Market Research Future Insights
According to MRFR analysis, the global 5G Service Market is expected to register a CAGR of 29.4% from 2022 to 2030 and hold a value of over USD 249.2 Billion by 2030. 5G wireless mobile services permit a fully mobile and connected environment by delivering a wide range of usage cases and business models to consumers. Moreover, faster data speeds and enormously low latency offered by the 5G technology would enhance the operator experience while consuming 5G services market for several use cases, such as Virtual Reality and Augmented Reality gaming, unified video calling, and Ultra-High-Definition videos, among others.
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5G Service Market Report Scope:
Parameter | Details |
Revenue Forecast in 2030: | USD 249.2 Billion |
Growth Rate: | CAGR of 29.4% from 2022 to 2030 |
Forecast Period: | 2022 -2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
The growing demand for high-speed data connectivity for unified Internet of Things applications, such as smart home energy management, is estimated to drive the adoption of these services over the estimated period. The COVID-19 outburst had a positive impact on the 5G technology market as the dependency on a better network provider and faster internet speed has augmented as most of the work has lifted to online platforms. Therefore, the need for 5G technology has augmented during the COVID-19 pandemic
Regional Analysis
North America is home to prominent regional players in the telecom industry who are unceasingly investing in building and advancing their infrastructure with technology. This is anticipated to upsurge the adoption of 5G services during the forecast period.
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The 5G services market is projected to boost the growth of the Asia Pacific region over the forecast period owing to the deployment of next-generation infrastructure for healthcare, media & entertainment, manufacturing, etc. Additionally, demand for smartphones with high-speed data has caused 5 G-enabled smartphones across countries such as China, Japan, South Korea, and India.
Market Segmentation
The Global 5G Service Market has been segmented into the Components and Application
Based on the Components, The Global 5G Service Market has been segmented into Phantom Cell and Device-To-Device Communication
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Based on the Applications, The Global 5G Service Market has been segmented into Consumer Electronics, Automotive, Retail, Energy, Utility, and Healthcare
Key Players
Some of the key market players are China Mobile Limited (China), MediaTek Inc. (Taiwan), Cisco Systems Inc. (U.S.), Verizon (U.S.), Samsung (South Korea), Qualcomm Technologies Inc. (U.S.), Nokia (Finland), Huawei Technologies Co. Ltd (China), and NTT DOCOMO Inc. (Japan)
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