The 5G service is the enhanced wireless network with low communication latency. This feature is the main force driving the 5G service market. Furthermore, high bandwidth and high-density connection benefits offered by 5G service make it a refined wireless network. Internet of Things (IoT) requires such impeccable features which are boasting features of 5G services. Thereby, the increase in demand for IoT is likely to boost the 5G service industry. 5G service allows better network connectivity experience which largely contributes to build a smart city. Hence, this factor is expected to cast a positive impact on the 5G service market growth. Increase in adoption of cloud-based services is also expected to propel the market growth.
There are great advantages in the deployment of 5G network in different sectors. However, deployment expense is a possible constraint on the market growth. Concerns regarding global spectrum are predicted to hinder the market growth as well.
Market Research Future (MRFR) reports that 5G Service Market is Expected to Reach up to USD 249.2 Bn with 29.4% CAGR by 2030.
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- SK Telecom
- Samsung Electronics Co. Ltd.
- LG Electronics Inc.
- Cisco Systems Inc.
- Verizon Communications Inc.
- Qualcomm Inc.
- Saudi Telecom Company
- Telefonaktiebolaget L. M. Ericsson
- Intel Corporation
- China Mobile
- BT Group
- Nokia Corporation
- Huawei Investment & Holding Co. Ltd.
- T-Mobile USA Inc.
- NEC Corporation
- China Telecom
- Vodafone Group
- KT Corporation
- Deutsche Telekom
- AT&T Inc.
The regional analysis for 5G service market by MRFR has been studied on following region; North America, Asia Pacific, Europe, and the Rest of the World (RoW)
The early adoption of 5G services in giant economies US, Canada, and Mexico are triggering the market growth in North America. North America is likely to hold the largest market share during the assessment period done by MRFR. The region boasting to technical advancement in the area of IoT service and emerging smart cities is expected to propel the 5G service market in the region.
Major investments in research and development in Europe is likely to result in effective innovations which are predicted to catalyze the 5G services market in this region.
Exhaustive research and development activities in the Asia Pacific region is also predicted to contribute to an upsurge in the 5G service market growth in the APAC region.
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The global 5G service market study by MRFR is segmented based on service type, communication type, technology, and vertical.
By Service Type
- Professional Services
- System Integration
- Network Planning and Optimization
- Network Implementation
- Managed Services
- Professional Services
- Managed Services
By Communication Type
- Extreme Mobile Broadband (EMBb)
- Massive Machine-Type Communications (mMTC)
- Ultra-Reliable Machine-Type Communications (uMTC)
- Fixed Wireless Access (FWA)
- Wi-Fi, High-Speed Package Access (HSPA)
- Radio Access Technologies (RAT)
- Global System for Mobile (GSM)
- Worldwide Interoperability for Microwave Access (WiMAX)
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- Energy and Utilities
- IT & Telecommunication
- Consumer Electronics
- North America
- Rest of the World (the Middle East & Africa, Latin America)
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