PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252687
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1252687
5G Services Market size was valued at USD 58,907.1 Million in 2022, expanding at a CAGR of 51.9% from 2023 to 2030.
Automated industrial operations are made possible by 5G's low latency communication, dependable network response, and real-time reaction. Increased bandwidth will open up exciting new opportunities for both businesses and customers.
The demand for these services is anticipated to increase throughout the projected period due to the rising need for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management. Additionally, it is predicted that the increased emphasis on creating partnerships between 5G system integration providers and telecom carriers would accelerate the use of these services. As part of their efforts to survive in a highly competitive climate, several industry verticals are concentrating on technology revolutions to increase their total productivity and operational efficiency. The 5G wireless technology offers the potential to help in attaining amazing breakthroughs across all these verticals through reductions in total costs and enhancement in productivity. During the projection period, it is also anticipated that the continuous focus on enhancing energy monitoring and management and getting better control over the energy generating and distribution network will boost market expansion.
The global developed and developing economies, including the U.S. and China, are anticipated to continue making significant investments in the supply of healthcare facilities. For instance, the National Health Expenditure Accounts (NHEA) of the United States project that national healthcare spending will increase by about 7% between 2022 and 2030, totaling more than USD 6.2 trillion. The adoption of 5G services is also predicted to be boosted by the increased emphasis on delivering dependable and robust communication during natural catastrophes, such as floods, hurricanes, and earthquakes.
The 5G Services Market is segmented into Type, Application and Region.
Based on type, Enhanced mobile broadband (eMBB) segment is growing at the highest CAGR over the forecast period. The growing demands for data made possible by the faster speeds and lower latency of 5G networks is what has contributed to this considerable increase in income. By 2028, eMBB services will make up more than 60% of 5G data traffic, according to the paper, and a recent OpenSignal study indicated that 5G users are already using twice as much data as 4G users. Despite the fact that 5G network rollout is still in its early stages, the survey showed that eMBB services are already providing operators in the US, South Korea, and Japan with sizable earnings.
Based on the application, almost 90% of the market's revenue for 5G services is anticipated to come from the IT and telecom industries during the forecast period. This is because more businesses are adopting 5G-enabled services and applications as the sector goes through a tremendous digital revolution. Higher speeds, lower latency, and increased capacity are all advantages of 5G. Businesses that rely on data-intensive applications, such cloud computing, streaming video, and virtual reality, are especially in need of these advantages.
Regionally, Asia Pacificis market accounted for the largest market share in 2022 and is expected to dominate during the forecast period. In order to roll out the 5G network infrastructure in China, Japan, and South Korea, major market players in the APAC region, including China Telecom, China Mobile, SK Telecom, and KT Corp., are making significant investments. The majority of these investments go towards the construction of next-generation infrastructure for the manufacturing, transportation & logistics, healthcare, and media & entertainment sectors. Over the projection period, it is anticipated that these investments will accelerate the expansion of the Asia Pacific regional market. Also, a significant amount of 5G-capable smartphones are being produced across the region as a result of the strong demand for handsets that support faster data rates.
In November 2022, Using Nokia mobile transport solutions and services, Balitower will upgrade its operations, network architecture, and reliability to deliver expanded 5G services to its customers, improve user experience, lower total cost of ownership, and ready the national network for 5G, according to an announcement from Nokia Corporation.
In February 2022, The collaboration between AT&T and Microsoft, which combines the AT&T 5G Network with the Azure Private MEC and expands on the two companies' current edge work, was announced by AT&T. The AT&T Private 5G Edge, in contrast, is intended to be an integrated platform that enables embedded applications and connectivity through a single platform, leveraging AT&T and CBRS spectrum as necessary to meet client demands.
This proposed research study on the 5G Services market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the 5G Services market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the 5G Services market
The impact of COVID-19 on the 5G Services market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the 5G Services market post-COVID will also be covered.
To give the users of this report a comprehensive view of the 5G Services market, we have also included a competitive landscape and key innovator analysis for the 5G Services market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the 5G Services market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global 5G Services market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows:
China Telecom Corporation Ltd.
Bharti Airtel Ltd.
NTT Docomo
AT&T, Inc.
BT Group plc
China Mobile Ltd.
Rakuten Mobile Inc.
SK Telecom Co., Ltd.
Verizon Communications, Inc.
KT Corp.
Saudi Telecom Company
Vodafone Group
Deutsche Telekom AG
T-Mobile USA, Inc.
eMBB (Enhance Mobile Broadband)
uRLLC (Ultra Reliable Low Latency Communications)
mMTC (Massive Machine Type Communications)
Telecom
Media & Entertainment
Manufacturing
Transportation
Retail and Logistics
Healthcare
Public Services
BFSI
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA