Chicago, March 02, 2023 (GLOBE NEWSWIRE) -- The global 5G Services Market size is expected to grow from USD 107.0 billion in 2022 to USD 331.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period, according to a new report by MarketsandMarkets™.
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145 - Tables
43 - Figures
234 - Pages
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Scope of the Report
| Report Metrics | Details |
| Market size value in 2022 | USD 107.0 Billion |
| Revenue forecast by 2027 | USD 331.12 Billion |
| Growth Rate (CAGR) | CAGR of 25.3% from 2022 to 2027 |
| Market size available for years | 2020-2027 |
| Base year considered | 2021 |
| Forecast period | 2022-2027 |
| Forecast units | Value (USD Billion) |
| Segments covered | Communication type, end user, enterprise, application, and region. |
| Regions covered | North America, Europe, APAC, Middle East and Latin America |
| Companies covered | AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and Telenor Group (Norway). |
Due to high availability of 5G compatible devices and high investments of governments in 5G services, the 5G ecosystem is expected to witness a faster growth rate than other connectivity transformations. Other factors such as high number of applications being developed requiring low latency in connection have resulted in high adoption of 5G services in developing economies. The increasing mobile network data traffic, the growing need to transform the mobile broadband experience, development of smart infrastructures and timely availability of 5G compatible devices from several vendors are the key factors driving the global 5G Services Market growth. High costs required for the deployment of 5G network may limit the market growth. There are significant growth opportunities for 5G services vendors. The growing demand for high reliability and low latency networks, unleashing massive IoT ecosystem and critical communications services are factors presenting opportunities in the 5G Services Market. Delay in spectrum harmonization across geographies and security concerns regarding 5G may pose a challenge to market growth. The enterprises segment has a key role to play in the 5G Services Market and is expected to grow at a higher CAGR during the forecast period. By expanding the scope of wireless technologies and making devices more autonomous, 5G will be more inclusive, progressive, proven, and powerful than any previous generation of communications technology. There are a number of industries with particularly intense dynamics and business opportunities around 5G, such as telecommunications, media and entertainment, manufacturing, transportation, and public services. Each of these sectors has specific business issues linked to 5G.
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By communication type, the Enhanced Mobile Broadband (EMBB) segment is expected to hold a larger market size during the forecast period. Enhanced Mobile Broadband (EMBB) provides faster data rates across wide coverage areas to improve various functions, including ultra-HD video streaming. To enable an early roll out of eMBB services, 3GPP’s RAN group has committed to finalize a Non-Standalone (NSA) 5G New Radio (NR) variant.
The countries in APAC have high investments done by the governments in 5G services. The high population of the countries in the region have also resulted in higher number of subscribers for 5G, thereby resulting in a higher Average Revenue Per User (ARPU) for 5G service providers. Countries such as China, South Korea, Australia and Japan have high technological growth. The presence of developed technological infrastructure is also one of the key reasons for the adoption of 5G services across all industry verticals.
The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility.
Market Players
Key and innovative vendors in 5G Services Market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and Telenor Group (Norway).
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