5G Services Industry is projected to achieve a Global Market Size of USD 3,827.64 Bn by Registering a CAGR of 55% in the Forecast Period 2022-2032: Fact.MR Analysis

5G Services Market Analysis By Vertical (Mining, Public Safety, IT & Telecom, Healthcare & Social Work, Agriculture, Manufacturing, Aerospace & Defense, Government, Transportation & Logistics, BFSI, Oil & Gas), By Communication Type (FWA, eMBB, mMTC, uRLLC) – Global Forecast 2022-2032

ROCKVILLE, Md., Feb. 28, 2022 (GLOBE NEWSWIRE) -- As per the analysis, the global 5G services market is expected to secure a market value of US$ 3,827.64 Bn by 2032 while expanding at a CAGR of 55% from 2022 to 2032. The 5G service is estimated to hold a market value of USD 58 Bn by 2022. The rapid development in virtualization in the networking domain is expected to be the key factor propelling the market in the forecast period.

The services are likely to witness significant demand in the field of VR, AR, and Ultra-High Definition videos. The increasing demand for the 5G technology in IoT is projected to provide a significant boost to the market in the forecast period. Furthermore, the rising demand for services in the residential and commercial sector is another factor that can fuel the market significantly in the coming time.

On the contrary, the high cost associated with the 5G network mobile phone subscription is likely to hinder the market growth in the coming time. Also, the outbreak of COVID-19 had brought a temporary halt in the spectrum auctions, thereby hindering market growth.

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Growing Demand from IoT to offer Opportunities to 5G Industries
The increasing demand for 5G technology from the Internet of Things (IoT) is expected to provide significant momentum to the 5G services market in the forecast period. As per the data released by the Federation of Indian Chambers of Commerce and Industry (FICCI), the global revenue for the IoT is anticipated to procure USD 1.1 trillion by the end of 2025.

In addition, AI-powered devices are likely to pose a lucrative opportunity to the 5G market. The growing commercial application of 5G services is increasing at a rapid rate, thereby bolstering the market considerably. In addition, the increasing usage of AR/ VR is projected to further boost the demand for 5G technology since it offers low latency and wide coverage, which can benefit the market in the forecast period.

High Expenses associated with 5G Mobile Broadband to Hamper the Market Growth
The high cost associated with the 5G network mobile phone subscription is expected to hinder the market growth in the forecast period. The high cost of production would result in expensive 5G smartphones which is likely to limit the market growth in the coming time. In addition, the outbreak of COVID-19 has brought a temporary halt in the spectrum auctions in countries such as; the U.S, the U.K, and France.

The lockdown imposed globally hampered the manufacturing of 5G smartphones. Furthermore, launching 5G services in developing countries such as; India would face major challenges, which would hinder the market expansion in such nations. Challenges such as; low speed of data, and lack of regulatory bodies are likely to impede the 5G Industry growth in the forecast time.

Key Segments Covered in the Global 5G Services Industry Report
By Vertical:

  • 5G Services for Mining
  • 5G Services for Public Safety
  • 5G Services for IT & Telecom
  • 5G Services for Healthcare & Social Work
  • 5G Services for Agriculture
  • 5G Services for Manufacturing
  • 5G Services for Aerospace & Defense
  • 5G Services for Government
  • 5G Services for Real Estate
  • 5G Services for Retail
  • 5G Services for Transportation & Logistics
  • 5G Services for BFSI
  • 5G Services for Oil & Gas
  • 5G Services for Construction

By Communication Type:

  • FWA 5G Services
  • eMBB 5G Services
  • mMTC 5G Services
  • uRLLC 5G Services

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Competitive Landscape
Key players of the market adopt various strategies to expand their reach in the global market and secure the forefront position in the market. Methods such as; acquisition, partnership, and collaboration are adopted to strengthen their position in the global space.

Some of the recent developments among the key players are:

  • In January 2021, T-Mobile with Ericsson and Nokia signed an agreement to deliver 5G technologies across various countries. It was a multi-billion dollar agreement.
  • In February 2022, AT&T announced that they would own 71% of the new WarnerBros.Discovery Company. The company will also receive 0.24 shares of Warner Bros.Discovery for every AT&T share.
  • In January 2022, KT, a Korean Carrier KT, and Japanese Tech Company Fujitsu accomplished the verification at KT Research and Development Center in South Korea. The two companies leveraged Fujitsu’s Open RAN-based 5G base station equipment to test call connections for open fronthaul. NTT Docomo, the Japanese player will provide Fujitsu with technical support during the project. With the advent of this new facility, KT has the objective to fasten the introduction of O-RAN technology to the 5G network in Korea.

Key Players of the Global 5G services Market:

  • Saudi Telecom Company
  • Rakuten Mobile Inc.
  • BT Group plc
  • Deutsche Telekom AG
  • China Mobile Ltd.
  • AT&T, Inc.
  • KT Corp.
  • Verizon Communications, Inc.
  • Bharti Airtel Ltd.
  • China Telecom Corporation Ltd.
  • Vodafone Group
  • NTT Docomo
  • SK Telecom Co., Ltd.
  • T-Mobile USA, Inc.

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