5G Service Market to Hit USD 248.1 Billion by 2032, at a 29.40% CAGR - Market Research Future (MRFR)

5G Service: The Next Generation of Wireless Technology That Offers Faster Speeds, Greater Reliability, and Enhanced Security

New York, New York, UNITED STATES

New York, US, June 06, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “5G Service Market By Service, By Communication, By Technology, By Vertical, And By –Market Forecast Till 2032", the size of the 5G service market was estimated at USD 24.4 billion in 2022. With a compound annual growth rate (CAGR) of 29.40% over the forecast period (2023-2032), the 5G service market industry is expected to increase from USD 31.5 billion in 2023 to USD 248.1 billion by 2032.

Market Synopsis:

The global market for 5G services is experiencing a significant growth rate, primarily due to the growing demand for high-speed connectivity and the surge in data traffic. As per the GSA and Ericsson Survey in 2018, mobile and smartphone users are eagerly anticipating the development of new applications like YouTube, Flickr, and Snapchat as 5G deployment and subscriptions are projected to reach 13 billion by the end of 2019. Moreover, the escalating costs in the healthcare sector are also contributing to the expansion and advancement of the global 5G services market. The National Health Expenditure Accounts in the United States further support this trend.

Furthermore, the increasing reliance on machine-to-machine communication and the surging volume of mobile data traffic are major drivers for the 5G services market. 5G services facilitate a fully mobile environment by enabling a larger amount of data transmission through wireless systems utilizing high-frequency bands and advanced antenna technology. The demand for internet subscriptions and the need for extensive network coverage at high speeds are also fueling the growth of the 5G services market.

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Market Competitive Landscape:

The affluent companies in the 5G Service industry include:

  • SK Telecom
  • Samsung Electronics Co. Ltd.
  • LG Electronics Inc.
  • Cisco Systems Inc
  • Verizon Communications inc.
  • Qualcomm inc
  • Saudi Telecom Company
  • Telefonaktiebolaget L. M. Ericsson
  • Intel Corporation
  • China Mobile
  • BT Group
  • Nokia Corporation
  • Huawei Investment & Holding Co Ltd
  • T-Mobile USA inc
  • NEC Corporation

Latest Industry Updates:

  • January 2021 - A significant development took place when T-Mobile, in collaboration with Ericsson and Nokia, signed a multi-billion-dollar agreement to implement 5G technologies across multiple countries.
  • February 2022 - AT&T made an announcement stating their ownership stake of 71% in the newly formed WarnerBros. Discovery Company. As part of the deal, AT&T shareholders would receive 0.24 shares of Warner Bros. Discovery for each AT&T share held.
  • January 2022 - KT, a Korean carrier, and Japanese tech company Fujitsu achieved a successful verification test at the KT Research and Development Center in South Korea. Leveraging Fujitsu's Open RAN-based 5G base station equipment, the two companies tested call connections for open fronthaul. NTT Docomo, a Japanese player, provided technical support to Fujitsu during the project. With the introduction of this new facility, KT aims to accelerate the adoption of O-RAN technology in the 5G network within Korea.

Scope of the Report - 5G Service Market:

Report Metrics Details
Market Size by 2030 USD 248.1 Billion
CAGR during 2022-2030 29.40%
Base Year 2021
Forecast 2023-2032
Key Market Opportunities To move bryond connectivity and collaborate across sectors to deliver new, rich services
Key Market Dynamics Rising demand for ultra-latent and dependable connectivity services.

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The global market for 5G services has been categorized based on the type of service, communication type, technology, and vertical.

  • In terms of service type, the market can be divided into professional services and managed services. The professional services segment can be further segmented into system integration, network planning & optimization, network implementation, and others. The managed services segment can also be further divided into professional services and managed services. Among these, the professional services segment is currently the largest, while the managed services segment is expected to experience the highest growth rate.
  • Regarding communication type, the market can be segmented into Extreme Mobile Broadband (EMBb), Massive Machine-Type Communications (mMTC), Ultra-Reliable Machine-Type Communications (uMTC), and Fixed Wireless Access (FWA). Among these categories, Extreme Mobile Broadband (EMBb) is currently the largest segment, while Massive Machine-Type Communications (mMTC) is expected to grow at the fastest rate.
  • In terms of technology, the market can be segmented into Wi-Fi, High-Speed Package Access (HSPA), Radio Access Technologies (RAT), Global System for Mobile (GSM), and Worldwide Interoperability for Microwave Access (WiMAX). The radio access technologies segment currently holds the largest share in this market, while WiMAX is projected to experience the highest growth rate.
  • By vertical, the market can be segmented into Energy and Utilities, Automotive, Healthcare, IT & Telecommunication, Consumer Electronics, Industrial, Retail, and Others. Among these, the IT & Telecommunication segment is currently the largest, while the industrial segment is expected to grow at the fastest rate.

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Regional Analysis:

The key markets for 5G services are North America, Asia Pacific, Europe, and the Rest of the World (RoW).

North America is projected to be the largest market for 5G services, driven by the economies of the US, Canada, and Mexico. This region has been an early adopter of 5G service networks, with various telecom companies already announcing their plans to roll out 5G services ahead of operators in other regions. Additionally, the region's quick adoption of technologies like IoT and smart cities, which require high-speed network performance, contributes to its market leadership.

Europe is also expected to remain a significant market for 5G services, thanks to extensive research and development activities in the region. Numerous ongoing customer trials in countries such as the UK, Germany, and France are also likely to contribute to market growth.

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Asia Pacific is anticipated to be the fastest-growing market for 5G services during the forecast period. The region's focus on enhancing connectivity and substantial investments in research and development activities are expected to drive the growth of the 5G service market in Asia Pacific.

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