5G Services Market worth $1,002.3 billion by 2028 - Exclusive Report by MarketsandMarket™

CHICAGO, Dec. 4, 2023 /PRNewswire/ -- Expanding the network widely, adopting more devices, and concentrating on cutting edge use cases like augmented reality, virtual reality, and industrial applications are all necessary for the future of the 5G Services Market. Growing private 5G networks, edge computing and AI integration, improved cybersecurity protocols, and the application of 5G to sustainable projects and smart cities are some of the developments that are anticipated. 5G Services Market dynamics are anticipated to be shaped by ongoing efforts towards global standards, interoperability, and a wide range of industry applications.

The 5G Services Market is estimated at USD 121.8 billion in 2023 to USD 1,002.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 52.4%, according to a new report by MarketsandMarkets™. The innovative concept of network slicing in 5G represents a transformative leap in network customization, offering virtual, dedicated slices tailored to the unique requirements of specific applications or services. This capability is a pivotal driver for the diverse range of use cases enabled by 5G technology. For massive IoT deployments, network slicing allows the creation of dedicated slices optimized for handling a vast number of connected devices with varying communication needs. Simultaneously, in ultra-reliable low-latency communication (URLLC) scenarios, such as mission-critical applications in healthcare or industrial automation, dedicated slices ensure the stringent demands for real-time responsiveness and reliability are met. Network slicing thus becomes a crucial proponent in the adaptability of 5G, fostering a flexible and efficient network infrastructure that can accommodate the varied and evolving demands of a multitude of applications and industries.

Browse in-depth TOC on "5G Services Market"

268 - Tables
51 - Figures
305 - Pages

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Scope of the Report

Based on communication type, the eMBB segment to hold the largest market size during the forecast period

The promise of significantly faster data speeds with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB), reshaping the landscape of user experiences. This accelerated speed is a transformative force, particularly for data-intensive applications that have become integral to contemporary lifestyles. The ability of 5G to deliver higher download and upload speeds serves as a cornerstone for the flourishing demand in areas such as high-definition video streaming, virtual reality, and augmented reality. In the realm of video streaming, 5G facilitates seamless, buffer-free streaming of high-quality content, enhancing the user's entertainment experience. Moreover, in the realm of immersive technologies like virtual and augmented reality, the faster data speeds of 5G contribute to reduced latency, ensuring a more responsive and realistic user experience. This heightened speed not only meets current consumer expectations but also unlocks the potential for novel applications and services, driving market growth as businesses and consumers alike seek the enhanced capabilities that 5G brings to the forefront.

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By end user, enterprise segment is expected to hold a higher growth rate during the forecast period

Enterprises across various sectors are increasingly drawn to the deployment of private 5G networks as a strategic driver within the enterprise segment. This trend is particularly pronounced in industries where having dedicated and reliable communication networks is imperative for driving automation, robotics, and process optimization. Private 5G networks offer businesses a higher degree of control over their connectivity infrastructure, providing a dedicated and secure environment for mission-critical applications. In sectors like manufacturing, for instance, where seamless communication between machines and devices is essential for operational efficiency, private 5G networks serve as a foundational technology. The ability to tailor network parameters and allocate resources according to specific business needs empowers enterprises to optimize their connectivity for diverse applications. This adaptability, coupled with the low-latency and high-bandwidth characteristics of 5G, positions private networks as a key enabler for realizing the full potential of Industry 4.0, smart factories, and other advanced technologies within the enterprise landscape. The pursuit of these benefits propels the adoption of 5G in the enterprise sector, fostering a paradigm shift in how businesses approach and leverage their connectivity infrastructure.

North America is expected to hold the second largest market size during the forecast period

The deployment of 5G infrastructure in North America is considered a powerful catalyst for economic growth, job creation, and technological innovation. The robust and high-speed connectivity offered by 5G networks serves as a foundational element for various industries, from telecommunications and manufacturing to healthcare and smart cities. As businesses embrace the capabilities of 5G, they stimulate demand for advanced technologies, such as the Internet of Things (IoT), edge computing, and artificial intelligence. This surge in technological adoption, coupled with the need for skilled professionals to design, implement, and manage 5G networks, contributes to job creation and the growth of a specialized workforce. Furthermore, the public and private sectors recognize the potential for 5G to drive economic competitiveness on a global scale. Consequently, increased investments are being made to develop and expand 5G infrastructure, fostering an ecosystem that not only meets current connectivity needs but also positions North America at the forefront of technological innovation and economic development.

Top Key Companies in 5G Services Market:

The major vendors covered in the 5G Services Market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), China Telecom (China), Orange (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica S.A (Spain), KT Corporation (South Korea), Roger Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), LG Uplus  (South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), Dish Network (US), Reliance Jio Infocomm (India), Rakuten Group (Japan), MTN Group (South Africa), Bharti Airtel Limited (India), Telenor Group (Norway), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), Edge Q (US), Omniflow (US), Aarna Networks (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the 5G Services Market.

Recent Developments

• In September 2023, Vodafone partnered with Nokia to introduce Open RAN in Italy through a pilot program. The carrier completed a series of 4G calls over a cluster of shared commercial network sites in Romania.
• In September 2023, China Mobile and Indosat Ooredoo Hutchison collaborated to develop strategies and expand their businesses into new and existing markets, as well as to monetize the 5G market.
• In July 2023, AT&T Boldyn Networks partnered to boost 5G mobile coverage for millions of San Fransico Municipal Transportation Agency riders.

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5G Services Market Advantages:

• When compared to earlier wireless network generations, 5G offers noticeably faster data rates. As a result, latency is decreased and user experience is enhanced overall with faster upload and download rates.
• Data transmission delays are decreased by 5G networks' ultra-low latency. Applications like augmented reality (AR), virtual reality (VR), and driverless cars that demand real-time responsiveness need this.
• Due to their enhanced efficiency and greater availability of spectrum, 5G networks can support a significantly higher number of connected devices concurrently. This is especially useful in places where there is a significant concentration of gadgets and people.
• 5G is intended to offer dependable access in crowded cities, where network congestion can be problematic. Urban IoT applications and smart cities benefit from the technology's capacity to manage many devices in close proximity.
• Massive Internet of Things (IoT) deployments are well-suited for 5G. Many IoT devices can connect at once because to the network's increased capacity and efficiency, which promotes the development of smart infrastructure and industrial applications.
• With 5G, mobile broadband services are improved and mobile devices can connect to the internet more quickly and consistently. Online gaming, high-definition video streaming, and other data-intensive apps benefit greatly from this.
• 5G's fast speeds and low latency boost efficiency and productivity across a range of industries. Quick decision-making and response times are supported by apps that benefit from faster data transfer and real-time communication.

Report Objectives

• To determine and forecast the global 5G Services Market by communication type (eMBB, URLLC, mMTC), end user, application, enterprise, and region from 2023 to 2038, and analyze the various macroeconomic and microeconomic factors affecting market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• To provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the 5G Services Market.
• To analyze each submarket with respect to individual growth trends, prospects, and contributions to the overall 5G Services Market.
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the 5G Services Market.
• To profile the key market players; provide a comparative analysis based on business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the market's competitive landscape.
• Track and analyze competitive developments in the market, such as mergers and acquisitions, product developments, partnerships and collaborations, and research and development (R&D) activities.

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