NEW YORK, USA, January 27, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “5G service market Information by technology, by ingredients, by Services by Application and Region – Outlook to 2030“The market size is US$249.2 billion, with a compound annual growth rate of 29.4% by 2030.
The global 5G services market is experiencing rapid revenue growth. Factors such as the increasing demand for reliable and highly hidden communication services and the increasing number of telecom operators are driving the growth of the market. Besides, the increasing demand for high data speed and connectivity to improve business models is boosting the market demand.
The dominant major players in the 5G service market are:
- Samsung Electronics Co., Ltd.
- SK Telecom
- LG Electronics Inc.
- Verizon Communications Inc.
- Cisco Systems, Inc
- Qualcomm Corporation
- Telefonaktiebolaget LM Ericsson
- Saudi Telecom Company
- Intel Corporation
- BT . group
- China Mobile
- Huawei Investment and Holding Company Limited.
- Nokia company
- T-Mobile USA Inc.
- NEC . company
- Du China Telecom
- KT . company
- Vodafone Group
- Deutsche Telekom
- AT&T Inc.
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Various major trends of mobile services are affecting the growth of the global 5G services market. The widespread demand for access to 5G ultra-wideband services and the unprecedented performance of the 5G network is growing. Rapid developments in 5G technology providing game-changing speeds and nationwide 5G coverage are also supporting market sales. Increasing access to the unprecedented performance of 5G broadband service is becoming extremely important.
In addition, changing consumer preferences from premise-based solutions to cloud-based solutions positively affects market demand. The increasing deployment of connected smart devices that require high latency is affecting the market value. The increasing smart city projects around the world are boosting the demand for 5G services.
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Market segmentation covered by the research:
The 5G service market is divided into service types, communication types, technologies, sectors, and regions. The type of service segment includes managed services and professional services (system integration, network planning and optimization, network implementation, and others).
The connection type segment consists of massive machine-type communications (mMTC), extreme mobile broadband (EMBb), fixed wireless access (FWA), ultra-reliable machine-type communications (uMTC), and others.
The technology segment consists of High Speed Packet Access (HSPA), worldwide interoperability for microwave access (WiMAX), Wi-Fi, Radio Access Technologies (RAT), Global System for Mobile (GSM), and others.
The vertical sector includes automobiles, energy and utilities, healthcare, consumer electronics, information and communications technology, retail and manufacturing, among others. The region’s segment consists of Asia Pacific, the Americas, Europe and the rest of the world.
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North America leads the global 5G services market, seeing early adoption of 5G networks across the region. Besides, the presence of several prominent 5G service providers rolling out 5G services at a time ahead of operators in other regions boosts the market size. The United States, Canada, and Mexico are major markets for 5G services in the region.
Moreover, many telecom operators in the region and the growing acceptance of the latest technologies, such as the Internet of Things, support the market value. Increasing smart city projects in this region also boosts market returns, and enhances high-speed network performance requirements.
The increase in the number of 5G users and subscribers, along with the allocation of 5G frequencies by the Federal Communications Commission (FCC), is supporting market demand. Moreover, the application areas of 5G services in telecom are boosting the market growth in this region.
Europe is the second largest market for 5G services in the world. The proliferation of smartphones, along with the growing economy in the region, is allowing the market to thrive. Rigorous R&D activities in this region and continuous customer experiences in countries such as the UK, Germany and France contribute to the market value.
In addition, increasing investments, as well as foreign direct investment in the 5G service industry, are fueling the growth of the regional market. The presence of the major players in the market and their investments in research and development are also driving the growth of the market to some extent.
The 5G services market in Asia Pacific is growing promisingly. An increasing focus on improving connectivity and significant investments in research and development activities in the region are spurring the growth of the 5G services market. Factors such as the wide presence of 5G technology providers, leading-edge technical expertise, and increasing manufacturing in the region are fueling the market growth.
Moreover, the increasing demand for 5G services in emerging countries such as China, Taiwan and India is driving the growth of the regional market. Combined with the continuous initiatives and developments in the 5G service, the large consumer base is a tailwind for the growth of the regional market.
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The global 5G services market is highly competitive and appears to be fragmented due to the presence of a number of major service providers. Industry players are adopting strategic initiatives such as mergers and acquisitions, collaboration, expansion and technology launch to gain a greater competitive share. These players are also making significant investments to drive research, development and expansion activities. A significant amount of investment will be devoted to expansion plans to increase global reach and acquire diverse expertise.
For example, on December 27, 2021, the Indian government announced 13 cities that are expected to see the launch of 5G services in 2022. In an official statement, the center informed that the original 5G test project, funded by the Department of Communications, has reached its final stages and is expected to To be completed by December 31, 2021.
The project will cost around INR 224 crore and pave the way for mass testing of 5G user equipment (UE) and network equipment by 5G stakeholders developing 5G products and services, including small and medium start-ups, academia and industry in the country.
Telecom operators including Airtel, Jio and Vodafone Idea have set up 5G trial sites in cities including Gurugram, Kolkata, Bengaluru, Mumbai, Delhi, Chandigarh, Jamnagar, Chennai, Ahmedabad, Hyderabad, Pune, Lucknow and Gandhi Nagar. These metros and major cities will witness the first launch of 5G services in the country.
The Department of Communications (DoT) mentioned initiatives from BharatNet to install mobile towers and telecom repairs announced this year. The Ministry of Transport also reported that foreign direct investment (FDI) in the telecommunications sector rose by about 150% between 2014 and 21.
In another case, on January 24, 2022, Ericsson announced the establishment of a Network Operations Center (NOC) in Malaysia dedicated to 5G Digital National Berhad (DNB). This purpose-built NOC demonstrates Ericsson’s growing commitment to Malaysia, providing job opportunities and improving skills in the country.
NOC will also leverage the latest artificial intelligence, automation, machine learning (ML) and cognitive software to securely manage and improve DNB 5G network performance and IT operations and deliver a world-class experience.
5G market By components (dummy cell, device-to-machine communication), by applications (consumer electronics, automotive, retail, energy, utilities, healthcare) – 2027 forecast
5G service market Research report by type of service (professional services, managed services), type of connection (ultra-mobile broadband, massive machine-type communications, fixed wireless access, and others), technology (Wi-Fi, high-speed packet access, radio access technologies , global mobile system and others), vertical (energy and utilities, automotive, healthcare, etc.), and region – global outlook to 2027
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