Global 5G Services Market
Dublin, Nov. 07, 2022 (GLOBE NEWSWIRE) -- The "5G Services Market Size, Share & Trends Analysis Report by Communication Type (FWA, eMBB, uRLLC, mMTC), by Vertical (Manufacturing, IT & Telecom, BFSI), by Region (Asia Pacific, North America), and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global 5G services market size is estimated to reach USD 1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030. 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.
As such, the growing need for remote asset monitoring, drone control, coordination, and smart grid control is anticipated to fuel the growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over the forecast period. Key market players, such as AT&T Inc., China Telecommunications Corp., and Verizon Communications, are investing in rolling out 5G infrastructure to provide low-latency services for faster Machine-to-Machine (M2M) communication. However, these market players are expected to deliberate before making investments owing to the high 5G spectrum prices. Stringent government regulations and policies pertaining to the 5G wireless technology are also expected to hinder market growth.
5G Services Market Report Highlights
The U.S. is anticipated to dominate the North America regional market from 2022 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
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 manufacturing vertical 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
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
Growing Demand for High-Speed Data Connectivity With Low Latency
Rising Adoption of IoT Devices
High Spectrum Costs
Impact of the Covid-19 Pandemic
New Business Avenues in Cloud Computing
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, & Scope Outlook
Chapter 4. 5G services Communication Type
Chapter 5. 5G services Vertical Outlook
Chapter 6. 5G services Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Analysis
Chapter 8. Competitive Landscape
BT Group plc
China Mobile Ltd.
China Telecom Corporation Ltd.
Bharti Airtel Ltd.
Saudi Telecom Company
Deutsche Telekom AG
SK Telecom Co., Ltd.
Verizon Communications, Inc.
T-Mobile USA Inc
Rakuten Mobile Inc.
For more information about this report visit https://www.researchandmarkets.com/r/fu6aax
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