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A number of important changes in the market are affecting business and the way people and businesses use technology. One of the most noticeable trends is the rise in the number of 5G gadgets and apps. People are making smarter apps that use 5G's low delay and fast speed. Also, more and more 5G devices are becoming available at prices that are competitive with other devices on the market. Businesses that can be different from the competition, be creative, and change the way customers connect with brands can take advantage of this trend.
The stress on relationships and working together is another important change in the 5G service market. More and more, telecommunications companies are teaming up with companies in other fields, like manufacturing, entertainment, and healthcare. The goal of these agreements is to bring 5G to a wide range of industries, opening up new ways to improve speed and come up with new ideas. Industries and telecom companies working together is creating unique solutions, like 5G-enabled healthcare services, smart manufacturing, and virtual reality experiences.
The rise of edge computing is one of the most important changes in the 5G service sector. Edge computing handles data closer to the source to cut down on delay and make real-time apps possible. As the Internet of Things (IoT) environment grows, edge computing will play a bigger role in making it possible for more gadgets and apps to talk to each other. Furthermore, energy efficiency and sustainability are turning into major issues, and there is a rising focus on building 5G infrastructure that is safe for the environment in order to meet the growing demand while limiting its harmful effects on the environment.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | To move bryond connectivity and collaborate across sectors to deliver new, rich services. |
| Market Dynamics | Rising demand for ultra-latent and dependable connectivity services. |
5G Service Market Highlights:
5G Service Market Overview
5G Service Market Size was valued at USD 24.4 billion in 2022. The 5G service market industry is projected to grow from USD 31.5 Billion in 2023 to USD 248.1 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 29.40% during the forecast period (2023 - 2032). Rapid advancements in connected IoT devices and rising demand for dependable, ultra-latent connectivity services are the key market drivers enhancing the market growth.
Figure 1: 5G Service Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
5G Service Market Trends
Rising need for high-speed connectivity is propelling the market growth
The increased need for high-speed connectivity and data traffic are driving the market CAGR of worldwide 5G services. According to the GSA and Ericsson Survey, 2018, mobile or smartphone users expect new applications such as YouTube, Flickr, or Snapchat experiences to develop as 5G development and subscriptions reach 13 billion by the end of 2019. Furthermore, rising healthcare costs are propelling the growth and development of the worldwide 5G services market. The United States' National Health Expenditure Accounts,
Additionally, the increased reliance on machine-to-machine communication, as well as the increasing volume of mobile data traffic, are driving the 5G services market. 5G services provide a fully mobile environment by increasing the amount of data transmitted through a wireless system based on high frequency and superior antenna technology. The 5G services market is also growing as a result of the increased demand for internet subscriptions and the growing need for high-speed and comprehensive network coverage. Furthermore, the integration of 5G services with the internet of things into daily activities has enabled high-speed data connection in applications such as smart home energy management, leading in a 5G services market prediction.
For instance, the Kaiser Family Foundation estimates that overall healthcare spending in the United States would exceed $6.2 trillion by 2030, with a CAGR of around 7% from 2022 to 2030.As a result, the 5G service market revenue is increasing.
5G Service Market Segment Insights
5G Service Service Type Insights
Professional services and managed services are included in the 5G service market segmentation depending on the service type. Managed Services were mostly used to reduce operational and capital costs. Managed Services are now a crucial catalyst for transforming and increasing the cost, quality, security, and control of network operations and performance, as well as end-user experience. They are no longer merely a cost-cutting approach. Additionally, it holds a sizable portion of the market.
Figure 2: 5G Service Market, by Service type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
5G Service Communication type Insights
The 5G service market segmentation, based on communication type, includes extreme mobile broadband, massive machine- type communications, fixed wireless access and others. The extreme mobile broadband) segment dominated the market in 2022, accounting for around 43% of total sales. The extreme mobile broadband services will be the first commercial 5G services to be introduced as a supplement to existing 4G internet services, but they will offer considerably more than just faster download speeds.
5G Service Technology Insights
Wi-Fi, high-speed package access, radio access technologies, system for mobile, and others are among the technology-based segments of the worldwide 5G service market. system for mobile had a substantial market share. Furthermore, GSM ( System for Mobile Communication) is a digital mobile network that is widely used by cell phone users in Europe and other parts of the world. GSM is the most widely used of the three digital wireless telephony technologies: TDMA, GSM, and code-division multiple access (CDMA). (CDMA). (CDMA). GSM digitizes and compresses data before sending it along a channel with two other streams of user data, each in its own time slot. It uses either the 900 MHz or the 1,800 MHz frequency ranges.
5G Service Vertical Insights
The 5G service market segmentation, based on vertical, includes energy and utilities, automotive, healthcare and others. Because of increased investments by market participants in order to improve technological innovation, the automotive vertical segment is predicted to dominate the market.
