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Global 5G Services Market size is predicted to reach $449.6 billion by 2030, growing at a CAGR of 25.6% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. Increase in demand for high resolution video recording and the growing need for larger storage solutions propels market growth, finds IndustryARC, titled, “5G Services Market – By Communication Type (Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency Communications (URLLC), Massive Machine Type Communications (mMTC), Fixed Wireless Access (FWA)), By Application (Internet of Things (IoT), Augmented Reality (AR) / Virtual Reality (VR) Video Streaming, Gaming Remote Surgery, Autonomous Vehicles, Smart Grids Remote Monitoring, and Control), By Industry Vertical (Automotive, Smart Cities, IT & Telecom, Healthcare, Manufacturing, Energy & Utility, Aerospace & Defense, Retail, Media and Entertainment, Transportation and Logistics, Agriculture, and Others), By End User (Consumers, Enterprises (Small and Medium-sized Enterprises (SMEs), and Large Enterprises)), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”.
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Asia-Pacific to Register Highest Growth:
In 2023, Asia-Pacific held the third-largest market share for 5G Services market, with 41%, followed by North America and Europe. Many countries in the region are experiencing robust economic growth, leading to increased demand for advanced technologies like 5G. Additionally, governments in the Asia Pacific are actively investing in 5G infrastructure and encouraging its adoption, recognizing its potential to drive economic development and innovation. The regions massive population are also creating a vast market for 5G services and applications. Moreover, countries like India and Indonesia, with large populations and growing economies, are rapidly expanding their 5G networks, contributing significantly to the region’s market growth.
5G Services 2023-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
25.6% |
|
Market Size in 2030 |
$449.6 Billion |
|
Segments Covered |
By Communication Type, By Application, By Industry Vertical, By End User, and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Netherlands and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Malaysia, Indonesia and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Nokia Corporation 2. Huawei Technologies Co Ltd 3. AT&T Inc. 4. Verizon Communications Inc 5. HP Enterprise Development LP 6. Vodafone Group 5G 7. BT Group 8. Telstra Corporation Limited 9. SK Telecom 10. KT Corporation |
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5G Services Report – Key Takeaways:
Growing digital transformation is a major market driver propelling the 5G Services market forward. One of the primary drivers is the increasing adoption of cloud computing, which offers scalable infrastructure, cost-efficiency, and enhanced flexibility. Businesses are migrating their applications and data to the cloud to improve agility and reduce operational costs. Additionally, the proliferation of mobile devices and the widespread availability of high-speed internet have created new opportunities for businesses to engage with customers and deliver digital services. As businesses continue to embrace digital technologies, the growth of the 5G services market is expected to grow.
The communication type segment is the fastest-growing segment and is expected to grow at a CAGR of nearly 6% in the forecast period. The exponential rise in data consumption driven by streaming services, gaming, and IoT applications necessitates faster and more reliable connections, which eMBB promises to deliver. Moreover, the increasing adoption of bandwidth-intensive technologies like augmented reality (AR) and virtual reality (VR) heightens the need for robust network capabilities provided by eMBB. Additionally, the proliferation of remote work and telecommuting amplifies the demand for high-speed connectivity, enhancing productivity and enabling seamless collaboration. These factors underscore the pivotal role of eMBB in meeting the evolving connectivity needs of modern consumers and businesses alike.
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Key Opportunity Analysis:
Enhanced Mobile Broadband (eMBB) presents a significant market opportunity for the 5G Services market, one of the primary market opportunities for eMBB lies in the realm of mobile video, with its ability to deliver high-quality video content at unprecedented speeds, eMBB can enable immersive experiences, such as live streaming, virtual reality, and augmented reality. This will drive demand for data-intensive applications, benefiting content creators, streaming services, and mobile device manufacturers, which in turn also propels the growth of the 5G services market. Additionally, growing proliferation of mobile devices globally also contributes to the eMBB market opportunity. With billions of smartphones, tablets, and other connected devices in use, mobile networks are under tremendous pressure to accommodate ever-increasing data traffic. eMBB, powered by 5G, offers a solution by significantly expanding network capacity and improving data transmission speeds.
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The report also covers the following areas:
5G Services 2023-2030: Key Highlights
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List of Key Market Players in the 5G Services:
The Global 5G Services is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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