The 5G Services Market was estimated to be around USD 53 billion in 2020 and is expected to grow at a CAGR of 29.4%, over the forecast period (2021-2028).
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The factors driving growth of the 5G Services Market includes increasing penetration smartphones around the world, growing demand for wireless networks, Government expenditure on building 5G ecosystems, rising acceptance for cloud-based solutions and improvements in the living standards. Additionally, a rise in the introduction of new services by telecom firms, increased urbanization, and growing acceptance of cutting-edge technologies like artificial intelligence (AI), the internet of things (IoT), and machine learning (ML) are some other factors supporting market expansion. In addition, the increasing investments by major companies on research and development, strategic partnerships between enterprises, rising deployment of 5G services in transportation systems and growing population growth rates, are further contributing towards the market growth.
However, growth of the 5G Services Market is hindered attributed to high spectrum prices.
The prominent players operating in the 5G Services Market includes T-Mobile, China Telecom, Orange S.A., Vodafone, AT&T, China Mobile, SK Telecom, Deutsche Telekom, BT Group, and Verizon, among others.
Based on Communication Type, the Enhanced Mobile Broadband (eMBB) segment is predicted to capture the largest market share over the forecast period
Increasing focus of 5g network operators on enhancing broadband capabilities for cloud-based gaming and UHD videos, which is pushing growth of the segment.
Based on Enterprise, the Manufacturing segment is projected to grow at a significant CAGR over the forecast period
Emerging need for seamless wireless communication between robots and sensors, is propelling segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
Rising penetration of smartphones across India, China and Indonesia, presence of the leading players such as China Telecom, China Mobile, and SK Telecom, increased adoption of advanced technologies and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments
- In 2021, AT&T launched 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 singed a five-year, multi-billion-dollar agreements to continue advancing and expanding the country’s largest 5G network.
Market Segmentation
Segmentation by Application
- Smart Cities
- Connected Factories
- Smart Buildings
- Connected Vehicles
- Connected Healthcare
- Connected Retail
- Smart Utilities
- Others
Segmentation by End User
- Consumers
- Enterprises
Segmentation by Communication Type
- Fixed Wireless Access and Enhanced Wireless Broadband
- Massive Machine-Type Communications
- Ultra-Reliable Low Latency
- Enhanced Mobile Broadband (eMBB)
Segmentation by Enterprise
- Manufacturing
- Media and Entertainment
- Government
- Energy and Utilities
- Transportation and Logistics
- Healthcare
- Others
Segmentation by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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