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 2024-2031

5G Services Market Drivers

Rise in Demand for High-speed Data Connectivity to Boost Market Growth

• 5G wireless mobile capabilities allow a completely mobile and connected environment, by providing a wide range of use cases and business models to users.  Besides, the 5G technology's faster data speeds and extremely low latency would improve the user experience when using 5G services for a variety of use cases, including VR and AR gaming, seamless video calling, and Ultra-High Definition (UHD) videos, to name a few. 
• Over the forecast period, the growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive the adoption of these services.

5G Services Market Restraint

Significant costs and overheads to create market challenges

• Higher costs required for the deployment of 5G network is one of the factors that can negatively impact the 5g services market growth. Massive investments would be required to make the transition from 4G to 5G technology. The needed throughput density, periodic interest rate, and base station pricing all influence the cost of 5G infrastructure. 
• For effective and ultra-dense small cell deployments, these expenses must be reduced. The challenge for CSPs in transitioning to 5G is justifying the multibillion-dollar investments in new network equipment required to transform their network to a virtualized infrastructure, migrate services from 3G to 4G to 5G, and protect their business from ever-increasing risks of disruptions and cyber threats.