5g Services Market Forecast: Growth, Opportunities, and Emerging Trends
The global 5G services market size is estimated to reach USD 2,208.25 billion by 2030, registering a CAGR of 59.4% from 2023 to 2030, according to a new study by Grand View Research, Inc.
The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.
As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period. In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period.
Gather more insights about the market drivers, restrains and growth of the 5g Services Market
5G Services Market Report Highlights
• The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) & Augmented Reality (AR) gaming
• The consumer segment is expected to register the highest CAGR due to the increasing commercialization of the 5G services for consumer applications across various countries, including the U.S., China, Japan, Germany, and South Korea.
• The manufacturing segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators
• The U.S. is anticipated to dominate the North America regional market from 2023 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy & utility management, and smart mobility management
• Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios
• However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
• The global IoT in utilities market size was estimated at USD 47.53 billion in 2023 and is expected to grow at a CAGR of 10.7% from 2024 to 2030.
• The global robotic platform market size was estimated at USD 9.97 billion in 2023 and is projected to grow at a CAGR of 5.9% from 2024 to 2030.
5G Services Market Segmentation
Grand View Research has segmented the global 5G services market on the basis of communication type, vertical, and region:
5G Services Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)
• FWA
• eMBB
• uRLLC
• mMTC
5G Services Vertical Outlook (Revenue, USD Million, 2020 - 2030)
• Consumer
• Enterprises
o Manufacturing
o Public Safety
o Healthcare & Social Work
o Media & Entertainment
o Energy & Utility
o IT & Telecom
o Transportation & Logistics
o Aerosapce & Defense
o BFSI
o Government
o Retail
o Mining
o Oil & Gas
o Agriculture
o Construction
o Real Estate
5G Services Regional Outlook (Revenue, USD Billion, 2020 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Russia
o Italy
o Spain
• Asia Pacific
o China
o India
o Japan
o South Korea
• Latin America
o Brazil
o Mexico
• Middle East & Africa (MEA)
Order a free sample PDF of the 5g Services Market Intelligence Study, published by Grand View Research.
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