5G services market size will exceed US$1.87 trillion by


Ottawa, June 02, 2022 (GLOBE NEWSWIRE) — The world 5G services market size was US$64.54 billion in 2021. The global 5G services industry is driven by a growing reliance on machine-to-machine connectivity and an increase in mobile data traffic. 5G services provide a fully mobile environment by increasing the amount of data transmitted over a wireless network based on high frequency and superior antenna technology.

Due to the increased demand for Internet subscriptions and the growing demand for high-speed and comprehensive network coverage, the 5G service industry is also expanding. Furthermore, the integration of 5G services with the Internet of Things has enabled high-speed data communication in applications such as smart home energy management, which has resulted in a forecast of the 5G services market. The growing demand for high-speed connectivity is driving the market for 5G services forward.

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Report Highlights

  • Based on the type of communication, the enhanced mobile broadband (eMBB) segment holds the largest market share in the global 5G services market. Enhanced Mobile Broadband (eMBB) services are the first commercial 5G services to be launched alongside evolving 4G internet services, but they will deliver much more than faster download speeds.
  • Based on vertical, IT & Telecom holds the largest market share in the global 5G services market. The computer and telecommunications segment is expected to maintain its dominance over the projected period, due to the large investments by large companies in contemporary communication technologies.

Report scope

Report attributes Details
Market size in 2021 $65.45 billion
Revenue forecasts by 2030 $1.87 trillion
CAGR 44.63% from 2022 to 2030
The biggest market Asia Pacific
Companies covered SK Telecom Co., Ltd., T-Mobile USA, Inc., Verizon Communications, Inc., Rakuten Mobile Inc., BT Group plc, China Mobile Ltd., AT&T, Inc., China Telecom Corporation Ltd., Saudi Telecom Company , Vodafone Group

Regional overview

North America is the largest segment of the 5G service market in terms of region. The United States dominates the market for 5G services in the North America region. The market for 5G services in North America is growing due to the growing demand for 5G networks. According to Ericcson’s June 2019 Mobility Report, the region will have more than 270 million 5G subscriptions, representing around 60% of all mobile subscriptions. This indicates that 5G services in the region have a lot of potential.

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Asia-Pacific is the fastest growing region in the 5G services market. China, Japan, and South Korea hold the highest market share in the Asia-Pacific 5G service market. Deployment of new and improved technologies is one of the major factors driving the 5G services market in Asia-Pacific. For the development of the 5G services market in the region, market players are adopting advanced technologies such as blockchain, edge computing and 5G core technology. In addition, the growth and development of the 5G service market is supported by the expansion of the information technology sector.

Market dynamics

Drivers

More and more devices connected to the Internet of Things

High data speed is expected to be driven by the growing demand for edge computing and Internet of Things devices, as well as the growing amount of data generated by Internet of Things devices. 5G services will deliver unprecedented data rates while expanding real-time data processing capabilities and improving the overall user experience. Thus, the growing number of Internet of Things devices is driving the growth of the 5G services market.

Constraints

small cell facilities

One of the main criteria for 5G installations is the rapid and cost-effective installation of tiny cell networks. Nevertheless, tiny cell installations in many parts of the world are facing huge financial, regulatory and administrative burdens, further delaying the adoption of 5G technology. As a result, small cell installations limit the expansion of the global 5G service market.

Opportunities

Growth need for broadband networks

To meet the growing demand and need for mobile broadband services, network capacity needs to be increased by using new frequency, which will result in widespread acceptance and adoption of 5G core for the deployment of 5G technology for better mobile broadband services. Accordingly, the growing need for broadband networks creates lucrative opportunities for the growth of the global 5G services market.

Challenges

High installation cost of 5G network

The required throughput density, base station, and periodic interest rate pricing all impact the cost of 5G infrastructure. For efficient and hyper small cell deployments, it is essential to reduce these costs. Network connectivity also requires significant investment. IDC estimates that investments in smart city technology would reach $135 billion by 2021. Thus, the high installation cost of 5G network is the biggest challenge for the growth of the global 5G services market.

RECENT DEVELOPMENTS

  • China Mobile and Nokia collaborated in January 2021 to successfully experiment with AI-powered RANs to estimate frequency traffic and identify network anomalies to improve 5G-RAN architecture.
  • Nokia partnered with Setar, an Aruba-based communications provider, in December 2019 to enable a complete end-to-end 5G network transformation. Nokia will modernize central and data management systems and improve access to the RAN. At LAMEA, this is Nokia’s first end-to-end 5G deal.
  • T-Mobile, Nokia and Ericsson announced a $5 billion deal in January 2021 to continue to scale and cover the nation’s largest 5G network.

Market segmentation

By type of communication

By vertical

  • Manufacturing
  • public safety
  • Health care and social work
  • Media and entertainment
  • Energy and Utilities
  • IT & Telecom
  • Logistic transport
  • Aerospace and Defense
  • BFSI
  • Government
  • Detail
  • Mining
  • petroleum gas
  • Agriculture
  • Construction
  • Immovable

By end users

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

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