Global 5G Services Market to Surge at 30.85 % CAGR, which is anticipated to reach USD 413.23 billion by 2030
CRI Report has released a report titled “5G Services Market – Analysis of Market Size, Share & Trends for 2015 – 2020 and Forecasts to 2030” which is anticipated to reach USD 413.23 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 30.85 % between 2020 and 2030. According to the report, the market for 5G services is growing due to increased demand for high-speed data access for Internet of Things (IoT) applications. The growth of the 5G services industry is influenced by an increase in demand for stable and ultra-low latency networking services. Rising infrastructure creation, such as smart cities, and the increasing use of connected devices are driving demand for high-speed connectivity, which will drive the 5G services market forward.
The market report on global 5G Services Market includes in-depth insights as:
- The estimated value of the market was USD 54.56 billion in the year 2020.
- Global 5G Services in North America held the largest market share in the year 2020 in terms of revenue.
- Global 5G Services market is segmented by network type into Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-reliable and Low Latency Communications (uRLLC), and Massive Machine-type Communications (MTC).
- Global 5G Services market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“The demand for high-speed networking is growing in tandem with the amount of data traffic, propelling the 5G services industry forward. The rapid production of linked IoT devices is accelerating the demand for 5G services. Furthermore, the market for 5G services is expected to expand as machine-to-machine connectivity becomes more important and demand for broadband services continues to rise”, according to this report
Through offering a wide variety of use cases and business models to customers, 5G wireless mobile services allow a truly mobile and connected world. Furthermore, the 5G technology’s higher data rates and incredibly low latency will improve the user experience while using 5G networks for a variety of use cases, including Virtual Reality (VR) and Augmented Reality (AR) gaming, smooth video chatting, and Ultra-High Definition (UHD) images, to name a few. Over the forecast period, the increasing demand for high-speed data connectivity for unified Internet of Things (IoT) applications like smart home energy management is expected to drive adoption of these services.
Global 5G Services market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. The IT & Telecom segment of the 5G Services market is expected to have a larger market size during the forecast period, based on the end-user. Due to major investments by key players in the latest communication technologies, the segment is expected to maintain its dominance over the forecast period. Over the forecast period, the IT & telecom segment is expected to rise due to rising demand for higher data speeds for residential and commercial applications. 5G networks are supposed to provide ubiquitous internet connections between homes and workplaces, allowing for online consultations with experts and reducing business travel. During the forecast era, the increasing demand for increased broadband capacity for virtual business meetings is expected to propel the segment forward.
Key Players in the Market
- Some of the key players operating in the global 5G Services Market are Nokia, Deutsche Telekom AG, SAMSUNG, Intel Corporation, AT & T Intellectual Property, Qualcomm Technologies, Siklu Communication Ltd., Cohere Technologies, Ericsson, and other prominent players
Get Valuable Insights into Global 5G Services Market
In the new report, CRI Report thrives to present an unbiased analysis of the global 5G Services Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Global 5G Services market is segmented by network type into Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-reliable and Low Latency Communications (uRLLC), and Massive Machine-type Communications (MTC). Global 5G Services market is segmented by End-user into Manufacturing, Healthcare, Energy and Utilities, IT & Telecom, Automotive and Transportation, Supply Chain and Logistics, Government and Public Safety, Agriculture and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
