CHICAGO, Aug. 9, 2023 (Globe Newswire) — global 5G service market The size is expected to grow from USD 107 billion in 2022 to USD 331.1 billion by 2027, at a compound annual growth rate (CAGR) of 25.3% during the forecast period.according to a new report from MarketsandMarkets™. Due to the high availability of 5G compatible devices and heavy government investment in 5G services, the 5G ecosystem is expected to witness faster growth rates than other connectivity transformations. Other factors, such as the large number of applications being developed that require low-latency connectivity, are driving the adoption of 5G services in developing countries.
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Report scope
| Report metrics | detail |
| Market size value in 2022 | $107 billion |
| Market size value in 2027 | $331.1 billion |
| growth rate | CAGR 25.3% |
| Market size available for several years | 2018-2027 |
| Base year considered | 2022 |
| Forecast period | 2022-2027 |
| prediction unit | Amount (USD) Million/Billion |
| Target segment | Communication types, end users, companies, applications, and regions |
| Target area | North America, Europe, Asia Pacific, Middle East and Africa, Latin America |
| Target companies | Major vendors in the 5G services market include AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), etc. |
Increasing mobile network data traffic, growing need to transform the mobile broadband experience, development of smart infrastructure, and timely availability of 5G-compatible devices from multiple vendors are driving the growth of the global 5G services market. This is an important driving factor. The high cost required to deploy 5G networks is likely to limit market growth. There are significant growth opportunities for 5G service vendors.
Increasing demand for high reliability and low latency networks, unlocking a large IoT ecosystem and critical communication services are factors creating opportunities for the 5G services market. Delays in spectrum harmonization across regions and security concerns regarding 5G may pose challenges to market growth. The enterprise sector plays an important role in the HE 5G services market and is expected to grow at a higher CAGR during the forecast period. By expanding the range of wireless technology and making devices more autonomous, 5G is more comprehensive, progressive, proven, and powerful than previous generations of communications technology. There are a number of industries with particularly intense dynamics and opportunities around 5G, including telecommunications, media and entertainment, manufacturing, transportation, and public services. Each of these areas has specific business challenges related to 5G.
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By communication type, the enhanced mobile broadband (EMBB) segment is expected to maintain a larger market size during the forecast period. Enhanced Mobile Broadband (EMBB) provides faster data rates across wide coverage areas and improves various features such as Ultra HD video streaming. To enable early deployment of eMBB services, 3GPP’s RAN group is working to finalize the Non-Standalone (NSA) 5G New Radio (NR) variant.
In APAC countries, governments are investing heavily in 5G services. Due to the large populations of countries in the region, the number of 5G subscribers will also increase, resulting in an increase in average revenue per user (ARPU) for 5G service providers. Countries such as China, South Korea, Australia, and Japan are experiencing high technological growth. The presence of developed technological infrastructure is also one of the main reasons for the adoption of his 5G services in all industries.
The APAC networking market is driven by growing acceptance of cloud-based solutions, emerging technologies such as IoT, big data analytics and mobility.
Top trends around the world 5G service market
The global 5G services market is growing rapidly, and there are a number of key trends driving this growth. Key trends in the global 5G services market include:
- Expanding 5G network coverage: To reach more cities and regions around the world, network operators and telecommunications companies are expanding 5G network coverage at a rapid pace. To meet rising consumer and industry expectations, there has been a focus on making 5G services widely accessible.
- Standalone (SA) 5G network deployments: Despite the fact that the initial 5G deployments were based on non-standalone (NSA) architectures, there is a trend in favor of standalone (SA) 5G networks. SA 5G enables you to independently take full advantage of 5G capabilities with improved performance, reduced latency, and increased network efficiency.
- Integration of 5G and edge computing: 5G and edge computing are increasingly being used together. Edge computing reduces data transmission latency and improves the overall performance of 5G applications and services by processing data closer to the source.
- Internet of Things (IoT) connectivity: 5G is a key enabler for IoT applications with its high speed and low latency capabilities. The proliferation of connected devices and the growing use of Industrial Internet of Things (IIoT) solutions are driving the need for 5G services across many industries.
