The global 5G services market size is expected to grow from $40.00 billion in 2021 to $95.00 billion in 2022 at a compound annual growth rate (CAGR) of 137.5%. The change in the 5G services market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $561.49 billion in 2026 at a CAGR of 55.9%.
What is the Global 5G Services Market?
The 5G services market consists of sales of 5G and its related services. 5G is 5th generation services that evaluate networks to interconnect people, control machines, devices, and objects. 5G services will deliver the high levels of efficiency and performance that will empower to connect new industries and new user experience. 5G delivers the speed as high as 20 Gbps and is likely to refine a broad range of services in industries ranging from transportation to retail, education to entertainment, medical to an automotive and wide array of the internet of things (IoT).
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What drives the Global 5G Services Market?
Rising demand from the Internet of Things (IoT) is anticipated to contribute to higher demand for 5G services in order to deliver high performance and efficiency. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the global market revenue for the Internet of Things is projected to reach $1.1 trillion by the end of 2025. The IoT connections across the globe is expected to increase to 25 billion by 2025, growing at a CAGR of 17%. Therefore, growing demand for IoT and the requirement to connect smart devices with high-speed internet boost the revenue for the 5G services market over the forthcoming years.
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Global 5G Services Market Segments
The global 5G services market is segmented:
By Communication Type: Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-Reliable and Low Latency Communications (uRLLC), Massive Machine-Type Communications (mMTC)
By End-User: Manufacturing, Energy and Utilities, Media and Entertainment, IT and Telecom, Transportation and Logistics, Healthcare
By Vertical: Smart Cities, Smart Buildings, Connected Factories, Smart Utilities, Connected Healthcare, Connected Retail, Others
By Geography: The regions covered in the 5G services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
5G Services Global Market Report 2022provides market size and growth forecasts for the global 5G services market, global 5G services market share, 5G services market segments and geographies, 5G services market competitive landscape including leading competitors’ revenues, profiles and market shares. The 5G services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global 5G Services Industry Playersinclude AT&T, Verizon Communications, Inc., China Mobile, Vodafone, Telstra, China Telecom, Deutsche Telecom, SK Telecom, Saudi Telecom Company, and T-Mobile USA Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
