The Asia-Pacific 5G Services market is expected to grow at a whopping compound annual growth rate (CAGR) of around 160% to reach US$ 64.22 billion by 2024.
Recent Developments and Trends:
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.
Market growth and 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.
Drivers and Restraints of APAC 5G Services Market:
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.
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.
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 Players:
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.
Highlights of the Report:
• A complete context analysis, which includes an evaluation of the parent market
• Significant changes in market dynamics.
• Market segmentation to the second or third level.
• Historical, current and projected market size in terms of value and volume.
• Reports and evaluation of recent industry developments.
• Market shares and strategies of the main actors.
• Niche of emerging segments and regional markets.
• An objective evaluation of the market trajectory.
• Recommendations to companies to strengthen their presence in the market.
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