Global 5G Services Market Study
Market Insights
The global 5G services market size was valued at USD 45,300 Million in 2020, and it is expected to reach a value of USD 250,100 Million by 2027, at a CAGR of 50% over the forecast period (2020 - 2027).
5G is the fifth generation of mobile networks. It is a new worldwide wireless standard after 4G. It is predicted to be one of the world's fastest and most powerful technologies. A 5G network is specifically designed to reduce latency, enhance speed, and improve wireless network flexibility.
Segmental Analysis
The Global 5G services market is segmented based on of End-User industry as IT & Telecom, Media & Entertainment, Automotive, Energy & Utility, Aerospace & Defense, and Other End-user Industries. Based on region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by End-User Industry
In 2021, IT & Telecom segment of the market is projected to hold the most dominating share of more than 20% in the market. Due to significant investments by key companies in the latest communication technologies, the segment is likely to maintain its dominance over the projection period. Over the projected period, the IT & telecom industry is expected to rise due to rising demand for higher data speeds for residential and commercial applications. 5G services are intended to provide ubiquitous broadband access between offices and homes, allowing for a virtual consultation with professionals and lowering corporate trip costs. During the projected period, the growing need for increased internet capacity for virtual business meetings is expected to move the segment forward.
Regional Insights
Based on the geographical viewpoint, the global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region is projected to hold the most substantial share of 18% in the market and grow at the fastest CAGR during the forecast period. Heavy investments by the key players such as China Telecom, China Mobile, SK Telecom, and KT Corp. in the market are likely to support the industry growth. The increasing deployment of 4G and 5G networks opens up a plethora of possibilities for the deployment of 5G services in the region. Attributing to the region's large mobile subscriber base, companies are becoming more competitive and focusing on providing superior customer service.
Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.