5G Services Market Share, Size, Trends, Industry Analysis Report, By Communication Type; By End-Use (Smart Cities, Connected Workers, Connected Vehicles, Connected Factories, Smart Buildings, Smart Utilities, Connected Healthcare); By Industry Vertical; By Region; Segment Forecast, 2022 - 2030
- Published Date:Jun-2022
- Pages: 117
- Format: PDF
- Report ID: PM1705
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global 5G services market was valued at USD 54.60 billion in 2021 and is expected to grow at a CAGR of 30.0% during the forecast period. Increasing demand for low network latency rate, high-speed transmission along with increasing connected devices trends are among several factors expected to increase demand for the 5G services market throughout the projected period.
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Fifth-generation technology is the most recent version of cellular innovation, designed to improve the performance and efficiency of wireless communication significantly. Data carried through wireless bandwidth networks can move at multigigabit rates, with estimated maximum rates as higher as 20 Gbps. Bandwidth speeds are faster than landline network connections and have a latency of fewer than five milliseconds (ms), which is beneficial for businesses that demand real-time input.
The short-term implications of Covid-19 on the telecommunications sector are projected to be severe since 5G launch initiatives in numerous regions worldwide are being delayed due to the outbreak. For example, the spectrum bidding for 5G services technology in France has been postponed owing to the coronavirus outbreak, which was scheduled to take place in April 2020.
Industry Dynamics
Growth Drivers
The demand is expected to be driven by the robust implementation of 5G services, communications, and infrastructural improvement to deliver better customer assistance in the predicted period. Collaboration among smartphone makers, semiconductor vendors, and telecom operators will aid in developing operational 5G services. As a result, the demand for 5G services may most likely be manufactured 5G constituent to enable its usage cost-effective.
Innovative infrastructure initiatives like smart power networks, smart cities, intelligent buildings, and others need reliable internet connections. Furthermore, the increasing dispersion of cloud-based apps has increased the demand for sophisticated network technology, which in turn will boost the market growth. Moreover, the government's significant expenditures and encouraging efforts are fueling the expansion of the fifth generation cellular services market, which in turn will propel the 5G services market during the forecast period.
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Report Segmentation
The market is primarily segmented based on communication type, end-use, industry vertical and region.
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By Communication Type |
By End-Use |
By Industry Vertical |
By Region |
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Insight by Industry Vertical
IT & Telecom industry vertical segment is expected to dominate the global market due to increasing investments by market players in order to improve technology advancement. Furthermore, rising demand for faster data rates for household and commercial applications is expected to drive growth in the IT and telecommunications markets.
The manufacturing industry vertical segment is anticipated to grow at a considerable pace due to the rising adoption of IoT and other related technologies in the manufacturing sector in order to increase productivity and efficiency. Furthermore, cyber-physical technologies and IoT are projected to power Industry 4.0, which would need the use of 5G services connections. This will facilitate new factories to be efficient, networked, and adaptable, boosting the market growth.
Geographic Overview
Asia Pacific dominated the global 5G services market in 2021 and is anticipated to maintain its dominance throughout the forecast period. Rapid infrastructural development among countries such as India, China, Japan, and others has increased the demand for these services in order to improve connectivity. Moreover, the massive internet userbase and rising demand for smartphones with higher internet speeds have contributed to a consistent supply of 5G-enabled devices across the region, which is expected to increase the demand for connected devices technologies which will likely propel 5G services market demand over the coming years.
Europe is expected to grow at a significant pace due to the increasing adoption of fifth generation services across the region. For instance, by the end of March 2021, 24 EU-27 nations had implemented 5G commercial services, including Austria, France, Belgium, Germany, and Greece. North America is expected to hold a significant market share in the global 5G services market throughout the forecast period due to the presence of large 5G services provider such as AT&T and Verizon.
Furthermore, increasing investments made by these players in order to provide 5G services across major countries, including the U.S. and Canada, are expected to propel market growth. For instance, in January 2021, AT&T began 5G services in several parts of Tampa, U.S., including the Tampa Airport and the Channel District, in January 2021, offering the fastest bandwidth by linking more people and devices.
Competitive Insight
Major market players operating in the global 5G services market include AT&T, Inc., Bharti Airtel Ltd., BT Group plc, China Mobile Ltd., China Telecom Corporation Ltd., Deutsche Telekom AG, KT Corp., NTT Docomo, Rakuten Mobile Inc., Saudi Telecom Company, SK Telecom Co., Ltd., Sprint Corporation, Telecom Italia, Telstra, T-Mobile USA Inc., Verizon Communications Inc., and Vodafone Group.
These market players are investing in research & development and securing the required spectrum. Furthermore, marketing strategies adopted by these players such as mergers & acquisitions and partnerships & collaboration in order to capture more consumers and enlarge their footprints. For instance, In January 2021, AT&T introduced its 5G+ services in prominent Tampa regions and venues such as Channel District, Raymond James Stadium, and Tampa International Airport in the United States.
5G Services Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 54.60 Billion |
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Revenue forecast in 2030 |
USD 480.90 Billion |
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CAGR |
30.0% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD billion and CAGR from 2022 to 2030 |
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Segments covered |
By Communication Type, By End-Use, By Industry Vertical, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
AT&T, Inc., Bharti Airtel Ltd., BT Group plc, China Mobile Ltd., China Telecom Corporation Ltd., Deutsche Telekom AG, KT Corp., NTT Docomo, Rakuten Mobile Inc., Saudi Telecom Company, SK Telecom Co., Ltd., Sprint Corporation, Telecom Italia, Telstra, T-Mobile USA Inc., Verizon Communications Inc., and Vodafone Group. |
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