What is the global market size of 5G Services Market?

Global 5G Services Market size was valued at USD 38.02 billion in 2021 and is poised to grow from USD 60.61 billion in 2022 to USD 4026.2 billion by 2030, growing at a CAGR of 59.40% in the forecast period (2023-2030).

Who are the key vendors in the Global 5G Services Market?

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. '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.'

What is the key driver of Global 5G Services Market?

5G wireless mobile capabilities allow a completely mobile and connected environment, by providing a wide range of use cases and business models to users. Besides, the 5G technology's faster data speeds and extremely low latency would improve the user experience when using 5G services for a variety of use cases, including VR and AR gaming, seamless video calling, and Ultra-High Definition (UHD) videos, to name a few.

What is the key market trend for Global 5G Services Market?

Standalone 5G: The deployment of standalone 5G (SA 5G) networks based on millimeter wave (mmWave) technology is likely to take precedence over non-standalone 5G (NSA 5G) technology, which has been used in the majority of commercial deployments to date. NSA 5G employs new radio technologies that are built on an underlying 4G core, providing greater bandwidth and performance than 4G. However, it falls far short of the true potential of mmWave-based SA 5G networks, which can reach 10 times the speed of 4G and unlock a wide range of consumer and business applications.

Which region accounted for the largest share in Global 5G Services Market?

Global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2022, Asia-Pacific is projected to hold the market share of 18% in the global market and grow at the fastest CAGR during the forecast period. Heavy investments by the key players such as China Telecom, China Mobile, SK Telecom, and KT Corp. in the market are likely to support the industry growth.

5G Services Market Size, Share, Growth Analysis, By Application(Communication and Collaboration, Asset Tracking, Smart Cities, Smart Building), By Communication(Enhanced Mobile Broadband, Massive Machine Type Communication, and Ultra-Reliable Low Latency Communication), By Enterprise(Manufacturing, Healthcare & Lifesciences, Retail & Commerce, Transportation & Logistics), By End User(Consumer, and Enterprise), 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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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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What is the global market size of 5G Services Market?

Who are the key vendors in the 5G Services Market?

What is the key driver of 5G Services Market?

What is the key market trend for 5G Services Market?

Which region accounted for the largest share in 5G Services Market?

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