The 5G Services market is anticipated to grow with a CAGR of 44% over the forecast period of 2019-2028. In telecommunications, 5G is that the fifth generation technology standard for cellular networks, which telephone companies began deploying worldwide in 2019. Beyond speed improvement, 5G is predicted to unleash a huge IoT ecosystem where networks are capble of serving communication needs for billions of connected devices, with the proper trade-offs between speed, latency, and cost. 5G tops out at 10 gigabits per second which means 5G is 10 to x100 faster than what 4G may provide. The rising demand for faster and reliable networks, growing increase for the demand of low latency connectivity, the rapid increase of IoT services, and growing data traffic are expected to be some primary drivers that are propelling the market growth immensely.
Top Driver: Increasing Demand for Faster and Reliable Connectivity to Propel the Market Growth
Various companies are investing in advanced technologies to improve their data connectivity and make it more reliable and faster. The increasing demand for high-speed wireless connection and rapid file transfers is expected to propel the market growth in the future. The rising data in cloud storage demand faster data connectivity to be managed, and hence 5G service is being introduced across the globe to fulfill the requirements. Moreover, various governments and institutions require a high-speed wireless connection to manage a whole lot of data associated with the population of the region, and hence the demand for 5G is growing rapidly.
The Enhanced Mobile Broadband Segment is Expected to Hold the Largest Market Share
The eMBB or the enhanced broadband mobile network is expected to hold the largest market share. The eMBB services are next-level services that provide better connectivity and are wily used by organizational institutions for wireless connectivity. On the basis of application, the market is segmented into eMBB, mMTC and URLLC, and FWA. The mMTC and URLLC segments are also expected to witness growth in the forecast period. On the basis of vertical, the market is segmented into Smart Cities Connected Factories, Smart Buildings, Connected Healthcare, Smart Utilities, Broadband, Others.
North America Accounted for the Largest Market Share
North America accounted for the largest market share owing to huge technological advances in the region and the presence of various tech companies. The region is highly driven by a faster speed network, which demands more efficiency due to which the region is expected to witness rapid growth in the forecast period. Europe accounted for the second-largest shre, and the Asia Pacific is expected to be the fastest-growing network.
Players to Focus on Expanding Applications in the Agriculture Industry
The global 5G Services market is expected to grow with a significant CAGR due to presence of various companies including AT&T, Airtel, BT Group, China Mobile, China Telecom, Deutsche Telecom, du, Korea Telecom, Sprint, Saudi Telecom Company, SK Telecom, Telstra, Vodafone, Verizon and others which are developing new products to drive the market growth.
Ericsson: In September 2018, T-mobile and Erricson formed a collaboration to support T-mobile’s 5G deployment in the United States.
BT Group plc’: In April 2018, the BT Group’s Enterprise segment acquired 40 MHz of 3.4 GHz spectrum for around USD 426.5 million. The company plans to utilize the spectrum to provide next-generation improved internet services in U.K
Scope of the Report
Global 5G Services Market, by Type
Global 5G Services Market, by End-user
Global 5G Services Market, by Enterprise
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