CHICAGO, Feb. 7, 2024 (Globe Newswire) — global 5G service market Its size is expected to grow from USD 121.8 billion in 2023 to USD 1,023 billion by 2028, at a compound annual growth rate (CAGR) of 52.4%, according to a new report from MarketsandMarkets™. Security concerns will play a paramount role in the evolution and proliferation of 5G networks. As businesses and governments increasingly rely on advanced connectivity, implementing robust security features has become essential. The transition to 5G introduces enhanced encryption and authentication protocols to address vulnerabilities and mitigate potential cyber threats.
See detailed table of contents. 5G service market”
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5G service market dynamics:
driver:
- Increased data traffic on mobile networks.
- The mobile broadband experience needs to be transformed
- Accelerating digital transformation across industries
- Developing smart infrastructure
- Timely availability of 5G compatible devices from multiple vendors
Restraint:
- Installation cost is high.
opportunity:
- Global adoption of fixed wireless access (FWA).
- Increasing demand for highly reliable, low-latency networks
- Deploying large-scale IoT ecosystems and critical communication services
List of major players in the 5G services market:
- AT&T (USA)
- China Mobile (China)
- SK Telecom (Korea)
- Verizon (US)
- BT Group (UK)
- Deutsche Telekom (Germany)
- China Telecom (China)
- Orange (France)
- Vodafone (UK)
- China Unicom (China)
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This increased focus on security is not only a response to increasingly sophisticated cyberattacks, but also a proactive measure to instill confidence in users and stakeholders. For enterprises, a secure 5G network is fundamental to protecting sensitive data, ensuring the integrity of communications, and protecting against potential disruptions. Recognizing the strategic importance of secure communications infrastructure, governments are introducing his 5G with enhanced security measures to build resilient networks that can withstand evolving cyber threats. We are promoting.
By end user, the consumer segment is expected to account for the largest market size during the forecast period.
5G’s impact on the video conferencing experience is a key driver of the growth of this innovative technology in the consumer space. The high-quality video and audio offered by 5G, combined with low latency, has revolutionized virtual meetings, online collaboration, and remote work interactions. This enhancement is especially important as more individuals embrace flexible work arrangements and digital collaboration tools. The seamless and immersive nature of 5G-powered video conferencing helps improve productivity and efficiency in professional settings. This technology enables high-definition video streaming, clear audio communication, and real-time collaboration on shared documents, facilitating a virtual environment that closely mimics face-to-face interactions. This has become especially important in a global context where remote work and virtual collaboration have become an integral part of modern working life. He sees 5G’s role in optimizing video conferencing as a fundamental driver of its growth and adoption, as consumer segments increasingly value connectivity, convenience, and high-quality digital experiences. It stands out as a driving force.
By application, the autonomous vehicle segment is expected to maintain higher growth rate during the forecast period.
The field of self-driving vehicle navigation is undergoing major changes with the advent of 5G technology, revolutionizing the accuracy and responsiveness of mapping systems. The high-speed data transmission and minimal latency inherent in 5G allows autonomous vehicles to seamlessly access and utilize real-time mapping data. This dynamic access ensures that the information at the disposal of these vehicles is not only comprehensive, but also constantly updated. This technology goes beyond static maps and facilitates the incorporation of dynamic traffic information, allowing vehicles to navigate congested routes efficiently. The precision brought by 5G not only refines route planning, but also enables adaptive decision-making based on the situation at hand, contributing significantly to the safety and reliability of autonomous travel. The growth trajectory of 5G in the self-driving vehicle space is deeply intertwined with its role in reshaping the underlying infrastructure of mapping and navigation, laying the foundation for a future where self-driving cars navigate with unparalleled precision and agility. That increases confidence in the widespread deployment of 5G. Autonomous driving technology.
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Based on region, North America is expected to hold the second largest market share during the forecast period.
The growing demand for high-quality, immersive online education has emerged as a key driver of 5G growth in North America. As educational environments rapidly transition to digital platforms, 5G technology has become a cornerstone of facilitating seamless e-learning experiences. The enhanced connectivity and low latency provided by 5G networks will play a pivotal role in transforming traditional education models. This evolution enables interactive and engaging educational content and facilitates an environment where students and educators can collaborate seamlessly in real time. The robust and fast connectivity provided by 5G will not only meet the rapidly growing demand for online learning platforms, but also set the stage for innovative and immersive educational experiences, contributing to 5G’s transformative impact on North America’s education sector. Contribute.
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