The global 5G Services Market size is projected to grow from USD 121.8 billion in 2023 to USD 1,002.3 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 52.4%. The ascendancy of transformative technologies such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) hinges on the foundational support of robust and high-speed connectivity, with 5G emerging as a pivotal enabler. The capabilities of 5G, characterized by significantly enhanced data transfer speeds, low latency, and the ability to connect a massive number of devices simultaneously, play a catalytic role in driving the development and widespread adoption of applications reliant on seamless and responsive connectivity. In the context of AI, 5G facilitates the rapid exchange of large datasets crucial for training sophisticated machine learning models, fostering innovations in predictive analytics and decision-making. For AR and VR applications, 5G’s low latency ensures real-time responsiveness, creating immersive and interactive experiences that extend beyond entertainment to encompass fields such as remote training, collaborative workspaces, and virtual simulations. The synergy between 5G and these emerging technologies not only propels technological advancements but also opens avenues for novel applications that have the potential to reshape industries and enhance the way we perceive and interact with the digital world.
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“Based on communication type, the eMBB segment to hold the largest market size during the forecast period.”
The promise of significantly faster data speeds with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB), reshaping the landscape of user experiences. This accelerated speed is a transformative force, particularly for data-intensive applications that have become integral to contemporary lifestyles. The ability of 5G to deliver higher download and upload speeds serves as a cornerstone for the flourishing demand in areas such as high-definition video streaming, virtual reality, and augmented reality. In the realm of video streaming, 5G facilitates seamless, buffer-free streaming of high-quality content, enhancing the user’s entertainment experience. Moreover, in the realm of immersive technologies like virtual and augmented reality, the faster data speeds of 5G contribute to reduced latency, ensuring a more responsive and realistic user experience. This heightened speed not only meets current consumer expectations but also unlocks the potential for novel applications and services, driving market growth as businesses and consumers alike seek the enhanced capabilities that 5G brings to the forefront.
“By end user, enterprise segment is expected to hold a higher growth rate during the forecast period.”
Enterprises across various sectors are increasingly drawn to the deployment of private 5G networks as a strategic driver within the enterprise segment. This trend is particularly pronounced in industries where having dedicated and reliable communication networks is imperative for driving automation, robotics, and process optimization. Private 5G networks offer businesses a higher degree of control over their connectivity infrastructure, providing a dedicated and secure environment for mission-critical applications. In sectors like manufacturing, for instance, where seamless communication between machines and devices is essential for operational efficiency, private 5G networks serve as a foundational technology. The ability to tailor network parameters and allocate resources according to specific business needs empowers enterprises to optimize their connectivity for diverse applications. This adaptability, coupled with the low-latency and high-bandwidth characteristics of 5G, positions private networks as a key enabler for realizing the full potential of Industry 4.0, smart factories, and other advanced technologies within the enterprise landscape. The pursuit of these benefits propels the adoption of 5G in the enterprise sector, fostering a paradigm shift in how businesses approach and leverage their connectivity infrastructure.
Unique Features in the 5G Services Market
5G’s low latency, which minimises data transmission delays, is one of its unique characteristics. Applications like augmented reality (AR), virtual reality (VR), and driverless cars that need real-time communication must take use of this.
Internet of Things (IoT) applications are a good fit for 5G since it can accommodate a large number of linked devices per unit area. It makes it easier for multiple devices to connect at the same time, which helps industrial IoT and smart cities expand.
With the help of 5G, numerous virtual networks can be created on a single physical infrastructure thanks to the notion of network slicing. Because of this, customised network configurations are possible to satisfy the unique needs of various sectors and applications.
Mission-critical applications may be assured of exceptionally low latency and great reliability with 5G’s Ultra-Reliable Low Latency Communication (uRLLC) capability. For sectors like manufacturing, healthcare, and public safety, this is crucial.
Compared to earlier generations, 5G networks are intended to use less energy. Reducing energy usage in the network infrastructure is made possible by advanced technologies such as dynamic network resource allocation.
Stronger authentication procedures and encryption methods are among the enhanced security aspects of 5G. As the quantity of linked devices and the intricacy of network interactions rise, this becomes increasingly important.
