SAN FRANCISCO, March 16, 2022 /PRNewswire/ -- The global 5G services market size is estimated to reach USD 1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030, according to a new study by Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period.
Key Insights & Findings from the report:
- The U.S. is anticipated to dominate the North America regional market from 2022 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy & utility management, and smart mobility management.
- The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.
- This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) & Augmented Reality (AR) gaming.
- The manufacturing vertical segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators.
- Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios.
- However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period.
Request a free sample copy or view report summary: "5G Services Market Size, Share & Trends Analysis Report By Communication Type (FWA, eMBB, uRLLC, mMTC), By Vertical (Manufacturing, IT & Telecom, BFSI), By Region (Asia Pacific, North America), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
5G Services Market Growth & