Global 5G Services Market Extends at a Healthy CAGR of 54.30% by 2030

Introduction

A fully mobile and connected environment is made possible by 5G wireless mobile services by providing clients with a variety of business models and use cases. Due to benefits like extremely low latency and faster data speeds offered by the 5G technology, the user experience would be improved when using 5G internet for a variety of use cases, including seamless video calling, Virtual Reality (VR), and Augmented Reality (AR) gaming, and Ultra-High Definition (UHD) videos.

Market Dynamics

Growing Demand for High-Speed Data Bandwidth Drives the Global Market

The proliferation of mobile devices like smartphones, tablets, and smart TVs has increased the prevalence of 5G services in daily life. Due to the increase in data traffic that resulted, high-speed internet access is now necessary to provide customers with a seamless experience. In an effort to transition to automated company operations, industries like manufacturing, healthcare, transportation, and logistics are spending a lot of money. Robots are anticipated to significantly disrupt the industrial environment by carrying out tasks or procedures currently done by people. They would require incredibly low latency to be fully functional, do tasks efficiently, and follow safety regulations. The advantages of 5G services, such as their lower latency and better data connectivity, are believed to assist such migrations.

New Business Avenues in Cloud Computing Creates Tremendous Opportunities

The introduction of 5G services is expected to accelerate the use of AI and IoT in many business processes, opening up new opportunities for all ecosystem players. For instance, IBM Corporation and Vodafone Group Plc. collaborated to develop an open, flexible, and secure IT environment leveraging IBM's hybrid and multi-cloud analytics and AI security capabilities. Additionally, the companies would collaborate on projects combining IoT and AI. The functionality, operational capacity, and flexibility of various organizations are predicted to increase with the integration of cloud technologies with 5G services, and network carriers will be able to offer extraordinary, aggressive services. The high-speed data access and low latency levels offered by 5G network services will encourage businesses to transition to cloud-based solutions.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global 5G network market and is expected to grow at a CAGR of 47.50% during the forecast period. In order to build the 5G network infrastructure in China, Japan, and South Korea, major market participants in the Asia-Pacific region, including China Telecom, China Mobile, SK Telecom, and KT Corp., are investing heavily in these countries. These investments are anticipated to accelerate the expansion of the Asia Pacific regional market over the forecast period. The region is also producing a sizable number of 5G-capable smartphones as a result of the high demand for devices that enable faster data speeds.

North America is expected to grow at a CAGR of 45.50% during the forecast period. The United States is where some of the most significant investments in the infrastructure for the 5G network are undertaken. For instance, according to the GVR report, American mobile carriers spent nearly USD 250 billion constructing mobile network infrastructure between 2010 and 2017. It is anticipated that aggressive expenditure on the nation's development of smart cities, smart industries, and smart families will promote regional market expansion over the forecast period.

Key Highlights

• The global The global 5G services market size was valued at USD 46.2 billion in 2021. It is projected to reach USD 2290.53 billion by 2030, growing at a CAGR of 54.30% during the forecast period (2022-2030). . 
• Based on communication type, the global 5G services market is bifurcated into FWA, eMBB, URLLC, and MMTC. The eMBB segment is the highest contributor to the market and is expected to grow at a CAGR of 44.70% during the forecast period.
• Based on vertical, the global 5G services market is bifurcated into manufacturing, public safety, healthcare and social work, IT and telecom, and others. The IT and telecom segment owns the highest market share and is expected to grow at a CAGR of 49.25% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global 5G network market and is expected to grow at a CAGR of 47.50% during the forecast period.

Competitive Players

Competitive Players

The global 5G services market’s major key players are T&T, Inc., BT Group plc, China Mobile Ltd., China Telecom Corporation Ltd., Bharti Airtel Ltd., NTT Docomo, KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, SK Telecom Co., Ltd., Verizon Communications, Inc., and T-Mobile USA, Inc.

Recent Developments

Market News

• In October 2022, Verizon announced that specific 5G Home and LTE Home Internet services are free to qualifying households under the new Verizon Forward Program. This announcement was part of Verizon's continuous effort to ensure everyone can access the internet equally and affordably.

Segmentation

Global 5G Services Market: Segmentation

By Communication Type 

• FWA
• eMBB
• uRLLC
• MMTC

By Vertical

• Manufacturing
• Public Safety
• Healthcare and Social Work
• Media and Entertainment
• Energy and Utility
• IT and Telecom
• Transportation and Logistics
• Aerospace and Defense
• BFSI
• Government
• Retail
• Mining
• Oil and Gas
• Agriculture
• Construction
• Real Estate

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA