5G Service Market Poised to Hit a Valuation of USD 249.2 Billion by 2030, Registering a whopping 29.4% CAGR - Report by Market Research Future (MRFR)
New York, USA, Jan.27, 2022(GLOBE NEWSWIRE) -- Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “5G Service Market information by Technology, by Components, by Services by Application and Region – forecast to 2030” market size to reach USD 249.2 billion, growing at a compound annual growth rate of 29.4% by 2030.
Market Scope: The global 5G services market is witnessing rapid revenues growth. Factors such as the surging demand for reliable and ultra-latent connectivity services and increasing numbers of telecom operators drive the market growth. Besides, the augmenting demand for high data speed and connectivity to improve business models boosts the market demand.
Dominant Key Players on 5G Service Market Covered are:
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Market USP Exclusively Encompassed:Market DriversVarious megatrends of mobile services are impacting the global 5G service market growth. The demand for expanded access to 5G ultra wideband services and the unprecedented performance of 5G is growing extensively. Also, rapid advances in 5G technology offering game-changing speeds and nationwide 5G coverage substantiate market sales. Increasing access to the unprecedented performance of 5G ultra wideband service has become extremely important.
Additionally, changing consumer preference from premise-based to cloud-based solutions impacts the market demand positively. Increasing deployments of smart connected devices needing high latency influence the market value. Rising smart city projects worldwide foster the demand for 5G services.
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Segmentation of Market Covered in the Research:The 5G service market is segmented into service types, communication types, technologies, verticals, and regions. The service type segment comprises managed services and professional services (system integration, network planning & optimization, network implementation, others).
The communication type segment comprises massive machine-type communications (mMTC), extreme mobile broadband (EMBb), fixed wireless access (FWA), ultra-reliable machine-type communications (uMTC), and others.
The technology segment comprises high-speed package access (HSPA), worldwide interoperability for microwave access (WiMAX), Wi-Fi, radio access technologies (RAT), global system for mobile (GSM), and others.The vertical segment comprises automotive, energy & utilities, healthcare, consumer electronics, IT & telecommunication, retail, industrial, and others. The region segment comprises the Asia Pacific, Americas, Europe, and rest-of-the-world.
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Regional AnalysisNorth America leads the global 5G service market, witnessing the early adoption of 5G networks across the region. Besides, the presence of several notable 5G service providers rolling out 5G services much ahead of operators in other regions boosts the market size. The US, Canada, and Mexico are major markets for 5G services in the region.
Moreover, various telecom companies in the region and the rising uptake of the latest technologies, such as IoT, substantiate the market value. Also, increasing smart city projects in this region boosts market revenues, promoting high-speed network performance requirements.
Increasing numbers of 5G users and subscribers, alongside the allocation of 5G frequencies by the Federal Communications Commission (FCC), substantiate the market demand. Moreover, rising application areas of 5G services in telecommunications foster the market growth in this region.
Europe is the second-largest market for 5G services globally. The proliferation of smartphones, alongside the resurging economy in the region, allows the market to flourish. Rigorous R&D activities in this region and ongoing customer trials in countries like the UK, Germany, and France contribute to the market value.
Additionally, growing investments, as well as FDIs in the 5G service industry, foster the regional market growth. Also, the presence of major market players and their R&D investments propel market growth to an extent.The Asia Pacific 5G service market is growing promisingly. The growing focus on improving connectivity and high investments in R&D activities in the region catalyzes the 5G service market growth. Factors such as the vast presence of 5G technology providers, leading technical expertise, and increased industrialization in the region boost the market growth.
Moreover, the rising demand for 5G services in emerging countries such as China, Taiwan, and India propels the growth of the regional market. Along with the ongoing initiatives and developments in the 5G service, the large consumer base is a tailwind for the regional market growth.
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Competitive LandscapeHighly competitive, the global 5G service market appears fragmented due to the presence of a number of major service providers. Industry players adopt strategic initiatives like mergers & acquisitions, collaboration, expansion, and technology launches to gain a larger competitive share. These players also make substantial investments to drive R&D and expansion activities. A considerable amount of investments would go into expansion plans to increase global reach and gain diverse expertise.
For instance, on Dec.27, 2021, the Indian Government announced 13 cities that are expected to see the launch of 5G services in 2022. In an official release, the Centre notified Indigenous 5G testbed project, funded by the telecom department, has reached its final stages and is projected to be completed by December 31, 2021.
The project would cost around Indian rupees 224 crores and pave the way for end-to-end testing of 5G user equipment (UE) and network equipment by 5G stakeholders developing 5G products and services, including seminal start-ups SMEs, academia, and industry in the country.
Telecom operators, including Airtel, Jio and Vodafone Idea, have established 5G trials sites in cities including Gurugram, Kolkata, Bengaluru, Mumbai, Delhi, Chandigarh, Jamnagar, Chennai, Ahmadabad, Hyderabad, Pune, Lucknow, and Gandhi Nagar. These metros and big cities would witness the first launch of 5G services in the country.
Department of Telecommunications (DoT) mentioned initiatives from BharatNet to install mobile towers and the telecom reforms announced this year. DOT also mentioned that Foreign direct investment (FDI) in the telecom sector rose around 150% between 2014-21.
In another instance, on Jan 24, 2022, Ericsson announced establishing a Network Operations Centre (NOC) in Malaysia dedicated to Digital Nasional Berhad’s (DNB) 5G network. The dedicated NOC demonstrates Ericsson’s growing commitment to Malaysia, creating employment and upskilling opportunities in the country.
The NOC would also leverage the latest AI, automation, machine learning (ML), and cognitive software to securely manage and optimize the performance of the DNB 5G network and IT operations and deliver a world-class experience.
Related Reports:5G Market by Components (Phantom Cell, Device-To-Device Communication), By Applications (Consumer Electronics, Automotive, Retail, Energy, Utility, Healthcare) - Forecast 2027
5G Service Market Research Report by Service Type (Professional Services, Managed Services), Communication Type (Extreme Mobile Broadband, Massive Machine-Type Communications, Fixed Wireless Access, and Others), Technology (Wi-Fi, High-Speed Package Access, Radio Access Technologies, Global System for Mobile, and Others), Vertical (Energy and Utilities, Automotive, Healthcare, and Others), and Region–Global Forecast to 2027
About Market Research Future:Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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