Press release
Global 5G Technology Market to Skyrocket to US$ 357.1 Billion by 2031, Fueled by IoT Proliferation and Network Virtualization
5G Technology Market
5G technology is the fifth generation of wireless mobile networks, designed to deliver ultra-fast internet speeds, extremely low latency, and massive device connectivity. It enables transformative applications such as autonomous vehicles, remote surgery, smart cities, and advanced IoT ecosystems by providing significantly improved performance over previous generations like 4G LTE.
Key Highlights from the 5G Technology Market Report
✦ Market Size & Growth: Global market to expand from US$ 19.1 billion in 2022 to US$ 357.1 billion by 2031 at a 44.2% CAGR.
✦ Leading Connectivity: eMBB holds 39% share, with URLLC at 26%, mMTC 20%, and niche services 15%.
✦ Top Applications: Commercial services (35%), connected vehicles (20%), VR/AR (15%), enhanced video (20%), others (10%).
✦ Chief End-Users: IT & telecom (35%), industrial (25%), automotive (15%), government (10%), other sectors (15%).
✦ Regional Leaders: Asia-Pacific leads with 35% of revenues, followed by North America (28%), Europe (20%), Latin America (10%), Middle East & Africa (7%).
✦ Fastest Growing Region: Asia-Pacific, driven by large-scale rollouts in China and India.
✦ Innovation Trends: Network slicing, Open RAN deployments, AI-driven operations, and 5G-Advanced standard evolution are reshaping the competitive landscape.
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Market Segmentation
The 5G market is divided
By Connectivity: Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency Communication (URLLC), Massive Machine Application Communication (mMTC), Others
By Application: Commercial, Connected Vehicles, VR & AR, Enhanced Video Services, Others
By End-User: Industrial, IT & Telecom, Automotive, Government, Others
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Major Players and Recent Developments
AT&T Inc.
Launched an industry-first converged fiber/5G integrated gateway for business customers in early 2025, ensuring uninterrupted connectivity by automatically switching to 5G during fiber outages.
Reported Q4 2024 results highlighting strong 5G subscriber growth and network coverage exceeding 310 million people across 26,100+ U.S. cities and towns.
BT Group plc
Conducted Europe's first real-world 5G standalone network slicing trial at Belfast's Christmas Market in December 2024, demonstrating bespoke capacity for mobile payments.
Declared its EE network the "best 5G standalone in Europe" in early 2025, citing low-band spectrum deployments that boosted indoor availability to 67.45%-over 20 points ahead of its nearest rival.
China Mobile Ltd.
Exceeded one billion total 5G connections in 2024 and invested RMB 164 billion in 5G network expansion, with plans to add 340,000 base stations in 2025 to reach 2.8 million stations nationwide.
Unveiled its "AI+NETWORK" strategy at MWC 2024, integrating AI-driven optimization into 5G-Advanced deployments to enhance spectral efficiency and support new IoT-A applications.
China Telecom Corporation Ltd.
Rolled out its 5G UpSpeed plan in mid-2024, delivering up to 1 Gbps peak speeds to over 100 million users through upgraded mid-band spectrum.
Partnered with Ericsson in late 2024 to deploy edge-computing nodes across major Chinese cities, cutting application latency by up to 40% for gaming and industrial control.
Bharti Airtel Ltd.
Extended 5G coverage to 18 Indian states by Q1 2025, targeting 600 million population coverage by year-end through spectrum in 1800 MHz and 3500 MHz bands.
Launched Airtel 5G Plus home broadband in March 2025, pairing fixed wireless access devices with Galaxy FWA gateways to deliver gigabit-class speeds where fiber is unavailable.
✦Other Key Players:
•NTT Docomo Kingspan
•KT Corp
•Saudi Telecom Company
•Vodafone Group
•Deutsche Telekom AG
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Conclusion
As digital ecosystems deepen and network demands multiply, 5G technology stands at the forefront of global connectivity transformation. However, challenges persist: high infrastructure costs, spectrum allocation complexities, device ecosystem maturity, and evolving security threats require sustained innovation and policy support. Advances in Open RAN, network-as-a-service models, and 5G-Advanced (5.5G) standards will be critical to driving down costs, enhancing interoperability, and unlocking emerging use cases in AI, immersive media, and industrial automation. Collaboration among operators, equipment vendors, regulators, and enterprises will determine whether the promise of ubiquitous, ultra-fast, and intelligent 5G networks is fully realized by 2031 and beyond.
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