5G Services Market Growth, Striking Opportunities, And Forecasts To 2030

5G Services Market Growth & Trends

The global 5G services market size is estimated to reach USD 2,208.25 billion by 2030, registering a CAGR of 59.4% from 2023 to 2030, according to a new study by Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.

North America 5G services market size by communication type, 2020 - 2030 (USD Billion)

5G Services Market Segmentation

Grand View Research has segmented the global 5G services market on the basis of communication type, vertical, and region:

Based on the Communication Type Insights, the market is segmented into FWA, eMBB, uRLLC, mMTC.

  • The enhanced Mobile Broadband (eMBB) segment dominated the market with a share of more than 40% in 2022 and is expected to grow considerably over the forecast period. The high share is attributed to the preliminary focus by 5G network operators on delivering enhanced broadband capabilities for applications, such as high-speed cloud-based gaming, AR/VR, UHD video, and uninterrupted video calls. The initial phase of the rollout is expected to focus on a 5G wireless non-standalone deployment model. eMBB provides extremely high data speeds for residential and commercial use.
  • Thus, eMBB is expected to cater to several use cases, such as in-vehicle infotainment, 4K video access, and virtual meeting, thereby driving the segment growth. The massive Machine-Type Communications (mMTC) segment is expected to witness the fastest CAGR from 2023 to 2030. Massive machine-type communications envisage catering to the growing need for a developed digital ecosystem. mMTC focuses on providing services for high connection density applications, such as smart buildings and smart cities. The growing need to ensure uninterrupted connectivity for all the IoT devices deployed in a network is anticipated to contribute to the growth of the mMTC segment over the forecast period.

Based on the Vertical Insights, the market is segmented into Consumer and Enterprises.

  • The enterprise segment led the market in 2021 and held the largest revenue share of 94.0%. The segment is expected to continue its dominance over the forecast period due to the significant investments by key players in the latest technologies for communication. The growing demand for higher data speeds for residential and commercial applications is estimated to drive the growth of the IT & telecom segment over the forecast period. 5G services are expected to deliver ubiquitous broadband access between homes and offices, which would encourage remote consultation with specialists and reduce business travel. The growing need for enhanced broadband capacity for virtual business meetings is anticipated to propel the segment growth during the forecast period.
  • The manufacturing sector has been digitalizing rapidly. As such, production lines are being automated continuously to enhance overall productivity. This has triggered the need for seamless wireless communication between the robots, sensors, actuators, and other devices installed in manufacturing facilities. Thus, the manufacturing segment is expected to exhibit the fastest CAGR over the forecast period. Moreover, key verticals, such as healthcare, are expected to see a considerable adoption of the services to provide enhanced telemedicine and healthcare emergency services during and post-pandemic.
  • The consumer segment is expected to grow at the highest CAGR of 71.4% during 2023–2030. This growth is attributed to the increasing commercialization of the 5G services for consumer applications across various countries, including the U.S., China, Japan, Germany, and South Korea. The number of 5G subscribers is increasing at a faster rate since 5G provides lower latency, higher speed, and greater capacity as compared to the 4G LTE networks.

5G Services Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

  • April 2018: The BT Group plc’s Enterprise (EE) segment acquired 40 MHz of 3.4 GHz spectrum (3540 - 3580 MHz spectrum frequencies) for around USD 426.5 million.

Key Companies Profile & Market Share Insights

The global market is highly fragmented as several regional telecom service providers are investing in deploying the next-generation infrastructure. This will help companies gain a huge customer base in the market.

Some of the prominent players operating in the global 5G services market include,

  • AT&T, Inc.
  • BT Group plc
  • China Mobile Ltd.
  • China Telecom Corp. Ltd.
  • Bharti Airtel Ltd.
  • NTT Docomo
  • KT Corp.
  • Saudi Telecom Company
  • Vodafone Group
  • Deutsche Telekom AG
  • SK Telecom Co., Ltd.
  • Verizon Communications, Inc.
  • T-Mobile USA Inc.
  • Rakuten Mobile Inc.

Order a free sample PDF of the 5G Services Market Intelligence Study, published by Grand View Research.

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