With 34.10% CAGR, 5G Applications and Services Market Size Worth USD 938.6 Billion by 2028 | Exclusive Report by Facts & Factors

SAN FRANCISCO, U.S., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “5G Applications and Services Market Size, Share, Growth Analysis Report By Communication Type (FWA, eMBB, MMTC, URLLC), By End-User (Broadband Services, Connected Vehicle, Smart Buildings, Smart Cities, Connected Factories, Smart Utilities, Connected Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global 5G Applications and Services Market size was valued at approximately USD 161.4 billion in 2021. The market is expected to grow above a CAGR of 34.10% and is anticipated to reach over USD 938.6 billion by 2028.”

The report analyses the 5G Applications and Services market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global 5G Applications and Services market.

Market Overview:

Cellular technology's fifth generation (5G) will provide ultra-low latency, fast speed, and consistent connection. "5G technology and services" refers to the entire ecosystem of tools, programs, and services needed to roll out 5G networks. In the 5G technology and services market, connectivity technologies for massive machines, ultra-reliable low latency communications, and enhanced mobile broadband are just a few examples. The adoption of 5G technology and services is anticipated to alter communication, entertainment, and how people access the internet. The ability of 5G technology and services to operate in mm-wave bands or the high-frequency range between 24 and 100 GHz enabling faster data transfer.

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Key Insights from Primary Research

• As per the analysis, the 5G Applications and Services market is likely to grow above a CAGR of around 34.10% between 2022 and 2028.
• The 5G Applications and Services market size was worth around US$ 161.4 billion in 2021 and is estimated to hit approximately US$ 938.6 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• Strong internet infrastructure with high bandwidth capabilities and the enormous demand for fast internet and continuous network connectivity will drive the development of 5G apps and services over the forecast period.
• By communication type, the eMBB category dominated the market in 2021.
• By end-user, the smart cities category dominated the market in 2021.
• The global market for 5G applications and services was led by North America based on geographical segments.

Competitive Players

In light of the current enterprises, the global 5G Applications and Services market has a large scope. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the main players in the global 5G Applications and Services market include;

• Vodafone Limited
• Telefonaktiebolaget LM Ericsson
• Nokia
• Deutsche Telekom AG
• SAMSUNG
• China Mobile Limited
• Vodafone Limited
• Intel Corporation
• AT & T Intellectual Property
• Cisco
• KT Corp.
• Verizon Wireless

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Market Growth Dynamics

With 5G creating a significant technological disruption, its applications and solutions have sparked enormous demand across many industries, opening up new growth opportunities for the global 5G applications and services market in the coming years. Additionally, 5G has the potential to bring about a digital transformation in wireless communication and networking, opening the door for the industry to experience unheard-of growth in the years to come. Additionally, 5G has the potential to enhance network connectivity latency, speed, and bandwidth. The global digital revolution is also anticipated to be accelerated by 5G applications and services. According to reports, introducing 5G applications and services is expected to strengthen the internet economy in countries like China & India and contribute significantly to their GDP. For instance, the digital economy in India is predicted to reach US$ 1.2 trillion by 2025 due to widespread smartphone adoption, increased mobile broadband use, widespread internet consumption, increased adoption of data solutions, and increased social media use.

Additionally, 5G is seen as a key instrument that will increase the adoption of the aforementioned digital gadgets & applications in developing countries like India. However, it is anticipated that the 5G network will meet various service needs by delivering improved network performance with AI, connected things, and robotics. In the years to come, it is anticipated to bring in new sources of income for countries. However, governments charge exorbitant fees to corporations providing 5G spectrum acquisition services. The only option for service providers is to transfer these expenses to the customer. Of course, the availability of 5G network providers will result in higher costs for end users. The expansion of the business should be hampered by high spectrum costs and the resulting rises in 5G service subscription costs.

COVID-19 Impact Analysis

The present spike in demand for 5G applications and services can be ascribed to the rise in the proportion of digital transactions that has occurred as a result of the shutdown that was triggered by the pandemic outbreak induced by COVID-19. The widespread use of 5G applications and services within the public sector is expected to boost the growth of the market within the time frame that has been projected. The growth of the global market for 5G apps and services will depend on whether or not there is a need to change how things look and how many people can use them at once.

Browse the full “5G Applications and Services Market Size, Share, Growth Analysis Report By Communication Type (FWA, eMBB, MMTC, URLLC), By End-User (Broadband Services, Connected Vehicle, Smart Buildings, Smart Cities, Connected Factories, Smart Utilities, Connected Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/5g-applications-and-services-market

Segmentation Analysis

The global 5G applications and services market has been segmented into communication type, end-user, and region. Based on communication type, the 5G applications and services market is segregated into FWA, eMBB, MMTC, and URLLC. In 2021, the eMBB segment dominated the global market. Based on the end-user, the market is segregated into broadband services, connected vehicles, smart buildings, smart cities, factories, smart utilities, and connected healthcare. In 2021, smart cities dominated the global 5G applications and services market.

Regional Analysis

The global 5G applications and services market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the market for 5G applications and services in 2021. The factor contributing to the regional market growth is the ability of the 5G network to improve connection throughout many cities, neighborhoods, towns, and states in countries like the United States and Canada. The demand for ultra-reliable low latency communications, better connection speeds, and considerable machine-type communication needs will also depend on how the sub-sophisticated continent's economies develop. The vast need for skilled network infrastructure in the telemedicine industry, remote equipment operating systems, smart traffic control systems, next-generation drones, smart energy sector, healthcare sector, autonomous vehicles, smart warehouses, law enforcement agencies, telesurgery, smart ports, smart transportation activities, smart power distribution systems, public works, and smart cities of the sub-continent will expand the range of growth opportunities. The United States is home to some 5G network infrastructure investments. Aggressive investment has been made in the US in building smart homes, expanding smart industries, and developing smart city projects, all of which will contribute to the market growth of North American countries over the anticipated time.

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• What is the market size and growth rate forecast for 5G Applications and Services industry?
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• What are the leading companies in the 5G Applications and Services Industry?
• What segments does the 5G Applications and Services Market cover?

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The global 5G Applications and Services market is segmented as follows:

By Communication Type

• FWA
• eMBB
• MMTC
• URLLC

By End-user

• Broadband Services
• Connected Vehicle
• Smart Buildings
• Smart Cities
• Connected Factories
• Smart Utilities
• Connected Healthcare

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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