According to a comprehensive research report by Market Research Future (MRFR), “5G Service Market information by Technology, by Components, by Services by Application and Region – forecast to 2030” market size to reach USD 249.2 billion, growing at a compound annual growth rate of 29.4% by 2030. The market research report includes a thorough 5G Service market analysis as well as input from industry experts. The report provides detail on Market type, organization size, on-premises distribution, upcoming trends, SWOT analysis, expert review & forecast.
Market Scope:
The global 5G services market is witnessing rapid revenues growth. Factors such as the surging demand for reliable and ultra-latent connectivity services and increasing numbers of telecom operators drive the market growth. Besides, the augmenting demand for high data speed and connectivity to improve business models boosts the market demand.
Dominant Key Players on 5G Service Market Covered are:
- Samsung Electronics Co. Ltd.
- SK Telecom
- LG Electronics Inc.
- Verizon Communications Inc.
- Cisco Systems Inc.
- Qualcomm Inc.
- Telefonaktiebolaget L. M. Ericsson
- Saudi Telecom Company
- Intel Corporation
- BT Group
- China Mobile
- Huawei Investment & Holding Co. Ltd.
- Nokia Corporation
- T-Mobile USA Inc.
- Telstra
- NEC Corporation
- DU China Telecom
- KT Corporation
- Airtel
- Sprint
- Vodafone Group
- Deutsche Telekom
- AT&T Inc.
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Market Drivers
Various megatrends of mobile services are impacting the global 5G service market growth. The demand for expanded access to 5G ultra wideband services and the unprecedented performance of 5G is growing extensively. Also, rapid advances in 5G technology offering game-changing speeds and nationwide 5G coverage substantiate market sales. Increasing access to the unprecedented performance of 5G ultra wideband service has become extremely important.
Additionally, changing consumer preference from premise-based to cloud-based solutions impacts the market demand positively. Increasing deployments of smart connected devices needing high latency influence the market value. Rising smart city projects worldwide foster the demand for 5G services.
Segmentation of Market Covered in the Research
The 5G service market is segmented into service types, communication types, technologies, verticals, and regions. The service type segment comprises managed services and professional services (system integration, network planning & optimization, network implementation, others).
The communication type segment comprises massive machine-type communications (mMTC), extreme mobile broadband (EMBb), fixed wireless access (FWA), ultra-reliable machine-type communications (uMTC), and others.
The technology segment comprises high-speed package access (HSPA), worldwide interoperability for microwave access (WiMAX), Wi-Fi, radio access technologies (RAT), global system for mobile (GSM), and others.
The vertical segment comprises automotive, energy & utilities, healthcare, consumer electronics, IT & telecommunication, retail, industrial, and others. The region segment comprises the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional Analysis
North America leads the global 5G service market, witnessing the early adoption of 5G networks across the region. Besides, the presence of several notable 5G service providers rolling out 5G services much ahead of operators in other regions boosts the market size. The US, Canada, and Mexico are major markets for 5G services in the region.
Moreover, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate the market value. Also, increasing smart city projects in this region boosts market revenues, promoting high-speed network performance requirements.
Increasing numbers of 5G users and subscribers, alongside the allocation of 5G frequencies by the Federal Communications Commission (FCC), substantiate the market demand. Moreover, rising application areas of 5G services in telecommunications foster the market growth in this region.
Europe is the second-largest market for 5G services globally. The proliferation of smartphones, alongside the resurging economy in the region, allows the market to flourish. Rigorous R&D activities in this region and ongoing customer trials in countries like the UK, Germany, and France contribute to the market value.
Additionally, growing investments, as well as FDIs in the 5G service industry, foster the regional market growth. Also, the presence of major market players and their R&D investments propel market growth to an extent.
The Asia Pacific 5G service market is growing promisingly. The growing focus on improving connectivity and high investments in R&D activities in the region catalyzes the 5G service market growth. Factors such as the vast presence of 5G technology providers, leading technical expertise, and increased industrialization in the region boost the market growth.
Moreover, the rising demand for 5G services in emerging countries such as China, Taiwan, and India propels the growth of the regional market. Along with the ongoing initiatives and developments in the 5G service, the large consumer base is a tailwind for the regional market growth.
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The Importance of Report
- To provide a thorough examination of the market structure, as well as predictions for the major segments and sub-segments of the global 5G Service market during the forecast period.
- To provide information on the factors that influence market growth.
- To conduct an initial analysis of the global 5G Service market utilizing various techniques, including Supplier Evaluation and Porter’s Five Forces Analysis.
- Provide historically and projected revenue for market segments and sub-segments based on regions and key countries.
- To provide country-specific market analysis in terms of current market size and prospects.
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