Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "5G Services Market by Communication Type (eMBB, URLLC, mMTC), End User (Consumers and Enterprises), Application (Industry 4.0, Smart Cities, Smart Buildings), Enterprises (Manufacturing, Telecom, Retail & eCommerce) and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global 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%. The market study covers the 5G Services market size across different segments. It aims at estimating the market size and the growth potential across different segments, including applications, communication type, vertical, and region. The study includes an in-depth competitive analysis of the leading market players, their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
The proliferation of 5G-compatible smartphones has emerged as a pivotal driver within the consumer segment, fueling the widespread adoption of 5G technology. As telecommunications companies deploy advanced networks, consumers are increasingly drawn to the promise of enhanced connectivity and improved mobile experiences. The availability of 5G-enabled smartphones, boasting faster data transfer speeds and lower latency, incentivizes users to upgrade their devices. The desire to leverage the full potential of 5G, including seamless streaming, augmented reality applications, and quicker download speeds, motivates consumers to invest in the latest smartphone technology. This surge in demand for 5G-compatible devices, driven by the allure of superior network capabilities, contributes significantly to the overall momentum of 5G adoption in the consumer market, shaping the way individuals engage with and benefit from mobile connectivity.
The healthcare & life sciences segment is expected to register the fastest growth rate during the forecast period
The advent of 5G technology is revolutionizing healthcare & life sciences by significantly enhancing the capabilities of healthcare drones. With its high-speed connectivity, 5G facilitates a seamless and real-time communication infrastructure crucial for deploying drones in various healthcare applications. In remote areas, where access to medical supplies is challenging, 5G empowers drones to efficiently deliver life-saving medications and supplies, thereby bridging critical gaps in healthcare accessibility. Moreover, the rapid transmission speeds and low latency of 5G enable the swift transportation of lab samples, facilitating timely diagnostic processes. Beyond logistics, 5G-enabled drones can also provide aerial telemedicine support, connecting healthcare professionals with patients in remote locations. This transformative synergy between 5G and healthcare drones not only expands the reach of healthcare services but also establishes an agile and responsive healthcare ecosystem capable of addressing challenges in both routine and emergency medical situations.
The Industry 4.0 segment to hold the largest market size during the forecast period
The advent of 5G technology is reshaping manufacturing processes within the framework of Industry 4.0 through the deployment of sophisticated quality control measures and predictive maintenance systems. In this new paradigm, the strategic placement of sensors and Internet of Things (IoT) devices across the manufacturing environment facilitates continuous monitoring of equipment conditions. These sensors gather real-time data on crucial factors such as temperature, vibration, and wear, providing a comprehensive insight into machinery health. Harnessing the high-speed, low-latency capabilities of 5G, this wealth of data is rapidly transmitted and processed, enabling swift detection of anomalies or deviations from optimal operating conditions. Within the context of Industry 4.0, this real-time connectivity powered by 5G becomes a driving force for transformative change. The seamless transmission and processing of data allow manufacturers to adopt a proactive approach to maintenance. By incorporating advanced analytics and machine learning algorithms, manufacturers can predict potential equipment failures before they manifest. This predictive maintenance strategy minimizes unplanned downtime, as maintenance activities can be precisely scheduled when needed, optimizing the overall effectiveness of equipment. In essence, the integration of 5G-enabled predictive maintenance becomes a cornerstone of Industry 4.0, enhancing operational efficiency, extending equipment lifespan, and contributing significantly to cost savings for manufacturers.
Asia Pacific's highest growth rate during the forecast period
Beyond catering to the connectivity demands of bustling urban centers, 5G emerges as a pivotal solution for overcoming the persistent connectivity challenges faced by remote and underserved areas across the Asia Pacific. In these regions, where traditional infrastructure may be limited, 5G technology plays a transformative role by facilitating enhanced broadband access. This not only addresses the digital divide prevalent in less accessible areas but also actively contributes to fostering inclusivity. By extending high-speed, reliable connectivity to remote communities, 5G enables them to partake in the digital economy, access educational resources, and benefit from essential services such as telemedicine. The deployment of 5G networks in these underserved regions reflects a commitment to narrowing the technological gap, unlocking new opportunities, and fostering a more equitable and connected society throughout the diverse landscapes of the Asia Pacific.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 307 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $121 Billion |
| Forecasted Market Value (USD) by 2028 | $1002.3 Billion |
| Compound Annual Growth Rate | 52.4% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Increase in Mobile Network Data Traffic
- Need to Transform Mobile Broadband Experience
- Accelerated Digital Transformation Across Verticals
- Development of Smart Infrastructure
- Timely Availability of 5G-Compatible Devices from Several Vendors
- Restraints
- High Deployment Costs
- Opportunities
- Global Proliferation of Fixed Wireless Access (FWA)
- Increase in Demand for High Reliability and Low Latency Networks
- Introduction of Massive IoT Ecosystem and Critical Communications Services
- Challenges
- Delay in Spectrum Harmonization Across Geographies
- Security Concerns Regarding 5G Networks
Case Study Analysis
- TDC Net Deployed Ericsson's E2E SLA for Network Slicing
- IMR Partnered with Vodafone Business to Help Local Manufacturers Adopt Industry 4.0
- Vodafone Business Helped H-Farm Create Future-Fit Innovation Hub
- Sunrise Helped Boost Laax's Businesses by Leveraging 5G
Value Chain Analysis
- 5G Infrastructure Vendors
- 5G Mobile Chipset and Technology Providers
- Mobile Carriers
- Mobile Device Makers
- End-users
Technology Analysis
- Key Technologies
- 5G Massive MIMO
- Millimeter-Wave
- Small Cell Networks
- Network Slicing
- Complementary Technologies
- Wi-Fi
- Wimax
- LTE
- Ongo Alliance
- Multefire
- Adjacent Technologies
- IoT
- AI
- Edge Computing
Best Practices in Market
- Network Reliability and Coverage
- Security and Privacy
- Spectrum Management
- Network Slicing for Customization
- Collaboration with Ecosystem Partners
- Customer Engagement and Support
Current and Emerging Business Models
- Subscription Model
- Freemium
- B2B and Enterprise Models
- Content and Application Partnership
- Content Marketplace
- 5G Enablement Platforms
5G Services Tools, Frameworks, and Techniques
- 5G Services Tools
- Network Performance Monitoring Tools
- Network Slicing Orchestrators
- Security and Threat Detection Software
- Network Optimization Software
- 5G Service Frameworks
- Open Radio Access Network (RAN)
- Open Network Automation Platform (ONAP)
- Multi-Access Edge Computing (MEC)
- 5G Techniques
- Beamforming
- Non-Standalone (NSA) and Standalone (SA) Mode
- Dynamic Spectrum Sharing
Companies Profiled
- Aarna Networks
- Airspan Networks
- AT&T
- Bell Canada
- Bharti Airtel Limited
- BT Group
- Celona
- China Mobile
- China Telecom Corporation Limited
- China Unicom Network Communications
- Deutsche Telekom AG
- Dish Network Corporation
- Edgeq
- Etisalat Group
- JMA Wireless
- KDDI Corporation
- KT Corporation
- LG Uplus Corp.
- Mangata Networks
- MTN Group
- NTT Docomo
- Omniflow
- Orange SA
- Rakuten Group
- Reliance Jio
- Rogers Communication Inc.
- Saudi Telecom Company
- SK Telecom
- Swisscom
- Telefonica SA
- Telenor Asa
- Telstra Group Limited
- Telus Corporation
- Verana Networks
- Verizon Communications
- Vodafone Group
For more information about this report visit https://www.researchandmarkets.com/r/1veovu
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