Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "5G Services Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global 5G services market reached a value of nearly $118.75 billion in 2022, having grown at a compound annual growth rate (CAGR) of 63.34% since 2019. The market is expected to grow from $118.75 billion in 2022 to $781.72 billion in 2027 at a rate of 45.78%. The market is then expected to grow at a CAGR of 32.28% from 2027 and reach to $3,166.25 billion in 2032.
Growth in the historic period resulted from increasing number of internet users, strong economic growth in emerging markets, an increasing adoption of 5G networks and increasing wireless technology.
Going forward, increasing 5G subscriptions, a rise in demand for connected cars, increasing smart homes, an increasing internet penetration, government initiatives and growth in the number of IoT devices will drive the market growth. Factors that could hinder the growth of the 5G services market in the future include high costs to end consumers and a shortage of skilled professionals.
The 5G services market is segmented by communication type into fixed wireless access (FWA), enhanced mobile broadband (EMBB), ultra-reliable and low latency communications (URLLC) and massive machine-type communications (mMTC). The Enhanced Mobile Broadband (eMBB) market was the largest segment of the 5G services market segmented by communication type for 43.07% of the total in 2022. Going forward, the Massive Machine-Type Communications (mMTC) market is expected to be the fastest growing segment in the 5G services market segmented by communication type, at a CAGR of 47.25% during 2022-2027.
The 5G services market is segmented by end-user into manufacturing, energy and utilities, media and entertainment, IT and telecom, transportation and logistics, healthcare, aerospace and defense, and other end users. The IT & Telecom market was the largest segment of the 5G services market segmented by end-user for 24.72% of the total in 2022. Going forward, the healthcare market is expected to be the fastest growing segment in the 5G services market segmented by end-user, at a CAGR of 47.76% during 2022-2027.
The 5G services market is segmented by vertical into smart cities, smart buildings, connected factories, smart utilities, connected healthcare, connected retail and other verticals. The smart cities market was the largest segment of the 5G services market segmented by vertical for 28.2% of the total in 2022. Going forward, the smart utilities market is expected to be the fastest growing segment in the 5G services market segmented by vertical, at a CAGR of 47.7% during 2022-2027.
Asia Pacific was the largest region in the 5G services market, accounting for 39.30% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the 5G services market will be Middle East and South America where growth will be at CAGRs of 49.64% and 49.58% respectively. These will be followed by Western Europe and Asia Pacific where the markets are expected to grow at CAGRs of 46.95% and 46.15% respectively.
The global 5G services market is concentrated, with a few large players. The top ten competitors in the market made up to 89.43% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. AT&T, Inc. was the largest competitor with 21.51% share of the market, followed by Verizon Communications, Inc. with 15.79%, Deutsche Telekom AG with 12.23%, China Mobile Ltd. with 11.25%, T-Mobile USA, Inc. with 9.81%, SK Telecom Co., Ltd. with 5.60%, Saudi Telecom Company with 3.79%, Vodafone Group with 3.53%, China Telecom Corporation Ltd. with 3.45% and BT Group plc with 2.47%.
The top opportunities in the 5G services market segmented by communication type will arise in the enhanced mobile broadband (eMBB)segment, which will gain $283.28 billion of global annual sales by 2027. The top opportunities in segment by end-user will arise in the IT & telecom segment, which will gain $174.47 billion of global annual sales by 2027. The top opportunities in segment by vertical will arise in the smart cities segment, which will gain $188.84 billion of global annual sales by 2027. The 5G services market size will gain the most in the USA at $157.42 billion.
Market-trend-based strategies for the 5G services market include 5G vRAN (virtualized radio access network) technology, service innovations, technological advancements, stand-alone 5G, strategic partnerships and collaborations and artificial intelligence in the 5G network.
Player-adopted strategies in the 5G services market include new service launches, strategic collaborations and partnerships and strategic acquisitions.
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Description:
Where is the largest and fastest-growing market for 5G services? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The 5G services market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider 5G services market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics
Brief introduction to the segmentations covered in the market, definitions and explanations about the 5G services market.
- Key Trends
Highlights the major trends shaping the global 5G services market. This section also highlights likely future developments in the market.
- Global Market Size and Growth
Global historic (2019-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis
Historic (2019-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
Contains the market values (2019-2032) and analysis for each segment by communication type, by end-user and by vertical in the market.
- Regional Market Size and Growth
Regional market size (2022), historic (2019-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations
This section includes recommendations for 5G services providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
| Report Attribute | Details |
| No. of Pages | 352 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $118.75 Billion |
| Forecasted Market Value (USD) by 2031 | $3166.25 Billion |
| Compound Annual Growth Rate | 38.9% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- AT&T, Inc.
- Verizon Communications, Inc.
- Deutsche Telekom AG
- China Mobile Ltd
- T-Mobile USA, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/nk3qa5
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