DUBLIN--(BUSINESS WIRE)--The "Global 5G Services Market, By End - User Industry, & By Region - Forecast and Analysis 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global 5G Services Market was valued at USD 71.24 Billion in 2021, and it is expected to reach a value of USD 449.92 Billion by 2028, at a CAGR of more than 30.12% over the forecast period (2022 - 2028).
5G is the fifth generation of mobile networks. It is a new worldwide wireless standard after 4G. It is predicted to be one of the world's fastest and most powerful technologies. A 5G network is specifically designed to reduce latency, enhance speed, and improve wireless network flexibility.
5G networks give an improved internet experience of up to 1 Gbps and offer a platform for AI and cloud-based services. Various data-intensive applications are gaining traction, including AR, VR, and video apps. Fast bandwidth, low latency, high speed, and lower power consumption are all services required in industries like IT and telecom, healthcare, media and entertainment, BFSI, retail, automotive, and others. To meet the growing demand for mobile broadband services, network capacity must be increased through the use of a new spectrum such as 5G. This will lead to widespread adoption of the 5G core and the deployment of 5G technology for better mobile broadband services.
Top-down and bottom-up approaches were used to estimate and validate the size of the global 5g services market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research.
This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
- 5G wireless mobile capabilities allow a completely mobile and connected environment, by providing a wide range of use cases and business models to users. Besides, the 5G technology's faster data speeds and extremely low latency would improve the user experience when using 5G services for a variety of use cases, including VR and AR gaming, seamless video calling, and Ultra-High Definition (UHD) videos, to name a few. Over the forecast period, the growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive the adoption of these services.
- Higher costs required for the deployment of 5G network is one of the factors that negatively impact the industry growth. Massive investments would be required to make the transition from 4G to 5G technology. The needed throughput density, periodic interest rate, and base station pricing all influence the cost of 5G infrastructure. For effective and ultra-dense small cell deployments, these expenses must be reduced. The challenge for CSPs in transitioning to 5G is justifying the multibillion-dollar investments in new network equipment required to transform their network to a virtualized infrastructure, migrate services from 3G to 4G to 5G, and protect their business from ever-increasing risks of disruptions and cyber threats.
Key Market Trends
- 5G system integration providers' increased focus on forming partnerships with telecom operators, which is expected to boost usage of 5G services. As part of their efforts to survive in a highly competitive climate, several industry verticals are focused on technology revolutions to boost overall productivity and operational efficiency.
- Increased investments by the healthcare organizations such as National Health Expenditure Accounts (NHEA) in the US are also projected to contribute to the industry growth. Furthermore, a huge focus on delivering reliable and resilient communication during natural disasters such as floods, hurricanes, and earthquakes will push the adoption of 5G services.
- Another key trend that drives the market growth includes the growing demand for high-speed data connectivity for integrative Internet of Things (IoT) applications like smart home energy management. Also, the impending introduction of 5G will allow not only the communications industry but also other end-user industries, to introduce new products and services in the market.
- Nokia Corporation
- Huawei Technologies Co Ltd.
- AT&T Inc.
- Verizon Communications Inc
- Sprint Corporation
- T-Mobile US, Inc.
- Deutsche Telekom AG
- Telefonaktiebolaget Lm Ericsson
- Swisscom AG
- Vodafone Group
- Bt Group
- Telstra Corporation Limited
For more information about this report visit https://www.researchandmarkets.com/r/qe9g6b