Global 5G Services Market to Reach $2006.82 Billion by 2029, Growing at 54% CAGR

What industry-specific factors are fueling the growth of the 5g services market?
The rising need from the Internet of Things (IoT) sector is expected to fuel the demand for high-performing, efficient 5G services. For example, a report released by IOT Analytics, a business intelligence firm based in Germany, in September 2024 revealed that by the close of 2023, there were an estimated 16.6 billion IoT connected devices. This was a 15% growth from 2022. This number is predicted to surge to approximately 18.8 billion by the conclusion of 2024. Hence, the escalating demand for IoT and the necessity for connecting smart devices to high-speed internet are set to enhance the revenue of the 5G services market in the upcoming years.

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What Is the projected market size and growth rate for the 5g services market?
The size of the 5G services market has seen a remarkable surge in recent times. It is projected to expand from $206.44 billion in 2024 to $356.36 billion in 2025, registering a compound annual growth rate (CAGR) of 72.6%. The substantial growth during the historical period can be attributed to factors such as the escalating number of internet users, robust economic progress in developing markets, rising acceptance of 5G networks, and the growing prevalence of wireless technology.

Over the next few years, the 5G services market is projected to undergo enormous growth, expanding to $2006.82 billion in 2029 and registering a compound annual growth rate (CAGR) of 54.0%. This growth throughout the forecasted period will be due to a surge in 5G subscriptions, increased demand for connected cars, intensifying smart homes, augmented Internet penetration, government policies, and an expanding number of IoT devices. The forecast period will also see major trends such as 5G vRAN (virtualized radio access network) technology, service innovations, technological progress, stand-alone 5G, strategic partnerships, collaborations and the use of artificial intelligence in the 5G network.

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What new trends are reshaping the 5g services market and its opportunities?
One significant trend influencing the 5G services market is the emergence of AI-driven solutions. The use of 5G services in the commercial sector is experiencing exponential growth. Factors such as the increase in connections and utilization of cloud-based AR or VR are contributing to increased demand for 5G services that offer greater bandwidth, expansive coverage, and minimal latency networks. As an example, in September 2022, Nokia Corporation, a company specialized in communication and IT based in Finland, stated that it has been assisting NTT DOCOMO Inc. in accelerating their radio frequency planning via their AI-powered RF capacity planning software. This will also aid the Japanese operator in effectively implementing its 5G network. Nokia's AVA* software, coined as 'intelligence everywhere,' includes an AI RF capacity planning solution that, to meet DOCOMO's requirements, was adapted to forecast the RF capacity of 4G cells using BTS performance data, and to model the optimal locations for 5G cell and RAN hardware to fulfill the required area capacity. Therefore, the integration of AI into 5G services for better precision and adaptability is expected to be a vital trend in the 5G services market.

What major market segments define the scope and growth of the 5g services market?
The 5G services market covered in this report is segmented -

1) By Communication Type: Fixed Wireless Access (FWA), Enhanced Mobile Broadband (EMBB), Ultra-Reliable And Low Latency Communications (URLLC), Massive Machine-Type Communications (mMTC)
2) By Vertical: Smart Cities, Smart Buildings, Connected Factories, Smart Utilities, Connected Healthcare, Connected Retail, Other Verticals
3) By End-User: Manufacturing, Energy And Utilities, Media And Entertainment, IT And Telecom, Transportation And Logistics, Healthcare, Aerospace And Defense, Other End Users

Subsegments:
1) By Fixed Wireless Access (FWA): Residential Broadband, Business Broadband, Rural Connectivity, Others
2) By Enhanced Mobile Broadband (EMBB): Consumer Mobile Data, Enterprise Mobility, AR Or VR Applications, High-definition Video Streaming
3) By Ultra-Reliable And Low Latency Communications (URLLC): Autonomous Vehicles, Remote Surgery, Industrial Automation, Mission-Critical Applications
4) By Massive Machine-Type Communications (mMTC): IoT Devices, Smart Cities, Wearable Technology, Smart Agriculture

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Which region dominates the 5g services market?
Asia-Pacific was the largest region in the 5G services market in 2024. North America was the second largest region in the global 5G services market share. The regions covered in the 5g services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Which key market leaders are driving the 5g services industry growth?
Major companies operating in the 5G services market include AT&T, Inc, Verizon Communications, Inc, Deutsche Telekom AG, China Mobile Ltd, T-Mobile USA, Inc, SK Telecom Co., Ltd., Saudi Telecom Company, Vodafone Group, China Telecom Corporation Ltd., BT Group plc, Telefonica, O2, MTS, Ericsson, Orange, DIGI, Qualcomm, Cisco, Intel, Huawei, Inseego, CommScope, Cohere Technologies Inc, United States Cellular Corporation, C Spire, Mimosa Networks, Telecom Argentina, America Movil, Etisalat, Emirates Integrated Telecommunications Company P.J.S.C., Zain Saudi Arabia, 21st Century Technologies Ltd, Dreamlabs Nigeria Ltd, Excelsimo Networks Ltd, Galaxy Backbone Plc, ipNX Nigeria Ltd, Liquid Intelligent Technologies, MainOne, Medallion Communications Inc, MTN Group, Rack Centre Ltd.

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What Is Covered In The 5G Services Global Market Report?

•Market Size Forecast: Examine the 5g services market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the 5g services market for a structured understanding.
•Key Players Overview: Analyze major players in the 5g services market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the 5g services market.
•Segment Contributions: Evaluate how different segments drive overall growth in the 5g services market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the 5g services market.
•Industry Challenges: Identify potential risks and obstacles affecting the 5g services market.
•Competitive Landscape: Review strategic developments in the 5g services market, including expansions, agreements, and new product launches.

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