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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).
Global 5G Services Market Size And Drivers:
The global 5G services market is expected to grow from $69.39 billion in 2020 to $83.24 billion in 2021 at a compound annual growth rate (CAGR) of 20%. The change in 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 5G services market is expected to reach $188 billion in 2025 at a CAGR of 23%. 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.
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Trends In The Global 5G Services Market
The introduction of AI-powered services is a major trend shaping the growth of the 5G services market. The commercial usage of 5G services is expanding rapidly. The growth in the number of connections and cloud-based AR or VR is generating higher demand for 5G services with greater bandwidth, wide-coverage, and low latency networks. Therefore, the introduction of AI in 5G services in order to increase the accuracy and agileness is to act as a major trend for 5G services market.
Global 5G Services Market Segments:
The global 5G services market is further 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 & Utilities, Media & Entertainment, IT & Telecom, Transportation & Logistics, Healthcare
By Vertical: Smart Cities, Smart Buildings, Connected Factories, Smart Utilities, Connected Healthcare, Connected Retail, Others
By Geography: The global 5G services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Read More On The Report For The Global 5G Services Market At:
https://www.thebusinessresearchcompany.com/report/5g-services-global-market-report-2020-30-covid-19-implications-and-growth
5G Services Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides 5G services market overviews, analyzes and forecasts market size and growth for the global 5G services market, 5G services market share, 5G services market players, 5G services market segments and geographies, 5G services market’s 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.
