The global 5G services market size was valued at USD 41.48 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 46.2% from 2021 to 2028. 5G wireless mobile services enable a fully mobile and connected environment by delivering a wide range of use cases and business models to consumers. Moreover, faster data speeds and extremely low latency offered by the 5G technology would enhance the user experience while using 5G services for several use cases, such as Virtual Reality (VR) and Augmented Reality (AR) gaming, seamless video calling, and Ultra-High Definition (UHD) videos, among others.
Moreover, the rising focus on building partnerships by 5G system integration providers with telecom operators is estimated to augment the adoption of these services. Many industry verticals are focusing on technological transformations to improve their overall productivity and operational efficiency as part of the efforts to sustain in a highly competitive environment. The 5G wireless technology holds the potential to help in realizing remarkable transformations across all these verticals through reductions in overall costs and enhancement in productivity. The continued emphasis on improving energy monitoring and management as well as gaining better control of the energy generation and distribution network is also expected to boost the market growth over the forecast period.
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Key Player Mentioned:
- AT&T, Inc.
- BT Group plc
- China Mobile Ltd.
- China Telecom Corporation Ltd.
- Bharti Airtel Ltd.
- KT Corp.
- Saudi Telecom Company
- Vodafone Group
- Deutsche Telekom AG
- SK Telecom Co., Ltd.
- Verizon Communications, Inc.
- NTT Docomo
- Telecom Italia
Application Segment Analysis:
- Fixed Wireless Access (FWA)
- Enhanced Mobile Broadband (eMBB)
- Ultra-reliable and Low Latency Communications (uRLLC)
- Massive Machine-type Communications (mMTC)
As the market is in the introduction phase, several key service providers across the globe are investing in deploying modern network infrastructure to tap the maximum subscriber base in their region. However, the outbreak of the Covid-19 has put the deployment of several 5G core and base station infrastructures on hold across the globe. In addition, the spectrum auction for 5G services has been postponed by several federal governments across key countries, such as Spain, the U.S., and France, which will hinder the market growth.
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
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The next-generation 5G technologies are increasingly being used in public transportation applications. These technologies are capable of providing broadband access for public transportation systems, such as buses and high-speed trains, to provide high-speed internet in transit for entertainment, information, and interaction with smart mobility components. This, in turn, is expected to fuel the market growth. Moreover, the strong emphasis on providing reliable and robust communication during natural disasters, such as floods, hurricanes, and earthquakes, is further estimated to spur the adoption of 5G services.
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