Press release
5G Services Market 2024 - By Size, Share, Growth Rate, Emerging Trends, Development Status, Revenue Outlook And Forecast 2033
5G Services Market
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.
Market Overview -
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.
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Surging IOT Demand Drives Increased Adoption Of 5G Services For Enhanced Connectivity
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.
Competitive Landscape -
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.
Ai-Powered Services Drive Expansion And Efficiency In The 5G Services Market
The introduction of AI-powered services is a major trend shaping the growth of the 5G services market. The commercial usage of 5G services is expanding rapidly. The growth in the number of connections and cloud-based AR or VR is generating higher demand for 5G services with greater bandwidth, wide coverage, and low latency networks. For instance, in September 2022, Nokia Corporation, a Finland-based communication and information technology company, announced that it has made NTT DOCOMO Inc. use its artificial intelligence (AI) radio frequency (RF) capacity planning software in order to speed up radio frequency planning and assist the Japanese operator in deploying its 5G network effectively. AVA* software from Nokia, which delivers ""intelligence everywhere,"" includes an AI RF capacity planning solution. Based on DOCOMO's specifications, it was modified to be able to predict the RF capacity of 4G cells from BTS performance data and simulate the best candidate locations for 5G cell and RAN hardware to achieve the necessary area capacity. Therefore, the introduction of AI in 5G services in order to increase the accuracy and agileness is to act as a major trend for the 5G services market.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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