Market Research Future (MRFR), in its revised 5G Service Market report, reveals aspects that can control the market dynamics. MRFR study states in spite of the global Covid-19 impact, the 5G Service Market is expected to surge at 31.9% CAGR by 2023.
On conclusion of the assessment period, the 5G Service Market is expected to attain a valuation of $85.84 Bn. Incredibly high bandwidth, high-density connection, and ultra-low latency are major benefits of 5G technology over 4G technology. The growing awareness of these advantages is expected to prompt expansion of the global 5G services market. The high efficacy of 5G services can impel market growth.
The growing inclination towards connected devices and the ongoing connected vehicle and smart home trends are major boosters for the global 5G services market. The growing dependency of businesses ventures on IoT and other progressive technologies that require effective connectivity are expected to boost the global 5G Service Market growth. The rise in the adoption of cloud-based solutions and advancements in smart energy grids by the incorporation of sensors and control units can boost the expansion of the 5G services market. On the contrary, the expense involved in the building of technical infrastructure for 5G networks connectivity can impede the 5G Service Market.
MRFR profiled prominent 5G services providers are: China Mobile, Cisco Systems Inc., Telefonaktiebolaget L. M. Ericsson, SK Telecom, Airtel, NEC Corporation, BT Group, Sprint, Telstra, Huawei Investment & Holding Co. Ltd., LG Electronics Inc., Verizon Communications Inc., DU, China Telecom, Nokia Corporation, Intel Corporation, AT&T Inc., Qualcomm Inc., T-Mobile USA Inc., KT Corporation, Vodafone Group, Deutsche Telekom, Saudi Telecom Company, and Samsung Electronics Co. Ltd.
The 5G Service Market study is based on communication type, service type, vertical, and technology.
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The service-based segment of the market are professional services and managed services. The professional services segments are network planning & optimization, system integration, network implementation, and others. The professional services segment can surge at a pace greater than managed services segment.
The communication type-based segments of the market are Massive Machine-Type Communications (mMTC), Extreme Mobile Broadband (EMBb), Fixed Wireless Access (FWA), and Ultra-Reliable Machine-Type Communications (uMTC). The Extreme Mobile Broadband (EMBb) segment, followed by Massive Machine-Type Communications (mMTC) segment is poised to experience a rapid expansion. These communication type segment of the market is expected to wind in considerable revenue across the assessment period.
The technology-based segments of the market are High-Speed Package Access (HSPA), Wi-Fi, Global System for Mobile (GSM), Radio Access Technologies (RAT), and Worldwide Interoperability for Microwave Access (WiMAX). The high utility of radio access technologies and growing popularity of WiMAX are factors that can boost the global 5G services market growth.
The vertical-based segments of the 5G services market are automotive, healthcare, energy and utilities, consumer electronics, industrial, it & telecommunication, retail, and others. The surge in IT & telecommunication applications of 5G technology can propel the market growth.
North American 5G Service Market is expected to secure the pole position due to the early adoption of 5G technology. The European 5G Service Market is set to surge due to the presence of numerous 5G service network providers. The Asian Pacific 5G Service Market can show exponential expansion due to rise in IoT adoption and rigorous execution of smart cities. The need for high-speed network performance for the seamless execution of digital operations across different sectors is expected to reinforce expansion of the global 5G services market. Investment in infrastructure developments by EU tech companies can add to the global market growth.
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