Categories: IT & Communication Technology

5G Services Market Size, Analysis, Trends, and Strategies 2024–2033

Overview and Scope

5G is the fifth generation of broadband or cellular technology designed to improve the speed and responsiveness of wireless networks dramatically. It provides high speed, greater bandwidth, and a lower latency Internet network.

Sizing and Forecast

The 5g services market size has grown exponentially in recent years. It will grow from $150 billion in 2023 to $210 billion in 2024 at a compound annual growth rate (CAGR) of 40.0%. The growth in the historic period can be attributed to increasing number of internet users, strong economic growth in emerging markets, an increasing adoption of 5g networks and increasing wireless technology.

The 5g services market size is expected to see exponential growth in the next few years. It will grow to $1843.12 billion in 2028 at a compound annual growth rate (CAGR) of 72.1%. The growth in the forecast period can be attributed to increasing 5g subscriptions, a rise in demand for connected cars, increasing smart homes, an increasing internet penetration, government initiatives and growth in the number of iot devices. Major trends in the forecast period include 5g vran (virtualized radio access network) technology, service innovations, technological advancements, stand-alone 5g, strategic partnerships and collaborations and artificial intelligence in the 5g network.

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Segmentation & Regional Insights

The 5g services market covered in this report is segmented –

1) By Communication Type: Fixed Wireless Access (FWA), Enhanced Mobile Broadband (EMBB), Ultra-Reliable And Low Latency Communications (URLLC), Massive Machine-Type Communications (mMTC)
2) By Vertical: Smart Cities, Smart Buildings, Connected Factories, Smart Utilities, Connected Healthcare, Connected Retail, Other Verticals
3) By End-User: Manufacturing, Energy And Utilities, Media And Entertainment, IT And Telecom, Transportation And Logistics, Healthcare, Aerospace And Defense, Other End Users

Asia-Pacific was the largest region in the 5G services market in 2023. North America was the second largest region in the global 5G services market share. The regions covered in the 5g services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

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. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the global market revenue for the Internet of Things (IoT) is projected to reach $1.1 trillion by the end of 2025. The IoT connections across the globe is expected to increase to 25 billion by 2025, growing at a CAGR of 17%. Therefore, growing demand for IoT and the requirement to connect smart devices with high-speed internet boost the revenue for the 5G services market over the forthcoming years.

Key Industry Players

Major companies operating in the 5g services market report are AT&T, Inc, Verizon Communications, Inc, Deutsche Telekom AG, China Mobile Ltd, T-Mobile USA, Inc, SK Telecom Co., Ltd., Saudi Telecom Company, Vodafone Group, China Telecom Corporation Ltd., BT Group plc, Telefonica, O2, MTS, Ericsson, Orange, DIGI, Qualcomm, Cisco, Intel, Huawei, Inseego, CommScope, Cohere Technologies Inc, United States Cellular Corporation, C Spire, Mimosa Networks, Telecom Argentina, America Movil, Etisalat, Emirates Integrated Telecommunications Company P.J.S.C., Zain Saudi Arabia, 21st Century Technologies Ltd, Dreamlabs Nigeria Ltd, Excelsimo Networks Ltd, Galaxy Backbone Plc, ipNX Nigeria Ltd, Liquid Intelligent Technologies, MainOne, Medallion Communications Inc, MTN Group, Rack Centre Ltd.

The 5g services market report table of contents includes:

1. Executive Summary

2. 5G Services Market Characteristics

3. 5G Services Market Trends And Strategies

4. 5G Services Market – Macro Economic Scenario

5. Global 5G Services Market Size and Growth

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32. Global 5G Services Market Competitive Benchmarking

33. Global 5G Services Market Competitive Dashboard

34. Key Mergers And Acquisitions In The 5G Services Market

35. 5G Services Market Future Outlook and Potential Analysis

36. Appendix