5G Service Market (Communication Type - FWA, MMTC, URLLC, and Others; Vertical - Manufacturing, IT and Telecom, BFSI, and Others; Application - Smart Buildings, Smart Cities, Industry 4.0, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2030

A recent report published by Infinium Global Research on 5G service market provides in-depth analysis of segments and sub-segments in the global as well as regional 5G service market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional 5G service market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global 5G service market.

Market Insight:

The global 5G service market was valued at USD 60.69 billion in 2022 and is expected to reach USD 1704.85 billion in 2030, with a CAGR of 44.97% during the forecast period 2023-2030.

The 5G services market a revolutionary leap in telecommunications, introducing ultra-fast and responsive connectivity. As the fifth generation of wireless technology, 5G brings advanced speed, lower latency, and increased network capacity, enabling faster data transfer and supporting a multitude of connected devices. This transformative technology is set to power innovations such as smart cities, autonomous vehicles, and the Internet of Things (IoT). With improved network performance and efficiency, 5G services can redefine how we communicate and interact with technology, paving the way for a new era of connectivity and digital experiences. 5G service technology covers all ecosystems of hardware, software, and services that are critical for the implementation of a 5G network. 5G service helps connect things everywhere – reliably, without lag – so consumers can measure, understand, and manage things in real time.

The growing number of smartphone subscriptions and the growing amount of data that each subscription is driving the 5G services market. For instance, Ericsson Consumer Lab has carried out research in 28 global 5G markets, after conducting online interviews with 37,000 consumers—10,000 of whom were active 5G users in 28 markets between May and June 2023, Ericsson Consumer Lab identified 4 key consumer trends with additional information of 1.5 billion consumers and 650 million 5G subscribers. Additionally, the active participation of government regulatory agencies in the quick development of the 5G network also propels market growth. The 5G network is employed in public policy and government operations in several areas, including workforce implications, long-term spectrum policy, urban-rural connection divide, and data ethics and privacy. In the area of satellite technology for 5G, the European Space Agency (ESA) and the European Space Industry teamed up. However, the market for 5G services may hampered by infrastructure costs because of the large sums of money needed for widespread deployment. Moreover, the growing need for fast, low-latency connectivity across a range of industries presents a substantial potential opportunity for the 5G service industry.

The global 5G services market is geographically segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific region is expected to hold a maximum share of the 5G service market during the forecasted period. The major cities around the Asia Pacific area are implementing smart city initiatives in an attempt to radically transform urban living. The function of 5G technology, which propels the 5G service industry, is a crucial aspect of this shift. throughout the Asia-Pacific area. Furthermore, several significant market players, including KT Corp., China Telecom, China Mobile, SK Telecom, and Japan, are making significant investments in the construction of 5G network infrastructure in China, Japan, and South Korea. Additionally, the 5G service market is driven by acquisitions, mergers, and collaboration in the region. For instance, On December 5, 2023, AT&T collaborated with Ericsson to Accelerate Open RAN in the U.S., On Nov 2, 2023, AT&T Emerging Voices collaborated with Yahritza y Su Esencia. Meanwhile, Europe is expected to grab a significant share of the 5G services market. The government initiatives encourage the development of 5G services in the region.

Report Scope of the 5G Service Market:

Segment Covered

The report on global 5G service market covers segments such as communication type, vertical, and application. On the basis of communication type, the sub-markets include FWA, MMTC, URLLC, and others. On the basis of vertical, the sub-markets include manufacturing, IT and telecom, BFSI, and others. On the basis of application, the sub-markets include smart buildings, smart cities, industry 4.0, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as AT&T, Inc., BT Group plc, Bharti Airtel Ltd., NTT Docomo, KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, and SK Telecom Co., Ltd..

Report Highlights:

The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the 5G service market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.