Major Highlights of the 5G Services Market
A new era of connection has been ushered in by the active deployment and expansion of 5G networks by major telecom carriers globally. In order to provide 5G services to both urban and rural areas, significant infrastructure investments have been made for this global rollout.
The market has experienced a notable increase in the accessibility and uptake of 5G-capable gadgets, encompassing laptops, tablets, smartphones, and Internet of Things devices. In order to satisfy consumer demand, device manufacturers are progressively adding 5G capabilities.
In order to meet the needs of businesses and sectors, 5G services are expanding beyond consumer applications. Enabling mission-critical services, smart manufacturing, industrial IoT, and healthcare applications have become priorities in the market.
Network slicing is a concept that has gained popularity because it enables operators to design virtual networks that are particular to use cases. This adaptability is essential for satisfying various industry-wide service requirements.
Telecom companies are using 5G more and more for Fixed Wireless Access, giving homes and businesses high-speed broadband connectivity. An alternative to conventional wired broadband options is provided by this deployment technique.
Top Key Companies in the 5G Services Market
Key and innovative vendors in the 5G Services market include AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), China Telecom (China), Orange (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica S.A (Spain), KT Corporation (South Korea), Roger Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), LG Uplus (South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), Dish Network (US), Reliance Jio Infocomm (India), Rakuten Group (Japan), MTN Group (South Africa), Bharti Airtel Limited (India), Telenor Group (Norway), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), Edge Q (US), Omniflow (US), Aarna Networks (US). The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their 5G Services market position. The organic and inorganic strategies have helped the market players expand globally by providing advanced 5G Services solutions.
China Mobile is a provider of mobile voice and multimedia services through its nationwide mobile telecommunications network across China, with its operations divided into two core segments. The first segment primarily focuses on providing a wide range of Telecommunication services, including Mobile Business, which offers mobile voice and data services to a vast subscriber base, and Broadband Business, delivering high-speed internet connectivity to households and businesses. Furthermore, the Corporate Business arm caters to the unique communication needs of corporate clients, offering tailored solutions to enhance productivity and efficiency. The second segment encompasses the Sale of Products and Other services, featuring an array of devices and accessories to complement their telecommunication offerings. China provides communications and information services in all 31 provinces, autonomous regions and directly administered municipalities throughout the mainland of China and in Hong Kong, SAR. As of 31 December 2022, China Mobile had a total of 975 million mobile customers and 272 million wireline broadband customers. In terms of the 5G segment, China Mobile combined 5G with AICDE capabilities, to facilitate 5G smart manufacturing, 5G remote medical services, 5G automated mining, and ports. The company is leveraging the 5G network to develop the information and communications services industry further. China Mobile has a geographical presence in North America, Asia Pacific, and Latin America.
SK Telecom, is a South Korean telecommunications and technology company. SK Telecom operates in five distinct business groups that contribute to its comprehensive range of services. In the Fixed/Mobile Communication segment, SK Telecom offers voice and data services to ensure seamless connectivity for both individual consumers and businesses. The Media division extends beyond traditional telecom services by delivering a dynamic mix of content, T-commerce, and advertising, thereby enriching the realms of entertainment and commerce. The Enterprise unit employs cutting-edge technologies, including AI, 5G, and IoT, to enhance productivity and competitiveness. It achieves this by providing advanced solutions in data center management, cloud services, and AIoT applications. The AIVERSE division leverages unique AI technologies to create immersive virtual reality experiences, including subscription services and the development of the metaverse. Positioned as a leading subscription service in Korea, T Universe continually expands its product range and enhances the customer experience. SK Telecom’s Connected Intelligence division provides innovative services in Urban Air Mobility (UAM), robotics, and autonomous driving vehicles. These offerings are made possible through the integration of AI technology with a robust network and mobility platform, shaping the future of intelligent mobility solutions. SK Telecom’s mobile division has reached over 13 million 5G customers by emphasizing unique strengths, such as having the largest 5G coverage and the fastest speeds in South Korea, with a focus on gaining a competitive edge in the market. SK Telecom has a geographical presence in Asia Pacific.
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