Global 5G Services Market Size, Share, Growth Analysis, By End-User industry(IT & Telecom, Media & Entertainment), By Communication type(FWA, eMBB), By Consumer and Enterprises(Manufacturing, public safety) - Industry Forecast 2022-2028

5G Services Market was valued at USD 45.3 billion in 2021 and it is expected to reach at USD 250 billion by 2028, with CAGR of 50% over forecast period (2022-2028).

The 5G Services Market refers to the global market for products and services related to the fifth generation of mobile network technology, known as 5G. 5G technology promises faster data transfer rates, lower latency, and greater network capacity compared to previous generations of mobile networks.

Top-down and bottom-up approaches were used to estimate and validate the size of The Global 5G Services Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global 5G services market is segmented based on communication type, vertical, end user, and region. Based on communication type, the 5G Services Market is segmented into FWA, eMBB, uRLLC, and mMTC. Based on vertical, the 5G Services Market is segmented into Consumer and Enterprises ( Manufacturing, public safety, healthcare & social work, media & entertainment, energy & utility, IT & telecom, transportation & logistics, aerospace & defense, BFSI, government, retail, mining, Oil & gas, agriculture, construction, and real-estate). By end user, the 5G Services Market is segmented into IT & Telecom, Media & Entertainment, Automotive, Energy & Utility, Aerospace & Defense, and Other End-user Industries. Based on region 5G Services Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

One of the major drivers of the 5G services market is the increasing demand for high-speed data networks. With the growing use of smartphones, tablets, and other mobile devices, there is a significant increase in data usage, which is expected to continue in the future. Consumers are looking for faster and more reliable data networks that can support their high-bandwidth applications such as video streaming, online gaming, and social media. 5G technology offers significantly faster data transfer speeds and lower latency than previous generations of mobile networks. This makes it ideal for applications that require high-speed data transfer and low latency, such as virtual reality, augmented reality, and autonomous vehicles. The increasing demand for high-speed data networks is expected to drive the growth of the 5G services market.

Restraint

The implementation of 5G technology requires significant investment in infrastructure and network equipment. The cost of building out 5G networks and upgrading existing infrastructure to support 5G can be a significant barrier for some companies and countries.

Market Trends

One of the major trends in the 5G services market is the expansion of 5G networks. With the increasing demand for high-speed data networks, service providers are investing heavily in the development and deployment of 5G networks. In many countries, service providers are partnering with equipment manufacturers to roll out 5G networks on a large scale. The expansion of 5G networks is expected to drive the adoption of 5G services, which is expected to drive the growth of the 5G services market. Moreover, as 5G networks become more widespread, it is expected to pave the way for the development of new applications and services that rely on high-speed data transfer and low latency provided by 5G technology.