MarketsandMarkets forecasts the global 5G Services Market size to grow from USD 107.0 billion in 2022 to USD 331.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. A large number of developed countries have successfully laid the test beds for 5G services and are expected to roll out 5G services within one year. The monetization of 5G services is expected to take a couple of years more, as the offloading to 5G connectivity platforms is expected to take some more time. The transformation from 2G to 3G was mainly to offer better internet connectivity to mobile users, followed by better audio call routing. On the other hand, the transformation from 3G to 4G was primarily concerned with offering better Voice over Internet Protocol (VoIP) and Voice over Long-Term Evolution (VoLTE) services to end users. The transformation to 5G connectivity is considered to be a revolution in the connectivity industry. Machine-to-Machine (M2M) communication and latent-free services are the prime objectives of 5G services.
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Healthcare segment to grow at the highest CAGR during the forecast period
5G services will prove to be highly efficient in the healthcare sector by enabling remote patient monitoring, connected ambulance services, hd virtual consultations, video-enabled prescription management etc. The lower latency 5G will enable data and video to be sent in real-time to the hospital/clinicians in emergency situations and this will have significant impact on the healthcare sector and people’s lives.
uRLLC segment is expected to grow at the highest CAGR during the forecast period
Ultra-reliable low-latency communication (URLLC) use cases such as autonomous systems and mission-critical control are going to gain traction, which increase the speed and quality of services in critical functions. The automotive industry has been an early adopter of various connectivity technologies. There has been a major impetus by car manufacturers to develop connection-ready cars, taking small steps forward within a long-term vision of autonomous vehicle control using URLLC. Service providers may decide to provide focussed offerings end-to-end as the principle B2B services provider. So for example they may supply services, including high-definition cameras to a car manufacturer that requires 5G and URLLC on a production line.
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The key and emerging market players in the 5G services market include AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India), and Telenor Group (Norway). These players have adopted various strategies to grow in the global 5G services market.
China Mobile focuses on customer, home, business, and new markets, referring to it as the CHBN strategy. The firm is directed toward empowering China in terms of cyber power, digital nation, and smart society to implement the 5G+ plans since June 2019, thus connecting all industries and enterprises. The firm had launched exclusive plans for 5G customers and feature services, such as ultra-high-definition videos, cloud-based games, and full-screen video connecting tones. As of the end of December 2021, the companys 5G network customer base reached 207 million, accounting for 21.6% of the total number of mobile customers. With a net addition of 148 million customers, equivalent to a monthly average net addition of more than 12 million customers, the company boasted an industry-leading growth rate. In 2021 the company put in use more than 730,000 5G base stations. In terms of the vertical sector, the firm combined 5G with AICDE capabilities, to facilitate 5G smart manufacturing, 5G remote medical services, 5G automated mining and ports. The firm is leveraging the 5G network to develop the information and communications services industry further. The firm aims to maintain growth in telecommunications services revenue and a stable level of net profit while maintaining industry-leading customer satisfaction.
SK Telecom is committed to building advanced wired and wireless communications networks, the core infrastructure in the new ICT era, so Korea can continue to lead the ICT industry across the world. In December 2018, SK Telecom launched 5G NSA (5G-LTE composite standard, non-standalone), with 5G and LTE networks for data transmission and reception. By January 2022, the company will have 5G cumulative customers surpassing 10 million. Based on 5G communication and AI technology, SK Telecom has opened a new era of ‘SKT 2.0’ through its Mobile and Fixed communication, Media, Enterprise, AIVERSE, and Connected Intelligence business groups. The company has a network presence in the USA, China, Japan, and Malaysia. The company also plans to speed up the expansion of 5G services by offering services and content specialized for the 5G environment such as Cloud gaming, practical experiencing services, metaverse platform-based services and e-Sports. The firm is also focused on offering hyper-experience with the 5G infrastructure, establishing 5G-based wired and wireless network infrastructure, constituting 5G clusters, and innovating customer value by offering AR/VR services.
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