5G Services Market Updates

5G Services Market size was valued at USD 98 Billion in 2023 and is poised to grow from USD 131.32 Billion in 2024 to USD 1365.03 Billion by 2032, growing at a CAGR of 34% during the forecast period (2025-2032).

'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.