The global 5G services market is growing pervasively. Market growth attributes to the surging demand for reliable and ultra-latent connectivity services. Besides, the demand for high data speed and connectivity to revolutionize business models drives the growth of the market. Various megatrends of mobile services are affecting the global 5G service market. 5G connections with extremely high bandwidth are required for the seamless performance of IoT devices.
Moreover, rapid developments in IoT (Internet of Things) escalate market growth. According to Market Research Future (MRFR), the global 5G services market is projected to create a valuation of approximately USD 85.84 BN by the end of 2023, growing at 31.9% CAGR throughout the assessment period (2017 – 2023). The demand for expanded access to the unprecedented performance of 5G ultra wideband services is growing rapidly.
Also, advances in 5G technology with game-changing speeds and nationwide 5G coverage substantiate market sales. Additionally, the shift in consumer preference from premise-based to cloud-based solutions positively impacts the growth of the global 5G service market. Increasing deployments of smart connected devices without the issues of latency push the market growth. Rising smart city projects worldwide propel the demand for 5G services.
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Global 5G Service Market – Segments
The report is segmented into five dynamics;
By Service Type : Professional Services (System Integration, Network Planning & Optimization, Network Implementation, others) and Managed Services.
By Communication Type : Extreme Mobile Broadband (EMBb), Massive Machine-Type Communications (mMTC), Ultra-Reliable Machine-Type Communications (uMTC), Fixed Wireless Access (FWA), and others.
By Technology : Wi-Fi, High-Speed Package Access (HSPA), Radio Access Technologies (RAT), Worldwide Interoperability for Microwave Access (WiMAX), Global System for Mobile (GSM), and others.
By Vertical : Energy & Utilities, Automotive, Healthcare, IT & Telecommunication, Consumer Electronics, Industrial, Retail, and others.
By Regions : Europe, Americas, PAC, and Rest of the World.
Global 5G Service Market: Regional Analysis
North America dominates the global 5G service market. The region has been an early adapter of the 5G service network. The largest market share attributes to the presence of several notable 5G service providers rolling out 5G services much ahead of operators in other regions. The US, Canada, and Mexico hold considerable shares in the regional market. Besides, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate market growth.
Also, increasing smart city projects in the region boost market growth, promoting high-speed network performance requirements. Increasing numbers of subscribers and assessment of the allocation of 5G frequencies by the Federal Communications Commission (FCC) create substantial market demand. Moreover, the rise in application areas of 5G services in telecommunications fosters the market in this region. The US accounts for the key share in the regional market.
Europe stands second in the global 5G service market. This market is flourishing mainly due to the proliferation of smartphones and the resurging economy in the region. Rigorous R & D activities in the region and ongoing customer trials in countries such as the UK, Germany, and France positively contribute to market growth. Additionally, growing investments in the 5G service industry foster the growth of the regional market. Also, the presence of prominent players and their R & D investments propel the development of the market to an extent.
The Asia Pacific region is a promising market for 5G services. Increasing focus on improving connectivity and high investment in R&D activities in the region catalyze the growth of the 5G service market. Factors such as technical expertise, the strong presence of key players, and increased industrialization in the region boost the market growth.
Moreover, the rising demand for 5G services in emerging countries such as China, Taiwan, and India propels the growth of the regional market. Along with the ongoing initiatives and developments in 5G service, the large consumer base acts as a tailwind for the regional market growth.
Global 5G Service Market – Competitive Analysis
Highly competitive, the global 5G service market appears fragmented due to the presence of a number of major service providers. To gain a substantially larger market share, 5G Service providers adopt strategies such as mergers & acquisitions, collaboration, expansion, and product & service launch. Service providers make substantial investments in transforming the consumer and business landscape in the future.
Players leading the global 5G Service market include Samsung Electronics Co. Ltd., SK Telecom, LG Electronics Inc., Verizon Communications Inc., Cisco Systems Inc., Qualcomm Inc., Telefonaktiebolaget L. M. Ericsson, Saudi Telecom Company, Intel Corporation, BT Group, China Mobile, Huawei Investment & Holding Co. Ltd., Nokia Corporation, T-Mobile USA Inc., Telstra, NEC Corporation, DU, China Telecom, KT Corporation, Airtel, Sprint, Vodafone Group, Deutsche Telekom, and AT&T Inc.
Industry/ Innovation/ Related News:
October 19, 2020 —- FreedomFi, an open 5G company offering the most straightforward path towards open-source Private LTE or 5G networks, launched the first open-source 5G network appliance enabling vendor-agnostic, private LTE or 5G networks. Cellular LTE networks offer superior range, reliability, and security over Wi-Fi.
However, it requires proprietary hardware from incumbent network equipment manufacturers, making them too expensive to build and maintain if deployed at a medium or small scale. Using Magma open-source software project, FreedomFi Gateway enables anyone to build low cost private, long-range, reliable, and secure networks.
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