5G Services Market Size, Share & Segmentation by communication types (FWA, eMBB, URLLC, MMTC), by End-Users (Consumers and Enterprises), by Verticals (IT & Telecom, Manufacturing, Energy and Utilities, Media and Entertainment, Government, Transportation and Logistics, Healthcare, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

5G Services Market size was valued at USD 84.50 Bn in 2022 and is expected to reach USD 751.90 Bn by 2030, and grow at a CAGR of 31.42% over the forecast period 2023-2030.

The 5th generation of networks is referred to as 5G. 5G is the most recent and freshly developed wireless network, which follows the 1G, 2G, 3G, and 4G series. The 5G network enables easy and quick integration of devices, machines, and objects, as well as virtual connectivity. The 5G network does not have a single owner, but numerous businesses in the mobile sector are trying to make the network a reality. The 5G network is said to be based on Orthogonal frequency-division multiplexing as far as the fundamental technologies are concerned.

5G can give improved performance and can even operate in lower bands, such as mm-Wave (24GHz and upwards), reducing latency. 5G is expected to enable next-generation user experiences, bring new services, and even allow the usage of newer models due to its increased capacity. IoT, faster mobile broadband, and mission-critical communications are all examples of services that employ 5G. With more consistent data speeds, less distortion, and low latency, 5G services can unleash realistic virtual reality and augmented reality experiences. 5G has the potential to have a significant influence on sectors.

Ericsson has agreed to buy Cradlepoint, the market leader in Wireless Edge WAN 4G and 5G Enterprise solutions in the United States, in 2022. The investment is critical to Ericsson's continued aim of gaining market share in the fast-growing 5G Enterprise arena. Ericsson's existing 5G Enterprise portfolio, which comprises Dedicated Networks and a worldwide IoT platform, is supplemented by Cradlepoint.

MARKET DYNAMICS:

KEY DRIVERS:

• Increasing data traffic on mobile networks.
• The mobile broadband experience must be transformed.
• Verticals' digital transition should be accelerated.
• Infrastructure development that is smart.

RESTRAINTS:

• The implementation of a 5G network comes at a high expense.

OPPORTUNITY:

• To go beyond connection and work across industries to provide new, rich services.
• Demand for high-reliability, low-latency networks is growing.
• Unleashing a huge Internet of Things ecosystem and vital communications services.

CHALLENGES:

• Spectrum harmonization is taking longer than expected in different parts of the world.

IMPACT OF COVID-19:

The COVID-19 epidemic has had an impact on many aspects of society, including individuals and corporations. During the COVID-19 epidemic, the telecom sector is playing a critical role in supporting governments' digital infrastructure all around the world. Every individual and government, including federal, state, central, municipal, and provincial governments, has been in continual contact with one another in society to supply and receive real-time information on COVID-19.

COVID-19 instances are increasing by the day, with multiple infected cases on the increase. COVID-19 has a significant influence on major organizations and SMEs, as it does on people. Manufacturing, automotive, textiles, transportation and logistics, travel and hospitality, and consumer products have all been shut down as a result of country-level lockdowns throughout the world. Since the dawn of time, SMEs have served as the economic backbone. Because to the COVID-19 epidemic, SMEs are now the most affected.

MARKET ESTIMATION:

In 2021, the enhanced Mobile Broadband (eMBB) category led the market, and it is predicted to continue to rise significantly throughout the forecast period. The high percentage is due to 5G network operators' initial focus on offering expanded internet capabilities for applications like high-speed cloud-based gaming, AR/VR, UHD video, and continuous video conversations. From 2022 to 2028, the massive Machine-Type Communications (mMTC) segment is predicted to grow at the quickest rate. Massive machine-type communications are envisioned as a way to meet the rising need for a well-developed digital environment. mMTC focuses on delivering services for applications that require a high level of connectivity, such as smart buildings and smart cities.

The enterprise segment of the end-user market is estimated to grow at the fastest rate during the forecast period. The most major benefit of 5G will be its capacity to deliver the continuous connection to infrastructures, machines, and things, rather than connecting individuals. 5G is expected to provide the foundation platform for a number of new vertical applications, including manufacturing, transportation, and healthcare. However, the capabilities and standards needed to open up a new world of corporate services are still in the works. As a result, commercial 5G corporate applications like Industry 4.0 factories, self-driving vehicles, and robotic surgery have already begun to be implemented. Edge computing in conjunction with 5G network slicing will help latency-sensitive and time-sensitive applications, such as automated vehicle driving and telerobotics.

In 2021, the IT & telecom category topped the market and had the highest revenue share. Due to major expenditures by key companies on the newest communication technologies, the segment is likely to maintain its dominance during the projection period. Over the projected period, the IT & telecom industry is expected to rise due to rising demand for greater data speeds for household and commercial applications. The industrial industry is increasingly digitizing. The demand for flawless wireless communication between robots, sensors, actuators, and other equipment put in industrial facilities has arisen as a result of this. As a result, the manufacturing industry is predicted to grow at the quickest rate throughout the projection period.

KEY MARKET SEGMENTS:

On The Basis of communication types

• FWA

• eMBB

• URLLC

• MMTC

On The Basis of End Users

• Consumers

• Enterprises

On The Basis of Verticals

• IT & Telecom

• Manufacturing

• Energy and Utilities

• Media and Entertainment

• Government

• Transportation and Logistics

• Healthcare

• Others

REGIONAL ANALYSIS:

The Global 5G Services Market is divided into four regions: North America, Asia-Pacific, Europe, and the rest of the world. Because the key companies are substantially investing in technology and improving the infrastructure that will support the new technologies, the Asia-Pacific region is projected to dominate the market share. Transportation and logistics, media and entertainment, manufacturing, healthcare, and other industries are expected to benefit from the technology. Furthermore, due to significant investments in the creation of smart homes, industries, and the construction of smarter cities, North America is positioned to be the second-best region.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are AT&T Inc., Bharti Airtel Limited, BT Group plc, China Mobile Ltd., China Telecom Corporation Limited, Deutsche Telekom AG, KT Corporation, NTT Docomo, Reliance Jio, SK Telecom Co., Ltd.

Frequently Asked Questions (FAQ) :