USD 38.02 billion
Report ID: SQSG50C2001 | Region: Global | Published Date: November, 2022 | Pages: 162 | Tables: 107 | Figures: 76
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).
5G is a next-generation cellular technology that enables high-speed, reliable communication with extremely low latency. 5G Technology encompasses the entire ecosystem of hardware, software, and services required for the deployment of 5G networks. 5G connectivity technologies such as enhanced mobile broadband, ultra-reliable low latency communications, and massive machine-type communications are included in the 5G services market.
5G technology is expected to change the way people communicate, entertain themselves, and connect to the internet. 5G technology can operate in mm wave bands, which are high frequency bands ranging from 24 to 100 GHz, allowing faster data delivery.
5G technology is being used in three types of connected services: enhanced mobile broadband, mission-critical communications, and massive IoT. 5G technology is intended for forward compatibility, which means it can be integrated with a wide range of devices such as smartphones, laptops, security systems, and so on.
It also has the flexibility to support future services that require faster internet speeds and ultra-low latency levels. Aside from improving smartphones, 5G mobile technology has the potential to usher in new immersive experiences such as VR and AR by enabling faster, more uniform data rates, lower latency, and lower cost-per-bit. With ultra-reliable, available, low-latency links, 5G can enable new services that can transform industries, such as remote control of critical infrastructure, vehicles, and medical procedures.
US 5G Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 38.02 billion
IT & Telecom
IT & Telecom
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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.
5G Services Market Analysis by End User Industry:
In 2022, IT & telecom segment of the market accounted for the most dominating share of more than 30% in the global market. Due to significant investments by key companies in the latest communication technologies, the segment is likely to maintain its dominance over the projection period. The IT & telecom industry is expected to rise due to rising demand for higher data speeds for residential and commercial applications. 5G services are intended to provide ubiquitous broadband access between offices and homes, allowing for a virtual consultation with professionals and lowering corporate trip costs. Growing need for increased internet capacity for virtual business meetings is expected to move the segment forward.
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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.
The increasing deployment of 4G and 5G networks opens up a plethora of possibilities for the deployment of 5G services in the region. Attributing to the region's large mobile subscriber base, companies are becoming more competitive and focusing on providing superior customer service.
The North America 5G services market is expected to grow at the fastest rate during the forecast period. The growing demand for 5G networks is propelling the North American 5G services market forward. Furthermore, market participants in Canada are investing heavily in the development of the 5G services market.
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5G Services Market Drivers
Rise in Demand for High-speed Data Connectivity to Boost Market Growth
5G Services Market Restraint
Significant costs and overheads to create market challenges
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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.
Top Players in the Global 5G Services Market
5G Services Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global 5G services market report analysis, an increasing demand for edge computing, along with the growing volume of data created by IoT devices, is likely to fuel the demand for faster transmission speeds. 5G technology will aid in the delivery of unrivaled data speeds while also boost overall user experience and real-time data processing capabilities. 5G connectivity is predicted to be 1000 times quicker than 4G while also lowering cost.
|Market size value in 2021||USD 38.02 billion|
|Market size value in 2030||USD 60.61 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 5G Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global 5G Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 5G Services Market:
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Product ID: SQSG50C2001