5G Services Market witnessed USD 53 billion in 2020, growing at a robust CAGR of 29.4% during forecast period.

Introduction of the 5G Services Market Report

In telecommunications, the 5G is the fifth generation technology standard for broadband cellular networks, which cellular phone companies began deploying worldwide began the deploying around the world. The 5G is the new global wireless standard after 1G, 2G, 3G, and 4G networks. The global 5G services market covers types of communication, including FWA, eMBB, URLLC, and MMTC.

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Market Dynamic

Key Drivers and Emerging Trends

One of the key drivers that is responsible for the growth of the global 5G services market size includes the growing need to transform the mobile broadband experiences around the world. 5G network delivers an improved broadband experience of up to 1 Gbps and <10ms and offers the platform for AI-based services and cloud. Numerous data-intensive application, including Business 2 Business and individual, are increasing the application of AR, VR, and video. Moreover, the ability of 5G technology to provide faster data speed and extremely low latency is further improving the user’s experience. In addition to this, the increasing demand for high-speed data connectivity for unified Internet of Things (IoT) application, including smart home energy management, is further helping the market to grow.

The growing focus on energy monitoring and management and maintain better control of the energy generation and distribution network is further surging the market growth. The National Health Expenditure Accounts (NHEA) of the US predicts the overall healthcare spending in the country to touch more than USD 6 trillion by 2028. The new generation 5G technologies are being increasingly used in public transportation applications. The 5G technology has allowed broadband access for public transportation systems, including buses and high-speed trains.

Restraint in the 5G Services Market

However, the governments are quoting high prices for service providers for procuring the 5G spectrum around the world. Therefore, the high spectrum prices and the hike in the 5G service subscription prices are hampering the 5G services market growth.

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Enterprise – Segment Analysis

Based on the enterprise, the manufacturing is projected to grow at a higher CAGR during the forecast period. Industry 4.0 is projected to be surged by cyber physical systems and IoT, which will need the support of 5G networks. This will allow efficient, connected, flexible factories in the coming years.

Communication Type – Segment Analysis

Based on the communication type, the enhanced mobile broadband (eMBB) is expected to dominate the market during the forecast period. This is mainly attributed to the growing focus on 5G network operators for delivering improved broadband capabilities for different application, including high-speed cloud-based gaming, AR/VR, UHD video, and uninterrupted video calls. The initial phase of the rollout is projected to emphasize on a 5G wireless non-standalone deployment model. eMBB offers extremely high data speeds for commercial and residential usage. Thus, it is expected to capture use cases, including in-vehicle infotainment, 4K video access, and virtual meetings.

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Regional – Segment Analysis:

Based on the region, Asia-Pacific is expected to dominate the market over the coming years. The presence of players in countries including China Telecom, China Mobile, SK Telecom, and KT Corporation is investing in 5G network infrastructure in China, Japan, and South Korea. Moreover, the increasing demand for smartphones to support the higher data speeds has increased the production of 5G enabled smartphones. On the other hand, the North American is projected to grow at a faster CAGR during the forecast period. The service providers are introducing the commercial 5G services. As per Ericcson’s Mobility Report of June 2019, the US is expected to hold close to 270 million 5G subscriptions amounting to more than 60% of mobile subscriptions.

Top Market Players

Some of the leading players operating in the market include AT&T, China Mobile, SK Telecom, BT Group, Verizon, Deutsche Telekom, T-Mobile, China Telecom, Orange S.A., Vodafone, among others. 

Key Developments:

• • In 2021, AT&T introduced the 5G+ services in various areas around Tampa, including Channel District, Raymond James Stadium, and other locations in the US.
  • In 2021, T-Mobile along with Ericsson and Nokia entered in a five-year, multi-billion-dollar agreements to continue advancing and expanding the country’s largest 5G network.

Segments covered in the Report:

The global 5G Services market has been segmented on the basis of Application, End User, Communication Type, Enterprise and regions. Based on Application, the market is segmented into Smart Cities, Connected Factories, Smart Buildings, Connected Vehicles, Connected Healthcare, Connected Retail, Smart Utilities and Others. Based on End User, the market is segmented into Consumers and Enterprises. Based on Communication Type, the market is segmented into Fixed Wireless Access and Enhanced Wireless Broadband, Massive Machine-Type Communications, and Ultra-Reliable Low Latency. Based on Enterprise the market is segmented into Manufacturing, Media and Entertainment, Government, Energy and Utilities, Transportation and Logistics, Healthcare, and Others. 

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Key questions answered in this research report:

• • At what pace is global 5G Services market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in 5G Services market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global 5G Services market?
  • Which Application generated maximum revenues in 2019 and identify the most promising Application during the forecast period?
  • What are the various End User areas of global 5G Services market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global 5G Services Market by Application

• • Smart Cities
  • Connected Factories
  • Smart Buildings
  • Connected Vehicles
  • Connected Healthcare
  • Connected Retail
  • Smart Utilities
  • Others

Global 5G Services Market by End User

• • Consumers
  • Enterprises

Global 5G Services Market by Communication Type

• • Fixed Wireless Access and Enhanced Wireless Broadband
  • Massive Machine-Type Communications
  • Ultra-Reliable Low Latency

Global 5G Services Market by Enterprise

• • Manufacturing
  • Media and Entertainment
  • Government
  • Energy and Utilities
  • Transportation and Logistics
  • Healthcare
  • Others

Global 5G Services Market by Region

• • North America 5G Services Market (Option 1: As a part of the free 25% customization)
    • By Application
    • By End User
    • By Communication Type
    • By Enterprise
    • US Market All-Up
    • Canada Market All-Up
  • Europe 5G Services Market (Option 2: As a part of the free 25% customization)
    • By Application
    • By End User
    • By Communication Type
    • By Enterprise
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific 5G Services Market (Option 3: As a part of the free 25% customization)
    • By Application
    • By End User
    • By Communication Type
    • By Enterprise
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW 5G Services Market (Option 4: As a part of the free 25% customization)
    • By Application
    • By End User
    • By Communication Type
    • By Enterprise
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the 5G Services (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • AT&T
  • China Mobile
  • SK Telecom
  • BT Group
  • Verizon
  • Deutsche Telekom
  • T-Mobile
  • China Telecom
  • Orange S.A.
  • Vodafone