- Private 5G networks: To meet their unique needs, improve security, and ensure better control over network resources, companies and industries, especially in the manufacturing, logistics, and healthcare sectors, are considering deploying private 5G networks. Masu.
- 5G in the cloud: Cloud service providers are starting to incorporate 5G capabilities into their infrastructure, enabling businesses to use cloud-based 5G services for increased flexibility, scalability, and affordability.
- 5G in Entertainment and Media: 5G is being leveraged in the media and entertainment space to provide customers with immersive experiences such as augmented reality (AR), virtual reality (VR), and ultra-high-definition streaming.
- Governments and urban planners are investigating how 5G can be used to create smart city programs that improve public services, transportation, and infrastructure management.
- Enterprises Adopt 5G Services: Enterprises are turning to 5G to enhance connectivity for remote working, enable real-time collaboration, and support cutting-edge innovations such as augmented reality (AR) and virtual reality (VR). We are hiring services.
- Vehicle-to-vehicle (V2V) and vehicle-to-vehicle (V2X) communications are supported by 5G-enabled autonomous vehicles, and the automotive industry is leveraging this technology to enable connected and autonomous vehicles.
- Partnerships and collaborations: Companies in the 5G ecosystem are forging strategic partnerships and collaborations to accelerate 5G deployment, improve network performance, and foster innovation in 5G-enabled services and applications.
- Accelerating spectrum allocation and regulation: Governments around the world are taking steps to accelerate 5G deployment by allocating the necessary frequencies and lowering regulatory hurdles, facilitating the expansion of the 5G service market.
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Development of major industries
The 5G services market is constantly evolving, with new technologies and solutions emerging all the time. Some of the key industry developments shaping the market are listed below.
- Major carriers and network operators are actively deploying and expanding their 5G networks to reach more cities and regions around the world. This will consist of both non-standalone (NSA) and standalone (SA) 5G deployments to achieve wider coverage and better services.
- Smartphones with 5G capabilities are becoming more widely available and affordable, accelerating consumer acceptance of 5G services. To encourage customers to switch to 5G-enabled devices, smartphone manufacturers are integrating 5G features in different price ranges.
- 5G services for enterprises: Businesses are increasingly leveraging 5G services to improve operations and enable cutting-edge technologies such as edge computing, AR, VR, and IoT. This has led to more specialized 5G solutions for commercial use cases.
- Private 5G networks: Private 5G networks are becoming increasingly popular, especially in areas with specialized connectivity needs or security concerns. Private networks provide businesses and industries with private, secure, low-latency connectivity and allow them to independently manage their networks.
- The integration of 5G and the Industrial Internet of Things (IIoT) has enabled real-time data communication, predictive maintenance, and improved automation in industrial environments. This advancement is driving efficiency, productivity, and cost savings in the industry.
- Integrating 5G and cloud computing: By incorporating 5G capabilities into cloud infrastructure, cloud service providers will enable enterprises to install and operate 5G services in a more adaptable and scalable manner.
- Private 5G networks are becoming increasingly popular, especially in industries with specialized connectivity requirements or security concerns. Businesses and industries can autonomously manage and maintain their networks thanks to private networks that provide private, secure, and low-latency communications.
- The combination of 5G and the Industrial Internet of Things (IIoT) has enabled real-time data exchange, predictive maintenance, and enhanced automation in industrial environments. This development is helping the industry increase productivity, efficiency, and cost savings.
- Integrating 5G and cloud computing: Cloud service providers are helping businesses install and operate 5G services in a more flexible and scalable manner by integrating 5G capabilities into cloud infrastructure.
- Focus on network security: With the expansion of 5G services, there is an increased focus on network security to address potential vulnerabilities and cyber threats. Businesses are spending money to secure their 5G networks and implement reliable security measures.
- 5G testbeds and trials are being conducted in many countries to explore new use cases and assess how well 5G networks perform in real-world situations. These tests will help create more sophisticated 5G services.
- Industry associations and governments are working to create 5G standards and rules to ensure interoperability, spectrum allocation, and successful deployment of 5G networks around the world.
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