5G Service Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and the Rest of the World. In the year 2022, North America had the biggest market share. The country has been an early adopter of the 5G service network, with many regional telecom providers announcing plans to launch 5G service well ahead of other regions' operators. Furthermore, the industry is rapidly adopting new technologies like as the Internet of Things (IoT) and smart cities, both of which require high-speed network connectivity.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: 5G SERVICE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe5G service market accounts for the second-largest market share due to the increasing adoption of fifth generation services across the region. Further, the German 5G service market held the largest market share, and the UK 5G service market was the fastest-growing market in the European region
The Asia-Pacific 5G Service Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because the region has a steady supply of 5G-capable devices thanks to the growing demand for handsets with faster internet speeds. Moreover, China’s 5G service market held the largest market share, and the Indian 5G service market was the fastest-growing market in the Asia-Pacific region.
5G Service Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to increase their product lines, which will help the 5G service market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, 5G service industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the 5G service industry to benefit clients and increase the market sector. In recent years, the 5G service industry has offered some of the most significant advantages to medicine. Major players in the 5G service market, including Qualcomm Inc, Saudi Telecom Company, Telefonaktiebolaget L. M., Ericsson Intel Corporation, China Mobile, BT Group, Nokia Corporation, Huawei Investment & Holding Co. Ltd and others, are attempting to increase market demand by investing in R&D operations.
Nokia Corporation was founded in 1865 as a Finnish multinational telecommunications, information technology, and consumer electronics corporation. Nokia's primary offices are in Espoo, Finland, in the larger Helsinki metropolitan area, while the company's roots are in the Pirkanmaa district near Tampere. Nokia employed roughly 92,000 people[6] in over 100 countries in 2020, had business in over 130 countries, and generated annual revenues of approximately €23 billion. Nokia is a public limited corporation that trades on the Helsinki and New York stock exchanges. November 2022: Nokia Corporation announced that Balitower would extend its relationship with Nokia by using Nokia mobile transport solutions and services to upgrade its operations and network architecture and reliability to deliver expanded 5G services for its customers and improve user experience, reduce the total cost of ownership and prepare the nationwide network for 5G.
AT&T Inc. is an American multinational telecommunications holding company headquartered in Downtown Dallas, Texas, in Whitacre Tower. It is the world's largest telecommunications corporation in terms of revenue, as well as the third-largest provider of mobile phone services in the United States. With $168.8 billion in revenue in 2022, AT&T was ranked 13th on the Fortune 500 list of the largest firms in the United States. AT&T enjoyed a monopoly on phone service in the United States throughout the majority of the twentieth century. The American District Telegraph Company was founded in St. Louis in 1878 as the American District Telegraph Company. February 2022: AT&T has announced its Microsoft collaboration which integrates the AT&T 5G Network with the Azure Private MEC and builds on the existing edge work between the two companies. In contrast, the AT&T Private 5G Edge is designed to be an integrated platform that offers embedded applications and connectivity through a single platform, utilizing AT&T and CBRS spectrum as required to satisfy customer needs.
Key Companies in the 5G service market include
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SK Telecom
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LG Electronics Inc.
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Verizon Communications inc.
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Qualcomm inc
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Saudi Telecom Company
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Telefonaktiebolaget L. M. Ericsson
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China Mobile
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BT Group
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Nokia Corporation
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Huawei Investment & Holding Co Ltd
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T-Mobile USA inc
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NEC Corporation
5G Service Industry Developments
In January 2021:T-Mobile with Ericsson and Nokia signed an agreement to deliver 5G technologies across various countries. It was a multi-billion dollar agreement.
In February 2022:AT&T announced that they would own 71% of the new WarnerBros. Discovery Company. The company will also receive 0.24 shares of Warner Bros.Discovery for every AT&T share.
In January 2022:KT, a Korean Carrier KT, and Japanese Tech Company Fujitsu accomplished the verification at KT Research and Development Center in South Korea. The two companies leveraged Fujitsu's Open RAN-based 5G base station equipment to test call connections for open fronthaul. NTT Docomo, the Japanese player will provide Fujitsu with technical support during the project. With the advent of this new facility, KT has the objective to fasten the introduction of O-RAN technology to the 5G network in Korea.
5G Service Market Segmentation
5G Service Market by Service Type Outlook
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Professional Services
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Managed Services
5G Service Market by Communication Type Outlook
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Extreme Mobile Broadband
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Massive Machine- Type Communications
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Fixed Wireless Access
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Others
5G Service Market by Technology Outlook
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Wi-Fi
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High-Speed Package Access
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Radio Access Technologies
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System for Mobile
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Others
5G Service Market by Vertical Outlook
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Energy and Utilities
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Automotive
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Healthcare
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Others
5G Service Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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