demand for high-capacity and efficient networks. These factors are propelling the growth of the 5G services market. 

Growth of Ultra-Reliable Low Latency Communication: URLLC is highly useful for crucial environments like remote surgery, autonomous vehicles, and industrial automation where there is no or very less need for real-time data. The technologies that support URLLC comprise network slicing, advanced error correction mechanisms, and edge computing. This guarantees that emphasis is given to latency-sensitive uses.

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. 

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Global 5G Services Market

Report ID: SQMIG50C2026

$5,300
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