5G Services Market to reach USD 555.7 Billion - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global 5G Services Market is expected to grow at a CAGR of around 29.4% from 2022 to 2030 and reach the market value of over US$ 555.7 Billion by 2030.

Asia Pacific will account fastest growing CAGR in the forthcoming years

Asia Pacific is expected to grow at a rapid pace. The region is undergoing a dynamic transformation in terms of the adoption of new technology across a variety of sectors. The expansion of infrastructure in APAC, specifically South Korea, Japan, Singapore, China, Australia, and India, is increasing the deployment of 4G and 5G networks, creating enormous opportunities for the implementation of 5G services. Furthermore, with a large mobile subscriber base, businesses in this region are becoming more competitive and focusing on providing better customer service. Due to its size, diversity, and strategic leadership of Singapore, South Korea, Australia, and Japan, the region is poised to dominate 5G services, edge computing, block chain, and 5G core technology.

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Market Driver

5G services transform the mobile broadband experience

5G networks provide an enhanced broadband experience with speeds of up to 1 Gbps and latency of 10ms, as well as a platform for cloud and AI-based services. IT and telecommunications, retail, healthcare, automotive, media and entertainment, BFSI, and agriculture all have different service requirements, such as high bandwidth, low power, ultra-low latency, and high speed. To meet the growing demand for mobile broadband services, network capacity must be increased by utilizing a new spectrum, which will result in the widespread adoption of the 5G core and the deployment of 5G technologies for enhanced mobile broadband services.

Top impacting factors

Factors driving the 5G services market include an increase in the number of IoT devices and edge computing adoption, an increase in demand for content streaming services, and an increase in demand for low latency connectivity in industrial automation. However, challenges with small cell deployment and fiber backhaul implementation are impeding market growth. In contrast, the 5G services market share is expected to grow significantly during the forecast period, owing to opportunities in autonomous vehicles and rising investment in smart cities. Such factors have a positive impact on the growth of the 5G services market.

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Segmental Outlook

The global 5G service market is segmented based on communication type, enterprise, and end-users. By communication type, the market is segmented as FWA, eMBB, URLLC, and MMTC.

Based on the enterprise, the market is segregated as Manufacturing, energy and utilities, media and entertainment, government, transportation and logistics, healthcare, and others. Furthermore, end-user, the market is classified into consumers and enterprises.

According to enterprises, the manufacturing segment is expected to dominate the global 5G service market by capturing a sizable market share. Because 5G services will enable more efficient manufacturing procedures involving more efficient production lines (with machine vision and high definition video for managing different processes), AGVs in factories (autonomous transportation), and machine control, with latency of less than 5ms by using URLLC, it has gained worldwide traction. The enterprise segment is expected to grow at the fastest rate during the forecast period. The rise of 5G as a foundation platform for several new applications in various verticals such as transportation, manufacturing, and healthcare is fueling the growth of the global 5G services market.

Competitive Landscape

The prominent players of 5G services involve AT&T Inc., China Mobile Limited, Verizon Communications Inc., BT Group plc, Deutsche Telekom AG, T-Mobile, Orange S.A., China United Network Communications Group Co., Telstra Corporation Limited, Telefónica, S.A., Rogers Communications Inc, Bell Canada, and among others.

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Some of the key observations regarding 5G services include:

• In January 2021, AT&T Inc announced the launching of its 5G service in some popular areas and venues across Tampa. 5G+ is AT&T's name for 5G service delivered using millimeter wave spectrum, which is ideal for high-traffic areas.

• In January 2021, T-Mobile announced a signing agreement together with Ericsson and Nokia for a five-year, multi-billion dollar agreements to continue advancing and expansion of the country's largest 5G network

• In February 2021, Orange S.A. announced the launching of a 3.5 GHz 5G network in 15 French municipalities and announced to cover more than 160 municipalities by the end of 2020. This new service offering allowed individuals and businesses to benefit from unprecedented quality of service and helped them developed new use.

• In January 2021, Nokia announced a partnership with China Mobile for the successful trailing of AI powered RANs to predict bandwidth traffic and detect network anomalies to advance the 5G-RAN architecture

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