5G is described as the fifth generation of cellular mobile communications, more advanced than 4G in terms of speed and use cases that include high-density connection, extremely high bandwidth, and ultra-low latency. The research report about the global 5G service market published by Market Research Future (MRFR) concludes upsurge for this market at 31.9% CAGR between 2018 and 2023. In terms of monetary value, the market can be worth USD 85.84 bn by the end of the forecast period.
Important factors that drive the growth of global 5G service market include low communication latency, need for a high density of connected devices, rapid developments in connected internet of things (IoT) devices, and surging demand for reliable as well as ultra-latent connectivity services. Escalating initiatives towards the development of smart cities can also boost the market growth as smart cities, as well as, smart energy grids use control units, sensors, and other connected devices that require superior network services and high internet speed for proper functioning.
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The global 5G service market segmentation covers communication type, service type, technology, and vertical.
Based on communication type, this market has been segmented into extreme mobile broadband (EMBb), fixed wireless access (FWA), massive machine-type communications (mMTC), and ultra-reliable machine-type communications (uMTC).
Regarding service type, the market has been segmented into managed services and professional service. According to the technology-based segmentation, the market covers a global system for mobile (GSM), high-speed package access (HSPA), radio access technologies (RAT), Wi-Fi, and worldwide interoperability for microwave access (WiMAX).
In the context of vertical, the market has been segmented into automotive, energy & utilities, healthcare, information technology (IT) & Telecommunication, consumer electronics, industrial, retail, and others.
The regional segmentation of the global 5G Service Market covers North America, Europe, Asia Pacific, and Rest of the World (RoW).
North America is the biggest regional market, led by the USA, Canada, and Mexico due to the developed IT infrastructure. USA and Canada have been the early adapter of the 5G service network. Other major market driving factors in this region include technological advancement, availability of high-speed internet, and the presence of many telecom giants.
In Europe, the market can grow during the forecast period due to the rigorous research & development (R&D) activities in this region. Dozens of ongoing customer trials in countries like France, Germany, and the UK can also boost the market growth.
During the forecast period, the Asia Pacific region can emerge as the fastest growing regional market due to the increasing focus on improving connectivity and high investment in R&D activities. Crucial country-specific markets in this region include India, China, and Japan.
The RoW segment covers Latin America and the Middle East & Africa (MEA) region. In Latin America, the market can grow due to the decent availability of technology. In the MEA region, the market is limited due to the limited availability of technology.
Major players in the global 5G service market include Airtel (India), AT&T Inc. (USA), BT Group (UK), China Mobile (China), China Telecom (China), Cisco Systems Inc. (USA), Deutsche Telekom (Germany), DU (real name Emirates Integrated Telecommunications Company) (UAE), Huawei Investment & Holding Co. Ltd. (China), Intel Corporation (USA), KT Corporation (South Korea), LG Electronics Inc. (South Korea), NEC Corporation (Japan), Nokia Corporation (Finland), Samsung Electronics Co. Ltd. (South Korea), Saudi Telecom Company (Saudi Arabia), SK Telecom (South Korea), Sprint Corporation (USA), Telefonaktiebolaget L. M. Ericsson (Sweden), Qualcomm Inc. (USA), Telstra (Australia), T-Mobile USA Inc. (USA), Verizon Communications Inc. (USA), and Vodafone Group (UK).
Latest Industry News
Starting in October this year, O2 is set to execute a business plan that would launch the 5G internet service in Belfast, Cardiff, Edinburgh, Leeds, London, and Slough. After these cities, O2 has plans to expand 5G service to a total of 50 towns and cities by summer 2020. 25 JUL 2019
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Table Of Content
1 Executive Summary
2 Market Introduction
2.2 Scope Of The Study
2.3 List Of Assumptions
2.4 Market Structure
3 Market Insights
4 Research Methodology
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