The
global 5G Services Market size
is estimated at USD 98.3 billion in 2023 to USD 427.7 billion by 2028 at a
Compound Annual Growth Rate (CAGR) of 34.2%, according to a new report by
MarketsandMarkets™. The innovative concept of network
slicing in 5G represents a transformative leap in network customization,
offering virtual, dedicated slices tailored to the unique requirements of
specific applications or services. This capability is a pivotal driver for the
diverse range of use cases enabled by 5G technology. For massive IoT
deployments, network slicing allows the creation of dedicated slices optimized
for handling many connected devices with varying communication needs.
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5G Services Market Dynamics:
Drivers:
- Increase in mobile network data traffic.
- Need to transform mobile broadband experience
- Accelerated digital transformation across verticals
Restraints:
- High deployment costs.
Opportunities:
- Global proliferation of Fixed Wireless Access (FWA).
- Increase in demand for high reliability and low latency networks
Top Companies in 5G Services
Market:
·
AT&T (US)
·
China Mobile (China)
·
Verizon Communications (US)
·
Deutsche Telekom AG (Germany)
·
Vodafone Group (UK)
·
SK Telecom (South Korea)
·
BT Group (UK)
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“Based on communication type, the eMBB
segment to hold the largest market size during the forecast period.”
The promise of significantly faster data speeds
with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB),
reshaping the landscape of user experiences. This accelerated speed is a
transformative force, particularly for data-intensive applications that have
become integral to contemporary lifestyles. The ability of 5G to deliver higher
download and upload speeds serves as a cornerstone for the flourishing demand
in areas such as high-definition video streaming, virtual reality, and augmented
reality. In the realm of video streaming, 5G facilitates seamless, buffer-free
streaming of high-quality content, enhancing the user's entertainment
experience. Moreover, in the realm of immersive technologies like virtual and
augmented reality, the faster data speeds of 5G contribute to reduced latency,
ensuring a more responsive and realistic user experience. This heightened speed
not only meets current consumer expectations but also unlocks the potential for
novel applications and services, driving market growth as businesses and
consumers alike seek the enhanced capabilities that 5G brings to the forefront.
“By end user, enterprise segment is
expected to hold a higher growth rate during the forecast period.”
Enterprises across various sectors are increasingly
drawn to the deployment of private 5G networks as a strategic driver within the
enterprise segment. This trend is particularly pronounced in industries where
having dedicated and reliable communication networks is imperative for driving
automation, robotics, and process optimization. Private 5G networks offer
businesses a higher degree of control over their connectivity infrastructure,
providing a dedicated and secure environment for mission-critical applications.
In sectors like manufacturing, for instance, where seamless communication
between machines and devices is essential for operational efficiency, private
5G networks serve as a foundational technology. The ability to tailor network
parameters and allocate resources according to specific business needs empowers
enterprises to optimize their connectivity for diverse applications. This
adaptability, coupled with the low-latency and high-bandwidth characteristics
of 5G, positions private networks as a key enabler for realizing the full
potential of Industry 4.0, smart factories, and other advanced technologies
within the enterprise landscape. The pursuit of these benefits propels the
adoption of 5G in the enterprise sector, fostering a paradigm shift in how
businesses approach and leverage their connectivity infrastructure.
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“North America is expected to hold the
second largest market size during the forecast period.”
The deployment of 5G infrastructure in North
America is considered a powerful catalyst for economic growth, job creation,
and technological innovation. The robust and high-speed connectivity offered by
5G networks serves as a foundational element for various industries, from
telecommunications and manufacturing to healthcare and smart cities. As
businesses embrace the capabilities of 5G, they stimulate demand for advanced
technologies, such as the Internet of Things (IoT), edge computing, and
artificial intelligence. This surge in technological adoption, coupled with the
need for skilled professionals to design, implement, and manage 5G networks,
contributes to job creation and the growth of a specialized workforce.
Furthermore, the public and private sectors recognize the potential for 5G to
drive economic competitiveness on a global scale. Consequently, increased
investments are being made to develop and expand 5G infrastructure, fostering
an ecosystem that not only meets current connectivity needs but also positions
North America at the forefront of technological innovation and economic
development.
About MarketsandMarkets™
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MarketsandMarkets™ is a blue ocean alternative in growth
consulting and program management, leveraging a man-machine offering to drive
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Earlier this year, we made a formal transformation into one
of America's best management consulting firms as per a survey conducted by
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The B2B economy is witnessing the emergence of $25 trillion
of new revenue streams that are substituting existing revenue streams in this
decade alone. We work with clients on growth programs, helping them monetize
this $25 trillion opportunity through our service lines - TAM Expansion,
Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account
Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several
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ecosystem. Our insights and strategies are molded by our industry experts,
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helping clients look at the entire ecosystem and understand the revenue shifts
happening in their industry.
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