5G Services Market Size, Share and Global Market Forecast


 5G Services Market

5G Services Market observed USD 53 billion in 2020, growing at a vigorous CAGR of 29.4% during forecast period, owing to the increasing adoption of 5G services.

Factors driving the growth of 5G Service includes growing internet subscription and smartphone penetration across the Globe, which is going to revolutionize the overall internet broadband experience. 5G offers high speed, almost 20 time faster than the speed provided by 4G LTE and low-latency to help users use applications connected with AI and IoT, improving user’s experience to access internet for important information, fueling the Global 5G Services market growth. Also, the growing use of 5G services in public transportation systems, energy and utilities, manufacturing, public Safety, healthcare, Automotive will expand the market growth. Even, The National Health Expenditure Accounts (NHEA) in United States, has estimated to invest a whopping 6 billion USD in the Healthcare Sector. However, the adaption from 4G to 5G is going to cost Billions of Dollars for Governments around the world. Hence, high spectrum prices along with hike in 5G Service Subscriptions will hinder the 5G Services Market size.

Enterprise – Segment Analysis

Based on the enterprise, the manufacturing is expected to grow at a higher CAGR during the forecast period. An increase is demand for Industry 4.0, backed by 5G Technology owing to rise in demand for cyber physical systems and IoT will boost the market growth.

Communication Type – Segment Analysis

Based on the communication type, the enhanced mobile broadband (eMBB) is projected to dominate the 5G Services market during the forecast period, owing to growing emphasis of 5G Network-operators on delivering high-quality broadband services for applications which includes high speed cloud-based gaming, AR/VR etc. Also, exceptional data speeds provided by eMBB for commercial and residential use will surge the demand for in-vehicle infotainment, 4K video access, and virtual meetings. Thus, it will increase the demand for 5G Services Market in the coming years.

 Regional – Segment Analysis

Based on the region, Asia-Pacific is anticipated to dominate the market over the forecast period. Companies in China, Japan and South Korea are hugely investing in 5G Network Services. In Addition, a surge in demand for smartphones enabled with 5G Technology has increased the overall manufacturing of 5G Smartphones in this region. The mobile users of 4G networks in South Korea fell dramatically to 48.55 million in November 2021 owing to the increasing demand for 5G enabled Smartphones.

North America is expected to grow at a fast CAGR during the forecast period owing to large scale involvement of service providers to include 5G Services for commercial uses.

Key Developments:

In 2021, AT&T launched the 5G+ services across different areas around Tampa, including Raymond James Stadium, Channel District, and other locations in the US.

In 2021, T-Mobile along with Ericsson and Nokia entered in a five-year, multi-billion-dollar agreements to continue advancing and expanding the country’s largest 5G network.

Market Segmentation
Global 5G Services Market by Application
  • Smart Cities
  • Connected Factories
  • Smart Buildings
  • Connected Vehicles
  • Connected Healthcare
  • Connected Retail
  • Smart Utilities
  • Others
Global 5G Services Market by End User
  • Consumers
  • Enterprises
Global 5G Services Market by Communication Type
  • Fixed Wireless Access and Enhanced Wireless Broadband
  • Massive Machine-Type Communications
  • Ultra-Reliable Low Latency
Global 5G Services Market by Enterprise
  • Manufacturing
  • Media and Entertainment
  • Government
  • Energy and Utilities
  • Transportation and Logistics
  • Healthcare
  • Others
Global 5G Services Market by Region:
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of APAC
  • North America
    • United States of America
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Rest of Europe
  • RoW
    • Brazil
    • South Africa
    • Saudi Arabia
    • UAE

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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