CHICAGO, June 20, 2024 /PRNewswire/ -- The 5G
Services Market is estimated at USD 98.3
billion in 2023 to USD 427.7
billion by 2028 at a Compound Annual Growth Rate (CAGR) of
34.2%, according to a new report by MarketsandMarkets™. The
innovative concept of network slicing in 5G represents a
transformative leap in network customization, offering virtual,
dedicated slices tailored to the unique requirements of specific
applications or services. This capability is a pivotal driver for
the diverse range of use cases enabled by 5G technology. For
massive IoT deployments, network slicing allows the creation of
dedicated slices optimized for handling many connected devices with
varying communication needs. Simultaneously, in ultra-reliable
low-latency communication (URLLC) scenarios, such as
mission-critical applications in healthcare or industrial
automation, dedicated slices ensure the stringent demands for
real-time responsiveness and reliability are met. Network slicing
thus becomes a crucial proponent in the adaptability of 5G,
fostering a flexible and efficient network infrastructure that can
accommodate the varied and evolving demands of a multitude of
applications and industries.
Browse in-depth TOC on "5G Services Market"
268 – Tables
52 - Figures
296 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2017-2028
|
Base year
considered
|
2022
|
Forecast
period
|
2023–2028
|
Forecast
units
|
Value (USD)
Billion
|
Segments
Covered
|
Application,
Communication type, End user, Enterprise, and Region
|
Region
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
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).
|
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.
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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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Top Key Companies in 5G Services Market:
The major vendors covered in the 5G Services Market are 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), Aarna
Networks (US). These players have adopted various growth
strategies, such as partnerships, agreements and collaborations,
new product launches, enhancements, and acquisitions to expand
their footprint in the 5G Services Market.
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