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5G Services Market Expected To Reach USD Value

5G Services Market Expected To Reach USD Value
Written by ga_dahmani
5G Services Market Expected To Reach USD Value

Westford, USA, April 11, 2022 (GLOBE NEWSWIRE) — 5G mobile wireless services enable a completely mobile and connected environment by providing a wide range of use cases and business models to users. The faster data speeds and extremely low latency of 5G technology would improve the user experience when using 5G services for a variety of use cases, including virtual reality (VR) and augmented reality (AR) gaming, video calling fluid and ultra high definition (UHD). ) videos, to name a few. In addition, the growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management, is expected to drive adoption of these services.

Additionally, a strong rollout of 5G network infrastructure is projected to drive operational efficiency across a variety of IoT use cases, including smart homes, smart cities, and industry 4.0. As a result, the increasing demand for high bandwidth to enable reliable connection to IoT devices is likely to drive the growth of the market during the forecast period. The trend of remote monitoring of building energy systems is progressively growing in various nations, such as the United States, China and Japan, which will further help the growth of the industry and offer new prospects for the deployment of 5G services.

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Additionally, the increased focus of 5G system integration providers on forming partnerships with telecom operators is expected to drive usage of these services. As part of their efforts to survive in a highly competitive climate, various industry verticals are focused on technological revolutions to drive overall productivity and operational efficiency. By lowering overall costs and increasing productivity, 5G wireless technology has the potential to help bring about remarkable revolutions in all of these verticals. Over the projection period, continued focus on improving power control and management, as well as gaining greater control of the power generation and distribution network, is likely to enhance market growth.

Read the market research report, “The Global 5G Services Market is segmented by component (platform and services), by type (public, private, and hybrid), by application (food and agriculture, transportation and logistics, manufacturing, energy, and Utilities, Healthcare & Life Sciences, Media & Entertainment, BFSI, Retail & E-Commerce, IT & Telecom, and Others) and by Region: SkyQuest 2020-2027 Forecast and Analysis

Based on region, the global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. In 2021, the Asia-Pacific region is anticipated to hold the most substantial market share and grow at the fastest CAGR during the forecast period. Regional players such as China Telecom, China Mobile, SK Telecom, and KT Corp., among others, are investing heavily in rolling out 5G network infrastructure in China, Japan, and South Korea.

The majority of these funds will be used to build next-generation infrastructure in the media and entertainment, transportation and logistics, healthcare, and manufacturing industries. During the forecast period, these investments are expected to advance the Asia Pacific regional market. Additionally, increased demand for smartphones with faster internet rates has resulted in a steady supply of 5G-enabled phones across the region. This is more likely to drive regional market growth.

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On the other hand, the North American region is expected to grow at a significant rate. The North American region is home to some of the largest telecommunications companies in the world, including AT&T, Verizon, Ericsson and others, who are constantly investing in expanding and upgrading their infrastructure to keep up with technological advances. In addition, service providers have already launched commercial 5G services for mobile and fixed wireless access in the region. According to the June 2019 Ericsson Mobility Report, the region will have around 270 million 5G subscriptions, accounting for nearly 60% of all mobile subscriptions. This indicates that the region has a large margin for the growth of the 5G services industry.

Furthermore, the presence of the key players and the various growth strategies adopted by them are among the major factors catalyzing the growth of the industry during the forecast period. Some of the prominent players operating in the market include AT&T Inc., BT Group Plc, China Mobile Ltd., Bharti Airtel Ltd., NTT Docomo, China Telecom Corporation Ltd., KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, SK Telecom Co. Ltd., Verizon Communications Inc., T-Mobile USA Inc. and Rakuten Mobile Inc., among others.

In January 2021, T-Mobile, Ericsson and Nokia signed a five-year, multi-million dollar agreement to continue developing and expanding the nation’s largest 5G network. Additionally, in November 2020, Orange SA launched a 3.5 GHz 5G network in 15 French cities, with plans to expand to more than 160 by the end of 2020. This innovative service provided individuals and organizations with a quality of unparalleled service, while helping them develop new uses. Therefore, such growth strategies adopted by the key player in the market are likely to aid the growth of the industry during the forecast period.

The report published by SkyQuest Technology Consulting provides detailed qualitative information, historical data and verifiable projections on the size of the market. The projections presented in the report were derived using assumptions and proven research methodologies.

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SkyQuest has segmented the global 5G Services market on the basis of component, type, application, and region:

Global 5G services market by component

Global 5G Services Market by Type

Global 5G Services Market by Application

  • Food and agriculture
  • Transportation
  • Manufacturing
  • Energy and utilities
  • health and life sciences
  • media and entertainment
  • BFSI
  • Retail and eCommerce
  • IT and telecommunications
  • Others

List of Key Players of 5G Services Market

  • Nokia Corporation (Finland)
  • Huawei Technologies Co Ltd. (China)
  • AT&T Inc. (USA)
  • Verizon Communications Inc (USA)
  • Sprint Corporation (USA)
  • T-Mobile USA, Inc. (USA)
  • Deutsche Telekom AG (Germany)
  • Telefonaktiebolaget LM Ericsson (Sweden)
  • Swisscom AG (Switzerland)
  • Vodafone Group (UK)
  • BT Group (UK)
  • Telstra Corporation Limited (Australia)

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