The global 5G Services Market size is expected to grow from USD 107.0 billion in 2022 to USD 331.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period according to report published by MarketsandMarkets. Other factors such as high number of applications being developed requiring low latency in connection have resulted in high adoption of 5G services in developing economies.
5G services
will prove to be highly efficient in the healthcare sector by enabling remote
patient monitoring, connected ambulance services, hd virtual consultations,
video-enabled prescription management etc. Due to high availability
of 5G compatible devices and high investments of governments in 5G services,
the 5G ecosystem is expected to witness a faster growth rate than other
connectivity transformations.
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Healthcare segment to grow at the highest
CAGR during the forecast period
The lower latency 5G will
enable data and video to be sent in real-time to the hospital/clinicians in
emergency situations and this will have significant impact on the healthcare
sector and people’s lives.
uRLLC segment is expected to grow at the
highest CAGR during the forecast period
Ultra-reliable low-latency communication
(URLLC) use cases such as autonomous systems and mission-critical control are
going to gain traction, which increase the speed and quality of services in
critical functions. The automotive industry has been an early adopter of
various connectivity technologies. There has been a major impetus by car
manufacturers to develop connection-ready cars, taking small steps forward
within a long-term vision of autonomous vehicle control using URLLC. Service
providers may decide to provide focussed offerings end-to-end as the principle
B2B services provider. So for example they may supply services, including
high-definition cameras to a car manufacturer that requires 5G and URLLC on a
production line.
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As per region, North
America to have the highest market size during the forecasted period
Asia Pacific (APAC)
region to record the highest growing region in the 5G services market
The
countries in APAC have high investments done by the governments in 5G services.
The high population of the countries in the region have also resulted in higher
number of subscribers for 5G, thereby resulting in a higher Average Revenue Per
User (ARPU) for 5G service providers. Countries such as China, South Korea,
Australia and Japan have high technological growth. The presence of developed
technological infrastructure is also one of the key reasons for the adoption of
5G services across all industry verticals.
The
network market in APAC is driven by the growing acceptance of cloud-based
solutions, emerging technologies such as the IoT, and big data analytics and
mobility.
Key Players:
Key
and innovative vendors in 5G services market are AT&T (US), China Mobile
(China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche
Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France),
Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain),
KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC
(KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada),
Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN (
South Africa), Airtel (India),and Telenor Group (Norway)
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