New Delhi, April 19, 2022 (GLOBE NEWSWIRE) – The global market of 5G services is growing at a high CAGR due to the significant ascent of IoT connected devices and sensors in various industry verticals along with the rising demand for higher speeds and low latency communication…
A recent study conducted by a strategic consulting and market research firm, BlueWeave Consultingrevealed that 5G services market is worth USD 46.5 billion by the year 2021. It is estimated to grow at a CAGR of 47.3%, earning revenue of approximately USD 681.2 billion by the end of 2028. The growth of the 5G services market has been attributed to significant growth. climb connected devices and IoT sensors in various industry verticals along with the rising demand for higher speed and low latency communications. Furthermore, increasing use of high-speed 5G services for various purposes including ultra-HD live streaming, AR/VR experiences, automated factories, self-driving vehicles , etc., also provide lucrative growth opportunities in the market.
Increasing Entry of Automated Electric Vehicles Offers Lucrative Market Growth Opportunities
Increasing penetration of automated vehicles equipped with sensors, IoT devices, etc., is expected to boost demand for 5G services during the forecast period. At the high speeds provided by 5G, automated vehicles can make real-time autonomous decisions in a fraction of seconds, which helps them avoid the chances of accidents. Furthermore, faster data transfer via 5G networks is also favorable for predictive retention and transfer of data via the cloud to devices such as smartphones.
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Expanding Adoption of Industrial Internet of Things (IIoT) in the Labor Industry Drives 5G Services Market
Based on business, the 5G services market is divided into manufacturing, media and entertainment, government, energy and utilities, transportation and logistics, healthcare, and so on. The manufacturing segment will hold the largest share of the market in 2021 as manufacturers are significantly investing in automating their operations to boost efficiency and reduce their costs. However, the healthcare sector is also registering significant growth, especially after the outbreak of the COVID-19 pandemic due to the expansion of telemedicine and energy in healthcare.
5G Services Market – End -User
Based on end-users, the 5G services market is categorized into consumers and enterprises. The enterprise segment will be the largest market share in 2021 due to the increasing use of advanced technologies and the increasing demand for seamless connectivity across devices, machines, sensors, and cloud infrastructure. Moreover, the rapid digitization of industries and the introduction of industry 4.0 in factories through automation of business operations are also influencing the growth of the enterprise segment in this market.
Please Visit 5G Services Market Press Release: https://www.blueweaveconsulting.com/press-release/5g-services-market-to-witness-staggering-growth-of-over-40-over-next-five-years
5G Services Market – Regional Insights
Geographically, the 5G services market is divided into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa, of which the Asia-Pacific region will be the majority in 2021. The government and leading telecom operators in this region are significantly investing in 5G network infrastructure to boost internet connectivity. Furthermore, the increasing adoption of advanced technologies including IoT, AI, etc., in various industries such as manufacturing, transportation, logistics, etc., is expected to provide useful benefits market growth opportunities during the forecast period.
Impact of COVID-19 on the 5G Services Market
The 5G services market has been severely hampered due to the outbreak of the COVID-19 pandemic. The government and telecom operators had to temporarily suspend their 5G setup and IT infrastructure development due to restrictions on operations and supply chains, which directly affected market growth. Furthermore, various end-users also limited or reduced their investment in the use of IIoT and connected technologies, which also emerged as a major challenge for the 5G services market during the COVID-19 era. However, the market is expected to witness tremendous growth in the coming years.
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Competitive Landscape
The leading players in the 5G services market are AT&T, Nokia Corporation, China Mobile, SK Telecom, Verizon, BT Group, Telekom, T-Mobile, China Telecom, Orange SA, Vodafone, China Unicom, Telstra, KT, Rogers , Bell Canada, Etisalat, STC, LG U+, NTT Docomo and other well -known players. The 5G services market is highly competitive and concentrated in the presence of leading multinational conglomerates. These companies are significantly investing towards bringing technological advances and launching innovative offers to get an edge in the market. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.
The in -depth analysis of the report provides information about the growth potential, upcoming trends, and market statistics of 5G services. It also highlights the factors driving the forecasts of the overall market size. The report promises to provide recent 5G services market technology trends and industry insights to help decision makers make strategic decisions. Furthermore, the report also examines the drivers of growth, challenges, and competitive market dynamics.
Recent Developments:
- In February 2022, NTT Ltd., a London-based global technology services company, has announced its partnership with ServiceNow, an American software company, to simplify and accelerate the use of private 5G through an end-to-end end workflow automation platform enabled by AI.
- In February 2022, Cisco Systems, has announced new network technologies including Wi-Fi 6E, private 5G, and security enhancements, to help with hybrid work.
Report Scope:
| Characteristics | Details |
| Considering the Years | Historical data-2018-2021 |
| Base Year – 2021 | |
| Forecast – 2022 – 2028 | |
| Covered by Truth | Revenue in USD Billion |
| Market Range | US, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
| Service/Product Segmentation | By Communication Type, By Application, By End User, By Region |
| Top Players | AT&T, Nokia Corporation, China Mobile, SK Telecom, Verizon, BT Group, Telekom, T-Mobile, China Telecom, Orange SA, Vodafone, China Unicom, Telstra, KT, Rogers, Bell Canada, Etisalat, STC, LG U+, NTT Docomo, and other well -known players. |
According to the Type of Communication
- Fixed Wireless Access (FWA)
- Enhanced Mobile Broadband (eMMB)
- Massive Machine-Type Communications (MMTC)
- Very Reliable Low-Latency (URLLC)
By Application
- Smart Cities
- Connected Factories
- Smart Buildings
- Connected Vehicles
- Connected Health Care
- Connected Retail
- Smart Utilities
- The others
By End User
- Working
- Media and Entertainment
- Government
- Energy and Utilities
- Transportation and Logistics
- Taking care of your health
- The others
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Latin America (LATAM)
- Middle East and Africa (MEA)
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