The 5G Services market is expected to reach a value of USD 250,100.34 Million by 2027 growing at a CAGR of 50.00% over the forecast period (2021 - 2027)

According to SkyQuest Technology, Increasing data traffic and demand for high-speed data connectivity will boost the 5G services industry growth. Data-capable gadgets and high-bandwidth apps are driving exponential increase in mobile data traffic (APPs), which contributes to the industry growth. 5G supports applications such as 8K video streaming and Augmented Reality (AR), which further supports industry growth. Besides, energy, transportation, banking, health, and industrial control systems are also predicted to rely heavily on digital infrastructure and 5G networks; which creates a scope for the market growth.

Westford, USA, April 11, 2022 (GLOBE NEWSWIRE) -- 5G wireless mobile services enable a completely mobile and connected environment by supplying a wide range of use cases and business models to users. 5G technology's faster data speeds and extremely low latency would improve the user experience when using 5G services for a variety of use cases, including Virtual Reality (VR) and Augmented Reality (AR) gaming, seamless video calling, and Ultra-High Definition (UHD) videos, to name a few. Further, the growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive the adoption of these services.

Furthermore, it is projected that a strong deployment of 5G network infrastructure will boost operational efficiencies across a variety of IoT use cases, including smart homes, smart cities, and industry 4.0. As a result, the increasing demand for high bandwidth to enable reliable connection to IoT devices is likely to drive market growth over the forecast period. The trend of remotely monitoring energy systems of buildings is progressively growing in several nations, such as the United States, China, and Japan which will further aid the industry growth and offer up new prospects for the deployment of 5G services.

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Moreover, 5G system integration providers' increased focus on forming partnerships with telecom operators is expected to boost the usage of these services. As part of their efforts to survive in a highly competitive climate, several industry verticals are focused on technology revolutions to boost overall productivity and operational efficiency. By lowering overall costs and increasing productivity, 5G wireless technology has the potential to assist achieve remarkable revolutions across all of these verticals. Over the projection period, the continuous focus on enhancing energy monitoring and management, as well as obtaining greater control of the energy generating and distribution network, is likely to enhance the market growth.

Read market research report, " Global 5G Services Market is segmented By Component (Platform and Services), By Type (Public, Private, and Hybrid), By Application (Food & Agriculture, Transportation & Logistics, Manufacturing, Energy & Utilities, Healthcare & Life Sciences, Media & Entertainment, BFSI, Retail & E-Commerce, IT & Telecom, and Others) & By Region- Forecast and Analysis 2020-2027” by SkyQuest

Based on the region, the global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial share in the market and grow at the fastest CAGR during the forecast period. Regional players such as China Telecom, China Mobile, SK Telecom, and KT Corp., among others, are investing heavily in the deployment of 5G network infrastructure in China, Japan, and South Korea.

The majority of these funds will be used to build next-generation infrastructure in the media and entertainment, transportation and logistics, healthcare, and manufacturing industries. Over the forecast period, these investments are expected to move the Asia Pacific regional market forward. Furthermore, the increased demand for smartphones with faster internet rates has resulted in a steady supply of 5G-enabled handsets throughout the region. This is further likely to propel the regional growth of the market.

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On the other hand, the North American region is further expected to grow at a significant rate. The North American region is home to some of the largest telecom companies in the world, including AT&T, Verizon, Ericsson, and others which are constantly investing in expanding and improving their infrastructure to keep up with technological breakthroughs. Moreover, commercial 5G services for fixed wireless access and mobile have already been launched in the region by service providers. According to Ericcson's Mobility Report in June 2019, the region will have about 270 million 5G subscriptions, accounting for nearly 60% of all mobile subscriptions. This indicates that the region has a great scope for the growth of 5G services industry growth.

Furthermore, the presence of the key players and various growth strategies adopted by them are among the prime factors that catalyze the industry growth during the forecast period. Some of the prominent players operating in the market include AT&T Inc., BT Group Plc, China Mobile Ltd., Bharti Airtel Ltd., NTT Docomo, China Telecom Corporation Ltd., KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, SK Telecom Co. Ltd., Verizon Communications Inc., T-Mobile USA Inc., and Rakuten Mobile Inc. among others.

In January 2021, T-Mobile, Ericsson, and Nokia have signed a multibillion-dollar five-year deal to continue developing and extending the country's largest 5G network. Further, in November 2020, Orange S.A. started a 3.5 GHz 5G network in 15 French towns, with plans to expand to over 160 by the end of 2020. This innovative service provided individuals and organizations with unrivaled service quality while also assisting them in developing new uses. Hence, such growth strategies adopted by the key player in the market are likely to aid the industry growth during the forecast period.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.

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SkyQuest has segmented the global 5G Services market based on Component, Type, Application, and Region:

Global 5G Services Market by Component

  • Platform
  • Services

Global 5G Services Market by Type

  • Public
  • Private
  • Hybrid

Global 5G Services Market by Application

  • Food & Agriculture
  • Transportation & Logistics
  • Manufacturing
  • Energy & Utilities
  • Healthcare & Lifesciences
  • Media & Entertainment
  • BFSI
  • Retail & E-Commerce
  • IT & Telecom
  • Others

List of Key Players of 5G Services market

  • Nokia Corporation (Finland)
  • Huawei Technologies Co Ltd. (China)
  • AT&T Inc. (US)
  • Verizon Communications Inc (US)
  • Sprint Corporation (US)
  • T-Mobile US, Inc. (US)
  • Deutsche Telekom AG (Germany)
  • Telefonaktiebolaget LM Ericsson (Sweden)
  • Swisscom AG (Switzerland)
  • Vodafone Group (UK)
  • BT Group (UK)
  • Telstra Corporation Limited (Australia)

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