CHICAGO, July 3, 2024 (GLOBE NEWSWIRE) — global 5G services market It is projected to grow from USD 98.3 billion in 2023 to USD 427.7 billion by 2028, at a compound annual growth rate (CAGR) of 34.2%.According to a new report by MarketsandMarkets™. Security concerns will play a pivotal role in the evolution and widespread adoption of 5G networks. As businesses and governments become increasingly reliant on advanced connectivity, the implementation of robust security features will be essential.
The transition to 5G will see the introduction of enhanced encryption and authentication protocols to address vulnerabilities and mitigate potential cyber threats. This focus on security is not only a response to increasingly sophisticated cyber attacks, but also a proactive measure to instill trust among users and stakeholders. For businesses, a secure 5G network is essential to safeguard sensitive data, ensure the integrity of communications, and protect against potential disruptions. Recognizing the strategic importance of a secure communications infrastructure, governments are driving the adoption of 5G with enhanced security measures to build resilient networks that can withstand evolving cyber threats.
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5G services market trends:
driver:
- Increase in data traffic on mobile networks
- The Need to Transform the Mobile Broadband Experience
- acceleration Digital Transformation Across industries
- Development of smart infrastructure
- 5G-enabled devices launched in a timely manner by multiple vendors
Restraints:
- The implementation cost is high.
opportunity:
- Global adoption of fixed wireless access (FWA)
- Increasing demand for highly reliable and low latency networks.
- Introduction of large-scale IoT ecosystem and critical communication services
List of top companies in the 5G services market:
- AT&T (USA)
- China Mobile (China)
- Verizon Communications (USA)
- Deutsche Telekom AG (Germany)
- Vodafone Group (UK)
- SK Telecom (South Korea)
- BT Group (UK)
- China Telecom (China)
- Orange (France)
- KT Corporation (Korea)
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Based on end-user, the consumer segment is expected to account for the largest market size during the forecast period.
The impact of 5G on the video conferencing experience is a key driver of the growth of this transformative technology in the consumer segment. The high-quality video and audio that 5G offers, coupled with low latency, has revolutionized virtual meetings, online collaboration and remote work interactions. This enhancement is especially important as more people adopt flexible working arrangements and digital collaboration tools. The seamless and immersive nature of 5G-powered video conferencing contributes to increased productivity and efficiency in professional environments. The technology allows for high-definition, Video StreamingIt facilitates a virtual environment that closely replicates face-to-face interactions, including video conferencing, clear voice communication, and real-time collaboration on shared documents. This has become especially important in a global context where remote work and virtual collaboration have become an integral part of modern professional life. As consumer segments increasingly value connectivity, convenience, and high-quality digital experiences, 5G’s role in optimizing video conferencing will be a fundamental driver of its growth and adoption.
Based on application, the smart healthcare segment is expected to maintain a high growth rate during the forecast period.
5G technology is poised to revolutionize healthcare by enabling innovative smart healthcare applications. 5G offers ultrafast data transmission speeds and significantly reduced communication latency, which is crucial for real-time applications such as remote surgery and remote consultations with minimal delays. 5G will enable wearable sensors and medical devices to transmit vital signs and health data in real time, allowing doctors to monitor patients remotely and intervene faster in emergencies. High-resolution video consultations will be facilitated, allowing specialists to examine patients remotely and provide more comprehensive care, especially in underserved areas. 5G’s low latency will pave the way for greater precision and control in robotic-assisted surgery, which could lead to improved outcomes and faster recovery times. The technology is expected to transform healthcare delivery by making it more accessible, efficient and personalized, ultimately leading to improved patient care and better health outcomes.
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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 the educational environment rapidly shifts to digital platforms, 5G technology has become the linchpin in facilitating seamless e-learning experiences. The enhanced connectivity and low latency offered by 5G networks will play a pivotal role in transforming traditional education models. This evolution will enable interactive and engaging educational content, fostering an environment where students and educators can seamlessly collaborate in real time. The robust and high-speed connectivity offered by 5G will not only meet the surging demand for online learning platforms but will also lay the foundation for innovative and immersive educational experiences, contributing to the transformative impact of 5G in the North American education sector.
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