Global 5G Services Market

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

Report ID: SQMIG50C2026 | Region: Global | Published Date: July, 2001
Pages: 162 | Tables: 107 | Figures: 76

5G Services Market News

  • In February 2021, Verizon and Deloitte introduced a 5G and MEC retail industry digital platform, which aims to give retailers the capacity to store data and analyze it in near real-time to increase consumer interaction, inventory efficiency, and associate productivity.
  • In January 2021, to enhance the 5G-RAN architecture, Nokia teamed with China Mobile to successfully evaluate AI-powered RANs to estimate bandwidth traffic and detect network irregularities.
  • In January 2021, AT&T started providing 5G+ services in some of Tampa's most popular places and venues, including the Raymond James Stadium, Channel District, and Tampa International Airport.
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5G Services Market size was valued at USD 38.02 billion in 2019 and is poised to grow from USD 60.61 billion in 2023 to USD 4026.2 billion by 2031, growing at a CAGR of 59.40% in the forecast period (2024-2031).

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. '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.'

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. 

Standalone 5G: The deployment of standalone 5G (SA 5G) networks based on millimeter wave (mmWave) technology is likely to take precedence over non-standalone 5G (NSA 5G) technology, which has been used in the majority of commercial deployments to date. NSA 5G employs new radio technologies that are built on an underlying 4G core, providing greater bandwidth and performance than 4G. However, it falls far short of the true potential of mmWave-based SA 5G networks, which can reach 10 times the speed of 4G and unlock a wide range of consumer and business applications. 

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 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.

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Global 5G Services Market

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