The global 5G Services Market is projected to reach USD 414.50 billion by 2027 with a CAGR of 43.9% during 2021 to 2027, according to a new report published by Million insights. Rising demand for ultra-reliable and low latency networks, which could provide high-speed data are projected to fuel the market demand for 5G services. Additionally, the growing applications of 5G technology in the healthcare sector, for remote patient monitoring and performing the surgery are expected to drive the demand for 5G services.
The rising number of m2m connected devices and increasing demand for faster internet speed, in order to unify the IoT applications, such as smart homes and energy management are anticipated to increase the 5G adoption. Further, rising infrastructural development in IT & telecom industry and integration of 5G services in Fiber to the Building (FTTB), Fiber to the Premise (FTTP) Fiber to the Home (FTTH), and Fiber to the Cabinet (FTTC) broadband networking architectures are projected to amplify the market growth. Additionally, communication applications are rapidly increasing, which requires high bandwidth and speeds. Some of the commonly used applications are IoT (Internet of things), OTT (over-the-top content), and video technology. These applications require high-speed internet data, which in turn, expected to fuel the demand for 5G technology.
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The key players in the market such as China Telecommunications Corporation; Verizon Communications and AT&T Inc.; are heavily investing in development and deployment of the 5G infrastructures, in order to capture the larger customer base. Further, 5G technology can used in various applications such as smart cities, connected factories, smart buildings, connected vehicles and various others. Furthermore, the integration of 5G technology in autonomous vehicles is increasing, which enable vehicle-to-infrastructure, infrastructure-to-vehicle and vehicle-to-vehicle connectivity.
The rising number of 5G enabled smartphones and growing demand for high-speed data is expected to fuel the market growth in the forthcoming years. Additionally, the growing awareness about the benefits of 5G services such as high quality of video calling, uninterrupted video streaming and online gaming as well as remote business meetings are projected to boost the market growth in the forthcoming years. Furthermore, rising demand for 5G services in public & private sectors such as buses stations, airports and railway stations are anticipated to amplify the 5G services market. The media & entertainment and hospitality sectors are also expected to see tremendous growth over the forecast period, owing to the rising deployment of infotainment systems with Wi-Fi integration.
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Further key findings from the report suggest:
• The manufacturing segment is projected to see the highest growth with a CAGR of 49.0%, over the forecast period, 2021 to 2027, owing to the increasing demand for unified communication in manufacturing facility among devices such as sensors, actuators and robots.
• The eMBB segment is projected to capture the largest market share over the forecast period, 2021 to 2027, owing to the rising demand for low latency, high-speed data and ultra-reliable networks in commercial and residential sectors.
• The North America is projected to dominate the 5G services market during the forecast period and expected to reach around USD 145 billion by 2027. The regional growth is attributed to the growing number of m2m connected devices and increasing numbers of application in smart mobility management and energy & utility sector.
Million Insights has segmented the global 5G services market report based on communication type, vertical, and region:
5G Services Communication Type Outlook (Revenue, USD Billion, 2020 – 2027)
• Fixed Wireless Access (FWA)
• Enhanced Mobile Broadband (eMBB)
• Ultra-reliable and Low Latency Communications (uRLLC)
• Massive Machine-type Communications (mMTC)
5G Services Vertical Outlook (Revenue, USD Billion, 2020 – 2027)
• Manufacturing
• Energy & Utility
• Media & Entertainment
• IT & Telecom
• Transportation & Logistics
• Healthcare
• Retail
• Agriculture
• O&G and Mining
• BFSI
• Construction
• Real Estate
5G Services Regional Outlook (Revenue, USD Billion, 2020 – 2027)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Russia
• Italy
• Spain
• Asia Pacific
• China
• Japan
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East and Africa (MEA)
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