The global 5G services market accounted for a value of USD 47.3 billion in 2019 and is projected to register growth at a CAGR of 16.1% during forecast period.
COVID-19 has impacted the 5G services market. The outbreak of corona virus globally has delayed the 5G connectivity projects around the world. The manufacturing industries have to halt its production and supply chain of hardware is disrupted due to lockdown and travel restriction. The demand from end-users is declining rapidly declining due to outbreak of corona virus. The market is likely to witness decline in growth due to COVID-19.
For more details, visit: Global 5G Services Market By Communication Type (mMTC, uRLLC, Others), By Vertical (Broadband, Connected Healthcare, Others), By End-Users (Transportation & Logistics, Manufacturing, Others), By Region, Forecast & Opportunities to 2026
The demand for 5G services is increasing from Internet of Things (IoT) to deliver high performance and efficiency. The market for internet of things is increasing immensely across the world. The growing need to connect smart devices with high-speed internet and demand for IoT increases the growth in 5G services market during forecast period.
On the basis of communication type, the 5G services market is segmented into massive machine-type communication (mMTC), ultra-reliable & low latency communication (uRLLC), enhanced mobile broadband (eMBB) and fixed wireless access (FWA). The mMTC segment is estimated to foresee fastest growth during forecast period. The mMTC focuses on providing service for high connection density applications. The demand for uninterrupted connectivity for deployed IoT devices in network is increasing around the world. This increases the demand for mMTC segment and drives growth in mMTC market during forecast period.
On the basis of vertical, the 5G services market is segmented into broadband, voice, smart cities, connected factories, smart buildings, connected vehicles, connected healthcare, connected retail and smart utilities. The broadband segment is estimated to hold the largest market share during forecast period. The broadband is deployed by companies in various cities. The adoption of broadband is increasing around the world and this drives growth in broadband vertical during forecast period.
On the basis of end-users, the 5G services market is segmented into manufacturing, retail, healthcare, transportation & logistics, IT & telecom, media & entertainment, energy & utility, agriculture, O&G & mining, BFSI, construction and real estate. The IT & telecom segment is estimated to dominate the market during forecast period. The corporate players are making significant investment in the adoption of the latest technologies for communication. The demand for higher data speeds for commercial and residential applications is increasing and this drives growth in IT & telecom segment during forecast period.
North America region is estimated to register growth at highest CAGR during forecast period. The investment in deploying 5G networks infrastructure is increasing in this region. The investment in building smart homes, smart cities and smart industries projects are increasing in this region and this increases demand for 5G services. The investment in research and development sector is increasing in this region and demand for high speed internet connectivity and telecom service providers is increasing in this region. This drives growth in 5G services market during forecast period.
The key market players in 5G services industry are AT&T, China Mobile, SK Telecom, Verizon, BT Group, China Telecom, Deutsche Telekom, KT Corporation, Sprint Corporation, Telstra, NTT Docomo, Airtel, DU, Vodafone Group, Saudi Telecom Company and Telecom Italia.
- What are the expected industry trends over the next three to five years?
- Which of the 5G services communication type is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?