Global 5G Services Market value was estimated at USD 51 billion in 2019 and expected to reach 123.26 billion by 2024, growing at the rate of 18% CAGR. The increasing demand for high-speed data connectivity for IoT-based (smart home energy management) applications is estimated to propel 5G services market over the projection era. To enhance general productivity and operational effectiveness, many vertical industries are actively concentrating on technological transformation to maintain an extremely competitive atmosphere. The 5G wireless technology can assist achieve notable vertical changes by cutting general expenses and improving productivity. In the forecast period, further emphasis is anticipated on enhanced energy surveillance and energy management and greater control of energy generation and distribution network.
In addition to energy & utilities and healthcare, transport & logistics is another vertical industry which could provide potential 5G services. For example, the V2X communication concept has prepared the way for autonomous and connected vehicles. 5G facilities would play a critical part in ensuring seamless communication between the V2I and the vehicle-to-vehicle (V2V) to decrease the chance of road accidents. The growing emphasis on guaranteeing safe and improved driving experience with connected vehicles is expected to drive 5G Services Market growth over the forecast period. In public transport applications, the next-generation 5G systems are increasingly used. These techniques provide high-speed Internet access to amusement, data, and communication with intelligent mobility parts, for government transportation applications such as buses and high-speed railways. Besides, the 5G services market growth in the forecast period will be fueling.
5G Services Industry Drivers, Restraints, and Opportunities
The 5G Services market size is exponentially expanding owing to the following:
Smart mobile networks should communicate with further appliances, manage more information, decrease latency considerably and deliver new efficiency rates. 5G service market has been intended to satisfy these requirements through bandwidth bundling to increase velocity and variety. Moreover, increasing demand for mobile data traffic influences the growth of 5G services market worldwide, which is expected to increase considerably during the forecast period. Moreover, the demand of 5G service market is booming further, and this trend can be ascribed to robust development over the forecast period.
Furthermore, the growth of 5G services market is booming further, with increasing demand for broadband facilities. The effect of this variable in the latest years is moderate and over the forecast period is expected to be substantial. The growth of 5G facilities worldwide is influenced by the increasing demand for high velocity and prominent network coverage.
5G Services Industry In-depth Analysis:
5G network promises to succeed 4G in terms of speed and application instances, including full high bandwidth, elevated density links, and ultra-low latency in the fifth generation of mobile cellular services. The low communication latency is a remarkable feature that differs 5G from its predecessor. Growing market growth is encouraged by the increased demand for credible and ultra-latent connectivity facilities. In addition to the rich user experience, exceptionally high information velocity would also revolutionize business models.
Several mobile services megatrends have also affected the worldwide 5G industry. The market for 5G service is also anticipated to boost rapid advances in IoT (Internet of Things). Unconnected systems hamper IoT applications. And the 5G bandwidth link is what IoT needs to perform seamlessly. It would assist in deploying more associated equipment without latency problems. Consequently, an increasing number of connected devices would boost 5G service market growth.
The global 5G services market is segmented and sub-segmented as follows:
Regional and Country Level Analysis and Key Insights:
By 2020, the domestic economy of North America is anticipated to make up around 40% of the world economy. Some of the most significant developments in the deployment of 5 G networking infrastructure in the USA are anticipated to add to a growing area of the North American market over the forecast period with substantial investments in intelligent housing, the establishment of smart sectors and smart city development initiatives in the USA.
Keeping trail of the 5G network infrastructure in China, Japan and South Korea is aggression-free, in Asia-pacífico such as China Telecom, China Mobile, SK Telecom and KT Corporation. Most of these investments are expected to focus on deploying 5 G network infrastructure, including vertical sector infrastructure, for media & leisure, transport & logistics, healthcare, and production.
Leading Competitors Involved in this Research Report are:
1. 5G Services Market Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the 5G Services Market
5. Market Segmentation
5.1.2 Smart Cities
5.1.3 Connected Vehicles
5.1.4 Connected Factories
5.1.5 Smart Buildings
5.1.6 Smart Utilities
5.1.7 Connected Healthcare
5.1.8 Broadband Services
5.1.9 Y-o-Y Growth Analysis, By Vertical
5.1.10 Market Attractiveness Analysis, By Vertical
5.1.11 Market Share Analysis, By Vertical
5.2.6 Y-o-Y Growth Analysis, By Application
5.2.7 Market Attractiveness Analysis, By Application
5.2.8 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Vertical
220.127.116.11 By Application
6.1.4 Market Attractiveness Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Vertical
126.96.36.199 By Application
6.1.5 Market Share Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Vertical
220.127.116.11 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 AT&T Inc.
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 BT Group plc
8.3 China Mobile Ltd.
8.4 China Telecom Corporation Ltd.
8.5 Bharti Airtel Lmt.
8.6 Saudi Telecom Corporation
8.7 Vodafone Limited
8.8 Deutsche Telekom Group
8.9 SK Telecom Co. Ltd.
8.10 Version Communications Inc.
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures