5G Services Market to Witness Staggering Growth of over 40% over Next Five Years
Published | 12 April 2022
Global 5G services market is growing at a high CAGR because of the significant surge in connected devices and IoT sensors among various industry verticals along with rising demand for higher speed and low latency communications…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global 5G services market was worth USD 46.5 billion in the year 2021. It is estimated to grow at a CAGR of 47.3%, earning revenue of around USD 681.2 billion by the end of 2028. The growth of the global 5G services market is attributed to the significant surge in connected devices and IoT sensors among various industry verticals along with 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 cars, etc., is also providing lucrative growth opportunities to the market.
Increasing Penetration of Automated Electric Vehicles is Offering Lucrative Growth Opportunities to the Market
The increasing penetration of automated vehicles that are equipped with sensors, IoT devices, etc., is projected to boost the demand for 5G services in the forecast period. With the high speed provided by 5G, the automated vehicles can take real-time autonomous decisions within a fraction of seconds, which can help them prevent the chances of accidents. Furthermore, faster data transfer through 5G networks is also favorable for predictive maintenance and data transfer through the cloud in the devices such as smartphones.
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Expanding Adoption of Industrial Internet of Things (IIoT) in Manufacturing Industry is Driving the Global 5G Services Market
Based on enterprise, the global 5G services market is segmented into manufacturing, media and entertainment, government, energy and utilities, transportation and logistics, healthcare, and others. The manufacturing segment holds the largest market share in 2021 as the manufacturers are significantly investing in automating their operations to boost efficiency and cut down their costs. However, the healthcare sector is also registering significant growth, especially after the COVID-19 pandemic outbreak owing to the expansion of telemedicine and healthcare energy.
Global 5G Services Market - By End-User
Based on end-users, the global 5G services market is categorized into consumers and enterprises. The enterprise segment accounts for the largest market share in 2021 owing to the rising adoption of advanced technologies and the increasing need for seamless connectivity among devices, machines, sensors, and cloud infrastructure. Furthermore, rapid digitization in 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.
Global 5G Services Market - Regional Insights
Geographically, the global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa, wherein Asia-Pacific region accounted for majority of the share 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., among various industries such as manufacturing, transportation, logistics, etc., is anticipated to provide lucrative growth opportunities to the market in the forecast period.
Impact of COVID-19 on Global 5G Services Market
Global 5G services market was tremendously halted due to the COVID-19 pandemic outbreak. The government and telecom operators had to temporarily pause their 5G setup and IT infrastructure development due to restrictions on operations and supply chains, which directly impacted the market growth. Furthermore, various end-users also limited or cut down their investment in the adoption of IIoT and connected technologies, which also emerged as a major challenge for the global 5G services market during the COVID-19 period. However, the market is projected to witness tremendous growth during the upcoming years.
The leading market players of the global 5G services market are AT&T, Nokia Corporation, China Mobile, SK Telecom, Verizon, BT Group, Telekom, T-Mobile, China Telecom, Orange S.A, Vodafone, China Unicom, Telstra, KT, Rogers, Bell Canada, Etisalat, STC, LG U+, NTT Docomo and other prominent players. Global 5G services market is highly competitive and concentrated with the presence of leading multinational conglomerates. These companies significantly invest towards bringing technological advancements and launching innovative offerings to gain a market edge. 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 growth potential, upcoming trends, and statistics of the global 5G services market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global 5G services market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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