The global 5G Services market size is expected to grow from USD 53.0 billion in 2020 to USD 249.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period. The transformation to the 5G ecosystem is expected to witness 3–4 times faster growth rate than other connectivity transformations. This is primarily due to the rapid innovation in virtualization in the networking domain, coupled with the growing numbers of applications, which require a latent-free connection. The above factors have resulted to expect rapid adoption of 5G services, followed by a quick roll out of 5G services by other developing economies
Enterprises segment is expected to grow at the highest CAGR during the forecast period
The commercial 5G enterprise applications, such as Industry 4.0 factories, autonomous driving cars, and robotic surgeries, are already in the execution phase. Latency-dependent and time-sensitive applications, such as automated vehicle driving and telerobotics, will especially benefit from edge computing in combination with 5G network slicing. For instance, the self-driving car is an upcoming idea with 5G wireless networks. High performance wireless network connectivity with low latency is preferred for autonomous driving. In future, cars can communicate with smart traffic signs, surrounding objects, and other vehicles on the road
Healthcare segment to grow at the highest CAGR during the forecast period
5G opportunities in healthcare rely on a combination of massive IoT and enhanced broadband to support telemedicine. 5G will help improve diagnoses requiring multiple connections at a remote site (patient dialysis at home or remote control of medical equipment). Telemedicine and connected equipment inside hospitals will be possible using 5G. For instance, massive IoT strides had already been taking place ahead of events in 2020. Consider Saratoga Hospital in Saratoga Springs, NY, US. The hospital found itself bogged down with administrative tasks, such as taking patients vital signs every few hours and manually logging the results. 5G services were dopted by the hospital to improve the service and healthcare during the pandemic.
Asia Pacific (APAC) region to record the highest growing region in the 5G services market
APAC has several growing economies, such as China, South Korea, Australia and Japan, which are expected to register high growth in the 5G services market. These countries have always supported and promoted industrial and technological growth. In addition, they possess a developed technological infrastructure, which is promoting the adoption of 5G services solutions across all industry verticals. The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility. APAC is one of the biggest markets for connected devices
- By Company Type: Tier 1 – 35%, Tier 2 – 39%, and Tier 3 – 26%
- By Designation: C-level – 55%, Directors – 40%, and Others – 5%
- By Region: North America – 38%, Europe – 40%, APAC – 21%, and Rest of the World (RoW)– 1%
This research study outlines the market potential, market dynamics, and major vendors operating in the 5G services market. Key and innovative vendors in 5G services market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and Telenor Group (Norway)
The market study covers the 5G services market across different segments. It aims at estimating the market size and the growth potential of this market across different segments based on communication type, end users, enterprises and applications, with regions covered. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key benefits of buying the report
The report is expected to help the market leaders/new entrants in this market by providing them information on the closest approximations of the revenue numbers for the overall 5G services market and its segments. This report is also expected to help stakeholders understand the competitive landscape and gain insights to improve the position of their businesses and to plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.