5G Service Market is anticipated to grow USD 248.1 Billion at a CAGR of 29.40% by 2032 – Report by Market Research Future (MRFR)
Research Reports
May 16, 2023
5G Service: The Next Wave of Connectivity
The introduction of 5G network technology has been a hot topic for quite some time now, and for a good reason. With its promise of faster speeds, lower latency, and increased connectivity infrastructure, 5G is poised to transform the world we live in.
According to a comprehensive research report by Market Research Future (MRFR), “5G Service Market information by Communication Type (Extreme Mobile Broadband, Massive Machine- Type Communications, Fixed Wireless Access And Others), By Technology (Wi-Fi, High-Speed Package Access, Radio Access Technologies, System for Mobile And Others), By Vertical (Energy and Utilities, Automotive, Healthcare And Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.
Market Scope:
5G is the fifth-generation wireless network technology that offers faster and more reliable connectivity than its predecessor, 4G. This next-generation network is set to revolutionize the way we communicate, work, and live our lives, paving the way for innovative technologies such as virtual reality, smart cities, autonomous vehicles, and more.
So, what exactly is 5G Service, and how is it different from previous generations of cellular network technology? In this article, we will explore the basics of 5G service, its features and benefits, and its potential impact on various aspects of our lives.
Get Free Sample PDF Brochure:
https://www.marketresearchfuture.com/sample_request/6664
Dominant Key Players on 5G Service Market Covered are:
- 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.
- Sprint
- Vodafone Group
- Deutsche Telekom
- AT&T Inc.
Market Drivers
Various megatrends of mobile services are impacting the global 5G service market growth. The demand for expanded access to 5G ultra wideband services and the unprecedented performance of 5G is growing extensively. Also, rapid advances in 5G technology offering game-changing speeds and nationwide 5G coverage substantiate market sales. Increasing access to the unprecedented performance of 5G ultra wideband service has become extremely important.
5G Service Market Size was valued at USD 24.4 billion in 2022. The 5G service market industry is projected to grow from USD 31.5 Billion in 2023 to USD 248.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 29.40% during the forecast period (2023 – 2032).
Additionally, changing consumer preference from premise-based to cloud-based solutions impacts the market demand positively. Increasing deployments of smart connected devices needing high latency influence the market value. Rising smart city projects worldwide foster the demand for 5G services.
Browse In-depth Market Research Report (100 Pages) on 5G Service Market:
https://www.marketresearchfuture.com/reports/5g-service-market-6664
Segmentation of Market Covered in the Research:
The 5G service market is segmented into service types, communication types, technologies, verticals, and regions. The service type segment comprises managed services and professional services (system integration, network planning & optimization, network implementation, others).
The communication type segment comprises massive machine-type communications (mMTC), extreme mobile broadband (EMBb), fixed wireless access (FWA), ultra-reliable machine-type communications (uMTC), and others.
The technology segment comprises high-speed package access (HSPA), worldwide interoperability for microwave access (WiMAX), Wi-Fi, radio access technologies (RAT), global system for mobile (GSM), and others.
The vertical segment comprises automotive, energy & utilities, healthcare, consumer electronics, IT & telecommunication, retail, industrial, and others. The region segment comprises the Asia Pacific, Americas, Europe, and rest-of-the-world.
Regional Analysis
North America leads the global 5G service market, witnessing the early adoption of 5G networks across the region. Besides, the presence of several notable 5G service providers rolling out 5G services much ahead of operators in other regions boosts the market size. The US, Canada, and Mexico are major markets for 5G services in the region.
Moreover, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate the market value. Also, increasing smart city projects in this region boosts market revenues, promoting high-speed network performance requirements.
Buy Now –
https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=6664
Increasing numbers of 5G users and subscribers, alongside the allocation of 5G frequencies by the Federal Communications Commission (FCC), substantiate the market demand. Moreover, rising application areas of 5G services in telecommunications foster the market growth in this region.
Europe is the second-largest market for 5G services globally. The proliferation of smartphones, alongside the resurging economy in the region, allows the market to flourish. Rigorous R&D activities in this region and ongoing customer trials in countries like the UK, Germany, and France contribute to the market value.
Competitive Landscape
Highly competitive, the global 5G service market appears fragmented due to the presence of a number of major service providers. Industry players adopt strategic initiatives like mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive share. These players also make substantial investments to drive R&D and expansion activities. A considerable amount of investments would go into expansion plans to increase global reach and gain diverse expertise.
In January 2021:
T-Mobile with Ericsson and Nokia signed an agreement to deliver 5G technologies across various countries. It was a multi-billion dollar agreement.
In February 2022:
AT&T announced that they would own 71% of the new Warner Bros. Discovery Company. The company will also receive 0.24 shares of Warner Bros. Discovery for every AT&T share.
In January 2022:
KT, a Korean Carrier KT, and Japanese Tech Company Fujitsu accomplished the verification at KT Research and Development Center in South Korea. The two companies leveraged Fujitsu’s Open RAN-based 5G base station equipment to test call connections for open fronthaul. NTT Docomo, the Japanese player will provide Fujitsu with technical support during the project. With the advent of this new facility, KT has the objective to fasten the introduction of O-RAN technology to the 5G network in Korea.
Ask To Customization –
https://www.marketresearchfuture.com/ask_for_customize/6664
The project would cost around Indian rupees 224 crores and pave the way for end-to-end testing of 5G user equipment (UE) and network equipment by 5G stakeholders developing 5G products and services, including seminal start-ups SMEs, academia, and industry in the country.
Telecom operators, including Airtel, Jio and Vodafone Idea, have established 5G trials sites in cities including Gurugram, Kolkata, Bengaluru, Mumbai, Delhi, Chandigarh, Jamnagar, Chennai, Ahmadabad, Hyderabad, Pune, Lucknow, and Gandhi Nagar. These metros and big cities would witness the first launch of 5G services in the country.
** Also Check Trending Report of MRFR **
Global IoT Managed Services Market: By Services, End User Forecast Till 2030:
https://www.marketresearchfuture.com/reports/iot-managed-services-market-2333
Global Freight Management System Market Research Report: By Component, Execution and Operations Forecast Till 2030:
https://www.marketresearchfuture.com/reports/freight-management-system-market-8715
Web 3.0 Blockchain Market Research Report Information By Blockchain Type, Application, Vertical Forecast Till 2030:
https://www.marketresearchfuture.com/reports/web-3-0-blockchain-market-10746
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
Contact Information:
Contact Us Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com
Tags:
Wire, Research Newswire, English