Verizon (US), China Mobile (China), AT&T (US), SK Telecom (South Korea) and BT Group (UK) are the Renowned Players in 5G Services Market - Report by MarketsandMarkets™

According to recent research "5G Services Market by Vertical (Smart Cities, Connected Vehicles, Connected Factories, Smart Buildings, Smart Utilities, Connected Healthcare, and Broadband Services), Application (eMBB, MMTC and URLLC, and FWA), and Region - Global Forecast to 2025", The 5G services market is expected to grow from USD 53.93 billion in 2020 to USD 123.27 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18% during the forecast period. The rising demand for reliable and ultra-low latency connectivity services and growing trends in machine to machine communication are expected factors to have enabled the 5G services market to witness tremendous adoption.

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The Fixed Wireless Access (FWA) segment to grow at the highest CAGR during the forecast period

The FWA segment is expected to grow at the highest CAGR during the forecast period. Owing to its remote area coverage and high-speed latent free service offerings, followed by reduced last mile connectivity expenditure, the application would be deployed by a large number of commercial as well as consumer users.

The connected vehicles vertical grow at the fastest growth rate during the forecast period

The connected vehicles vertical is expected to grow at the highest CAGR during the forecast period, owing to the advent of autonomous vehicles. Autonomous vehicles are still in the Research and Development (R&D) phase; however, they would be available for use in the near future. The telecom and automotive players formed a 5G Automotive Association to develop, test, and promote communication solutions. The objective of the 5G Automotive Association is to implement 5G connectivity for the next generation connected cars.

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North America to have the largest market share duringthe forecast period

North America is expected to hold the largest market share in the 5G services market. Telcos in the US have announced to roll-out 5G services much earlier as compared to that of other countries in a large number of states. Due to the rising adoption of new technologies, such as IoT and smart cities, and increasing need for high-speed internet connectivity, telecom service providers have started trials and tests for 5G services.

The key players in the 5G services market include AT&T (US), Airtel (India), BT Group (UK), China Mobile (China), China Telecom (China),Deutsche Telecom (Germany), du (UAE), Korea Telecom (Korea), Sprint (US), Saudi Telecom Company (Saudi Arabia), SK Telecom (South Korea), Telstra (Australia), Vodafone (UK), and Verizon (US).

Verizon is one of the key vendors that primarily contributes to the development of 5G services, and has a strong market presence. The company is also expanding its business across cities in the US and partnering with major companies to stay ahead in the 5G competition. For instance, in August 2018, Verizon partnered with Motorola to launch the US’ first 5G compatible smart phone Moto Z3. This phone would support current 3G, 4G LTE, and the upcoming Verizon’s 5G network.

China Mobile is one of the market leaders in the 5G services market. The company has adopted growth strategies that include conducting 5G trials, partnering with major companies, and signing agreements with key players. For instance, in August 2018, China Mobile completed 5G trials by connecting non-5G devices and computers to its Wi-Fi hotspots via customer premises equipment. These trials attained the speed of 14Gbps using mmWave spectrum.

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