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5G Services Market Latest Trends, Future Outlook, Advance Technology, Global Size, Share And Forecast -2028

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5G Services Market Latest Trends, Future Outlook, Advance Technology, Global Size, Share And Forecast -2028

June 25
20:48 2024
5G Services Market Latest Trends, Future Outlook, Advance Technology, Global Size, Share And Forecast -2028
AT&T (US), China Mobile (China), Verizon Communications (US), Deutsche Telekom AG (Germany), Vodafone Group (UK), SK Telecom (South Korea), BT Group (UK), China Telecom (China), Orange (France), KT Corporation (South Korea), China Unicom (China), Telstra Group (Australia).
5G Services Market Size, Share, Growth Analysis, by Communication Type, End User (Consumers and Enterprises), Application (Industry 4.0, Smart Cities), Enterprises (Manufacturing, Transportation & Logistics), and Region – Global Industry Forecast to 2028.

The global 5G Services market size is projected to grow from USD 98.3 billion in 2023 to USD 427.7 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 34.2%. The ascendancy of transformative technologies such as artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) hinges on the foundational support of robust and high-speed connectivity, with 5G emerging as a pivotal enabler. The capabilities of 5G, characterized by significantly enhanced data transfer speeds, low latency, and the ability to connect a massive number of devices simultaneously, play a catalytic role in driving the development and widespread adoption of applications reliant on seamless and responsive connectivity.

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In the context of AI, 5G facilitates the rapid exchange of large datasets crucial for training sophisticated machine learning models and fostering innovations in predictive analytics and decision-making. For AR and VR applications, 5G’s low latency ensures real-time responsiveness, creating immersive and interactive experiences that extend beyond entertainment to encompass fields such as remote training, collaborative workspaces, and virtual simulations. The synergy between 5G and these emerging technologies not only propels technological advancements but also opens avenues for novel applications that have the potential to reshape industries and enhance the way we perceive and interact with the digital world.

“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.

“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.

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Unique Features in the 5G Services Market

5G networks significantly reduce latency compared to 4G, with latencies as low as 1 millisecond. This enables real-time applications such as autonomous driving, remote surgery, and interactive gaming.

5G provides substantially higher data rates and increased capacity, supporting high-definition video streaming, virtual reality (VR), augmented reality (AR), and other bandwidth-intensive applications.

5G supports a vast number of IoT devices simultaneously, allowing for smart cities, industrial automation, and other IoT applications to thrive with improved connectivity and efficiency.

This feature allows operators to create multiple virtual networks within a single physical 5G network. Each slice can be tailored to meet specific requirements, such as bandwidth, latency, and reliability, catering to different applications and services.

5G utilizes higher frequency bands, including millimeter waves (mmWave), which offer greater bandwidth and faster speeds but with a shorter range. This necessitates a higher density of small cell towers to provide coverage.

Major Highlights of the 5G Services Market

Countries worldwide are accelerating the deployment of 5G networks. Major markets such as the United States, China, South Korea, and European nations are leading the way, with significant investments in infrastructure and technology.

5G is expected to have a substantial economic impact, contributing trillions of dollars to global GDP over the next decade. It is anticipated to create new job opportunities, spur innovation, and drive growth in various sectors such as manufacturing, healthcare, and transportation.

5G enables transformative applications across industries, including autonomous vehicles, smart cities, telemedicine, industrial automation, and immersive entertainment experiences. These applications leverage 5G’s high speed, low latency, and massive connectivity.

The Internet of Things (IoT) is a major beneficiary of 5G technology. With the ability to connect billions of devices efficiently, 5G supports smart home devices, wearable technology, connected vehicles, and industrial IoT applications, driving advancements in automation and efficiency.

The rollout of 5G requires extensive infrastructure development, including the deployment of small cells, upgrading existing cell towers, and utilizing new frequency bands such as mmWave. This infrastructure investment is a significant driver for the telecom and construction industries.

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Top Companies in the 5G Services Market

Key and innovative vendors in the 5G Services market include AT&T (US), China Mobile (China), Verizon Communications (US), Deutsche Telekom AG (Germany), Vodafone Group (UK), SK Telecom (South Korea), BT Group (UK), China Telecom (China), Orange (France), KT Corporation (South Korea), China Unicom (China), Telstra Group (Australia), Rogers Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), KDDI Corporation (Japan), Telus Corporation (Canada), LG Uplus Corporation (South Korea), Swisscom (Switzerland), Reliance Jio Infocomm (India), Bharti Airtel Limited (India), Telenor Group (Norway), MTN Group (South Africa), NTT Docomo (Japan), Dish Network Corporation (US), Rakuten Group (Japan), Telefonica S.A (Spain), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), EdgeQ (US), Omniflow (US), and Aarna Networks (US). The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions to strengthen their 5G Services market position. The organic and inorganic strategies have helped the market players expand globally by providing advanced 5G Services solutions.

China Mobile

China Mobile is a provider of mobile voice and multimedia services through its nationwide mobile telecommunications network across China, with its operations divided into two core segments. The first segment primarily focuses on providing a wide range of Telecommunication services, including Mobile Business, which offers mobile voice and data services to a vast subscriber base, and Broadband Business, delivering high-speed internet connectivity to households and businesses. Furthermore, the Corporate Business arm caters to the unique communication needs of corporate clients, offering tailored solutions to enhance productivity and efficiency. The second segment encompasses the Sale of Products and Other services, featuring an array of devices and accessories to complement their telecommunication offerings. China provides communications and information services in all 31 provinces, autonomous regions and directly administered municipalities throughout the mainland of China and in Hong Kong, SAR. As of 31 December 2022, China Mobile had a total of 975 million mobile customers and 272 million wireline broadband customers. In terms of the 5G segment, China Mobile combined 5G with AICDE capabilities, to facilitate 5G smart manufacturing, 5G remote medical services, 5G automated mining, and ports. The company is leveraging the 5G network to develop the information and communications services industry further.  China Mobile has a geographical presence in North America, Asia Pacific, and Latin America.

SK Telecom

SK Telecom, is a South Korean telecommunications and technology company. SK Telecom operates in five distinct business groups that contribute to its comprehensive range of services. In the Fixed/Mobile Communication segment, SK Telecom offers voice and data services to ensure seamless connectivity for both individual consumers and businesses. The Media division extends beyond traditional telecom services by delivering a dynamic mix of content, T-commerce, and advertising, thereby enriching the realms of entertainment and commerce. The Enterprise unit employs cutting-edge technologies, including AI, 5G, and IoT, to enhance productivity and competitiveness. It achieves this by providing advanced solutions in data center management, cloud services, and AIoT applications. The AIVERSE division leverages unique AI technologies to create immersive virtual reality experiences, including subscription services and the development of the metaverse. Positioned as a leading subscription service in Korea, T Universe continually expands its product range and enhances the customer experience. SK Telecom’s Connected Intelligence division provides innovative services in Urban Air Mobility (UAM), robotics, and autonomous driving vehicles. These offerings are made possible through the integration of AI technology with a robust network and mobility platform, shaping the future of intelligent mobility solutions. SK Telecom’s mobile division has reached over 13 million 5G customers by emphasizing unique strengths, such as having the largest 5G coverage and the fastest speeds in South Korea, with a focus on gaining a competitive edge in the market. SK Telecom has a geographical presence in Asia Pacific.

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