Global 5G Services market is expected to project a notable CAGR of 30.85 % in 2030.
Through offering a wide variety of use cases and business models to customers, 5G wireless mobile services allow a truly mobile and connected world. Furthermore, the 5G technology’s higher data rates and incredibly low latency will improve the user experience while using 5G networks for a variety of use cases, including Virtual Reality (VR) and Augmented Reality (AR) gaming, smooth video chatting, and Ultra-High Definition (UHD) images, to name a few. Over the forecast period, the increasing demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive adoption of these services.
Global 5G Services market is expected to project a notable CAGR of 30.85 % in 2030.
Global 5G Services Market to surpass USD 413.23 billion by 2030 from USD 54.56 billion in 2020 at a CAGR of 30.85 % in the coming years, i.e., 2021-30. The market for 5G services is growing due to increased demand for high-speed data access for Internet of Things (IoT) applications. The growth of the 5G services industry is influenced by an increase in demand for stable and ultra-low latency networking services. Rising infrastructure creation, such as smart cities, and the increasing use of connected devices are driving demand for high-speed connectivity, which will drive the 5G services market forward.
Global 5G Services Market: Segments
IT & Telecom segment to grow with the highest CAGR during 2020-30
Global 5G Services market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. The IT & Telecom segment of the 5G Services market is expected to have a larger market size during the forecast period, based on the end-user. Due to major investments by key players in the latest communication technologies, the segment is expected to maintain its dominance over the forecast period. Over the forecast period, the IT & telecom segment is expected to rise due to rising demand for higher data speeds for residential and commercial applications. 5G networks are supposed to provide ubiquitous internet connections between homes and workplaces, allowing for online consultations with experts and reducing business travel. During the forecast era, the increasing demand for increased broadband capacity for virtual business meetings is expected to propel the segment forward.
Enhanced Mobile Broadband segment to grow with the highest CAGR during 2020-30
Global 5G Services is divided by network type into Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-reliable and Low Latency Communications (uRLLC), and Massive Machine-type Communications (MTC). The Enhanced Mobile Broadband segment of the 5G Services market is expected to have a larger market size during the forecast period. The high percentage is due to 5G network operators’ initial emphasis on providing improved broadband services for applications like high-speed cloud-based gaming, AR/VR, UHD streaming, and uninterrupted video calls. The initial phase of the rollout would likely concentrate on a non-standalone 5G wireless implementation model. For both residential and industrial use, eMBB offers incredibly fast data rates. As a result, eMBB is expected to serve a variety of use cases, including in-vehicle infotainment, 4K video connectivity, and virtual meetings, propelling the segment forward.
Demand for high-speed networking and machine to machine connectivity
The demand for high-speed networking is growing in tandem with the amount of data traffic, propelling the 5G services industry forward. The rapid production of linked IoT devices is accelerating the demand for 5G services. Furthermore, the market for 5G services is expected to expand as machine-to-machine connectivity becomes more important and demand for broadband services continues to rise.
Increased manufacturing demand and technology acceptance
Several advancements in network connectivity and associated networks have occurred over the last decade. Quick networks capable of carrying out high-speed data transmissions are needed by a number of SMEs who want complete control over their connectivity and provide multi-carrier support to their customers at the same time. 5G network infrastructure is capable of supporting increased data traffic by providing ample bandwidth. It provides 10 to 100 times the bandwidth and high-speed data services that 3G and 4G networks provide. As a result, the demand for high-speed broadband services is expected to propel the 5G services market forward in the near future.
High investment costs as well as government regulations
The significant investment needed to develop a stable 5G network infrastructure could stymie the market. Furthermore, government regulations and other network connectivity-related issues could pose significant challenges to the market in the coming years.
Global 5G Services Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
China Mobile Limited
Deutsche Telekom AG
AT & T Intellectual Property
Other Prominent Players
Global 5G Services Market: Regions
Global 5G Services market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Global 5G Services North America held the largest market share in the year 2020. The country has been an early adopter of the 5G service network, with many telecom firms in the region announcing plans to carry out 5G service well ahead of other regions’ operators. Furthermore, the area is fast to adopt new technologies such as the Internet of Things (IoT) and smart cities, both of which necessitate high-speed network performance. Europe is expected to remain a significant market for 5G services, and its expansion can be attributed to the region’s rigorous R&D efforts. A large number of ongoing consumer trials in countries like the United Kingdom, Germany, and France are also expected to boost business growth.
Global 5G Services Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global 5G Services report also contains analysis on:
5G Services Segments Market:
By Network type:
Fixed Wireless Access (FWA)
Enhanced Mobile Broadband (eMBB)
Ultra-reliable and Low Latency Communications (uRLLC)
Massive Machine-type Communications (mMTC)
Energy and Utilities
IT & Telecom
Automotive and Transportation
Supply Chain and Logistics
Government and Public Safety
5G Services Dynamics
5G Services Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
5G Services Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 54.56 billion
Revenue forecast in 2030 USD 413.23 billion
Growth Rate CAGR of 30.85 % from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Network Type, End-User, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled Nokia, Deutsche Telekom AG, SAMSUNG, Intel Corporation, AT & T Intellectual Property, Qualcomm Technologies, Siklu Communication Ltd., Cohere Technologies, Ericsson, and other prominent players
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