Asia Pacific 5G Services Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented by Vertical (Smart Cities, Connected Vehicles, Connected Factories, Smart Buildings, Smart Utilities, Connected Healthcare, and Broadband Services), Application (eMBB, mMTC and URLLC, and FWA), and Regional - (2024 to 2029)

Updated On: January, 2024
ID: 9074
Pages: 98

Asia Pacific 5G Services Market Size (2024 to 2029)

The Asia-Pacific 5G Services market is expected to grow at a whopping USD 19.66 billion in 2024 and USD 53.51 billion by 2029, growing at a CAGR of 22.17% during the forecast period.

Asia Pacific 5G Services Market Trends

The main growth factors of the Asia-Pacific 5G services market are the continuous evolution towards higher bandwidth, lower latency, greater security and the opening of mobile networks.

Rapid population penetration has resulted in the increasing adoption of smartphones and mobile internet in the Asia-Pacific region, which has doubled in the past five years, reaching half of the population at the end of 2016. This means that the future scope is immense, considering the current scenario.

Asia Pacific 5G Services Market Drivers

  • Increased demand for reliable and ultra-low latency connectivity services

  • Growing demand for the deployment of connected IoT devices across various industries

  • The constant incline in data exchange and application of analytics to make use of information received

Asia Pacific 5G Services Market Restraints

  • The cost involved in the implementation of network services

  • Intense market competition and stringent telecommunication regulations

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2023 to 2029

Base Year

2023

Forecast Period

2024 to 2029

CAGR

22.17%

Segments Covered

By Vertical, Application, and Country

 

Various Analyses Covered

Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

India, China, Japan, South Korea, Australia, New Zealand, Thailand, Malaysia, Vietnam, Philippines, Indonesia, Singapore, Rest of APAC

 

 

 

Market Leaders Profiled

Nokia Corporation (Finland), Samsung Electronics Co., Ltd. (South Korea), Cisco Systems, Inc. (United States), LG Electronics Inc. (South Korea), Huawei Investment & Holding Co., Ltd (China), Telefonaktiebolaget LM Ericsson (Sweden), Verizon Communications, Inc., (United States), Qualcomm Inc. (United States), Intel Corporation (United States), T-Mobile USA, Inc. (United States), AT&T Inc (United States) and NEC Corporation (Japan)) Among others.

 

This research report on the Asia Pacific 5G Services market has been segmented and sub-segmented based on the following categories.

Asia Pacific 5G Services Market Analysis By Vertical

  • Smart Cities           
  • Connected Vehicles            
  • Connected Factories          
  • Smart Buildings    
  • Smart Utilities       
  • Connected Healthcare       
  • Broadband Services    

Based on the vertical, the Asia Pacific 5G services market is segmented in Smart Cities, Connected Vehicles, Connected Factories, Smart Buildings, Smart Utilities, Connected Healthcare and Broadband Services. Of these, Broadband Services are anticipated to hold the dominant share in the regional market, owing to the growing penetration of internet and the need for high-speed data connectivity. However, the Smart Cities segment is likely to witness the rapid growth rate in the foreseen period due to the increasing demand for smart traffic management and parking, water and waste management, public safety applications, and so on.

Asia Pacific 5G Services Market Analysis By Application

  • eMBB       
  • mMTC and URLLC 
  • FWA         

Based on the application, the Asia Pacific 5G services market is divided into eMBB, mMTC and URLLC, and FWA. Among these, the mMTC and URLLC segment is predicted to expand with the highest CAGR in the coming years, attributing to the need for latent-free connectivity in M2M connections like self-driving vehicles.

Asia Pacific 5G Services Market Analysis By Region

By geography, the APAC 5G services market is divided into regions of China, Japan, India, Australia and the rest of the Asia Pacific. The increasing investments and demand from emerging economies like China and India are accelerating the market for 5G services in this region. China is likely to dominate the Asia Pacific 5G services market in the coming years, with more than 400 million customers by 2025. Also, the growth is confirmed by the availability of skilled labor required for the infrastructure developments in this area.

KEY MARKET PARTICIPANTS

Nokia Corporation (Finland), Samsung Electronics Co., Ltd. (South Korea), Cisco Systems, Inc. (United States), LG Electronics Inc. (South Korea), Huawei Investment & Holding Co., Ltd (China), Telefonaktiebolaget LM Ericsson (Sweden), Verizon Communications, Inc., (United States), Qualcomm Inc. (United States), Intel Corporation (United States), T-Mobile USA, Inc. (United States), AT&T Inc (United States) and NEC Corporation (Japan)) Among others.

RECENT HAPPENINGS IN THE MARKET

  • Countries with a robust 4G infrastructure would be the first to deploy the 5G services. Countries with agile connectivity platforms would quickly transform their services into 5G, likely in the first quarter of 2020.
  • As of October 2019, 4 million people in Korea had 5G mobile phones, and it is expected to reach around 5 million by the end of the year.
  • Around 100,000 bases stations for 5G services have been deployed by China lately, and over 150 million subscribers are anticipated in the area by the end of 2020.

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Frequently Asked Questions

What are the key factors driving the growth of 5G services in the Asia-Pacific market?

Key factors include increased demand for high-speed internet, advancements in IoT technologies, the need for enhanced mobile broadband, and government initiatives supporting digital transformation.

What challenges are facing the deployment of 5G services in the Asia-Pacific region?

Challenges include high infrastructure costs, regulatory hurdles, spectrum allocation issues, and concerns about cybersecurity and data privacy.

What role are governments playing in the expansion of 5G services in the Asia-Pacific?

Governments are playing a crucial role by investing in 5G infrastructure, facilitating spectrum allocation, and implementing policies that promote the adoption and development of 5G technologies.

What future trends are anticipated in the Asia-Pacific 5G services market?

Future trends include the expansion of 5G coverage to rural areas, the rise of private 5G networks for enterprises, advancements in 5G-enabled IoT applications, and continued innovation in augmented and virtual reality experiences.

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