The introduction of 5G service holds the potential to drastically alter businesses and efforts are underway to fully capture the benefits of 5G. The global 5G service market is currently worth USD 21.53 Bn and is expected to expand at a noteworthy CAGR of 31.9% over the forecast period which ends in 2023, asserts Market Research Future (MRFR) in a thoroughly analyzed research report. The global 5G service market is expected to attain USD 85.84 Bn by the end of 2023.
The report provides in-depth analysis of 5G Service market trends, market definition, regional market opportunity, sales and revenue by region expert review.
5G service succeeds 3G and 4G with enhanced features such as incredibly high bandwidth, ultra-low latency, and high-density connection. Growing density of traffic owing to growth in general mobile usage of Internet-based content and services coupled with surging need for low communication latency for enhanced user experience provides a boost to the growth of the global 5G service market.
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5G is more efficient than its previous generations and addresses the need for a high density of connected devices and the latest technologies. 5G would help businesses embrace IoT and other advanced technologies. Thus, rapid developments in connected IoT devices will generate a high demand for 5G services and boost the growth of the 5G service market.
Escalating initiatives towards the development of smart cities augment the growth of the global 5G service market. Smart cities and smart energy grids make use of sensors, control units, and other connected devices which require superior network services for proper functioning. Thus the requirement for enhanced in-building broadband services is likely to induce high demand for 5G services.
Other driving factors for the global 5G service market include a shift towards cloud-based solutions. On the flip side, the growth of the market might be hindered by high costs of deployment of 5G networks and lack of technical infrastructure.
Cisco Systems Inc., China Mobile, SK Telecom, Telefonaktiebolaget L. M. Ericsson, NEC Corporation, Airtel, BT Group, Sprint, Huawei Investment Holding Co. Ltd., Telstra, Verizon Communications Inc., DU, LG Electronics Inc., China Telecom, Intel Corporation, Nokia Corporation, ATT Inc., T-Mobile USA Inc., Qualcomm Inc., KT Corporation, Deutsche Telekom, Vodafone Group, Samsung Electronics Co. Ltd., and Saudi Telecom Company.
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The global 5G service market has been segmented based on service type, communication type, technology, and vertical.
By service type, the market has been segmented into professional services and managed services. The professional services segment has been further segmented into system integration, network planning optimization, network implementation, and others. The managed services segment has been further segmented into professional services and managed services. The professional services segment is the largest segment while the managed services segment is likely to be the fastest growing segment.
By communication type, the market has been segmented into Extreme Mobile Broadband (EMBb), Massive Machine-Type Communications (mMTC), Ultra-Reliable Machine-Type Communications (uMTC), and Fixed Wireless Access (FWA). Extreme Mobile Broadband (EMBb) is the largest segment on the basis of communication type while Massive Machine-Type Communications (mMTC) is poised to be the fastest growing segment.
By technology, the market has been segmented into Wi-Fi, High-Speed Package Access (HSPA), Radio Access Technologies (RAT), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX). Technology-wise, radio access technologies segment is the largest segment while WiMAX is slated to be the fastest growing segment.
By vertical, the market has been segmented into Energy and Utilities, Automotive, Healthcare, IT Telecommunication, Consumer Electronics, Industrial, Retail, and Others. IT Telecommunication is the largest segment by vertical while the industrial segment is projected to be the fastest growing segment.
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North America, Asia Pacific, Europe, and the Rest of the World (RoW) are the key markets for 5G service.
North America is projected to be the largest market for 5G service, led by the economies of the US, Canada, and Mexico. The region has been an early adapter of the 5G service network, and various telecom companies in the region have already announced their plans to roll out 5G service much ahead of operators in other regions. Moreover, the region is swift in the uptake of the latest technologies such as IoT and smart cities which would require high-speed network performance.
Europe too is projected to remain a significant market for 5G service, and its growth can be attributed to rigorous RD activities in the region. A considerable number of ongoing customer trials in countries such as the UK, Germany, and France are also expected to contribute to market growth positively.
Asia Pacific is slated to be the fastest growing market for 5G service over the forecast period. Increasing focus on improving connectivity coupled with high investment in RD activities are expected to catalyze the growth of the 5G service market in Asia Pacific.
The Rest of the World market is also anticipated to exhibit positive growth trend over the forecast period.