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

Global 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).

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.