NEW YORK, Sept. 15, 2021 /PRNewswire/ -- As per the findings of Zion Market Research study, 5G Applications and Services industry gathered revenue about US$ 132,840 Million in 2020 and is slated to earn revenue of approximately US$ 663,960 Million by 2027. The 5G Applications and Services market is projected to register highest gains of approximately 25.8% from 2020 to 2027. With 5G making massive disruption in technological space, its applications & solutions have triggered huge demand across plethora of industries, thereby unfurling new growth avenues for 5G applications and services market in next couple of years. Furthermore, 5G has ability to bring digital transformation in domain of wireless connectivity and networking paving a way for unprecedented growth of industry in forthcoming years.
Moreover, 5G has ability to improve internet bandwidth, speed & performance, and latency of network connectivity. Additionally, 5G applications and services are likely to act as catalyst in digital revolution taking place across globe. Apparently, launching of 5G applications and services is likely to boost internet economy in countries such as India and China and is projected to contribute significantly towards GDP of these countries. For instance, digital economy in India is slated to hit US$ 1.2 trillion by 2025 as a result of large-scale smartphone penetration, rise in use of mobile broadband, massive internet usage, and rise in uptake of data solutions & use of social media. Moreover, 5G is visualized as a major tool that will boost use of aforementioned digital devices & applications in emerging economies such as India.
In addition to this, 5G network is projected to cater to different service requirements through delivering of enhanced network performance with help of AI, connected things, and Robotics. It is likely to generate new revenue streams for countries in forthcoming years. Moreover, 5G offers low cost wireless option facilitating last mile wireless connection providing high speeds & seamless experience to end-users as compared to broadband connection requiring deployment of highly expensive fibers. Apart from this, 5G network help telecommunication firms in effectively fulfilling end-user demand for high speed data along with offering support for 4K/8K videos.
Additionally, 5G applications & services support AR/VR tools in assisting telecom firms counter threat of OTT players who have negatively impacted earnings of telecom sector in last few years. Apparently, 5G is reinforcing suite of enterprise solutions for telecom firms through agile & efficient network that can fulfill a slew of consumer demands via software driven networking, cloud, network slicing, virtualization, and mobile edge computing. With favorable government regulatory framework, transition towards 5G applications & services is garnering momentum, thereby providing boost to accelerated growth of 5G applications and services industry.
Need To Provide Seamless Experience to Internet Users To Spur Industry Landscape
Humungous requirement of high internet speed and uninterrupted network connectivity supported by strong internet infrastructure with high bandwidth facility will steer growth of 5G applications and services industry over forecast period. Apart from this, surge in proportion of digital transactions as a result of lockdown due to COVID pandemic outbreak has translated into manifold demand for 5G applications and services in recent years. Large-scale use of 5G applications & services in government sector will proliferate growth of 5G applications and services market over forecasting timeline. Need for transforming visual & multi-user experience will help in determining growth of 5G applications and services market.
North America to Account Majorly Towards Overall Market Size By 2027
Expansion of 5G applications and services market in North America over forecast timespan can be attributed to ability of 5G network to improve connectivity across various cities, districts, towns, and states of countries such as the U.S. and Canada. In addition to this, need for improving connection speeds, requirement for ultra-reliable low latency communications, and huge machine –type communication requirement in developed economies of sub-continent will define regional market growth. Massive requirement of proficient network facility in telemedicine industry, healthcare sector, autonomous vehicles, smart warehouses, law enforcement agencies, tele-surgery, remote equipment operating system, smart traffic control system, remote maintenance and inspection robots, next-gen drones, smart energy sector, smart ports, smart transportation activities, smart power distribution systems, public works, and smart cities of sub-continent will enlarge scope of growth of 5G applications and services market in North America over forecast timeframe.
Key participants influencing market growth and included in our report are Intel Corporation, Deutsche Telekom AG, Airtel India, Verizon Wireless, Telstra Wholesale, AT&T Intellectual Property, Telefónica S.A., China Mobile Limited, Cisco, EITC, KT Corp., Nokia, NTT Docomo, Samsung, Ericsson, and Vodafone Limited.
This review is based on a report by Zion Market Research, titled,"Global 5G Applications and Services Market-By Communication Type (Enhanced Mobile Broadband, Ultra-Reliable Low Latency Communications, Massive Machine Type Communications, Fixed Wireless Access, and Others), By End-User (Residential, Commercial, and Industrial), and By Industry Vertical (Telecommunications, Automotive, Government, Media and Entertainment, Consumer Electronics, Banking, Energy and Utilities, and Others): Industry Perspective, Comprehensive Analysis, And Forecast, 2020–2027"
This report segments the 5G applications and services market into:
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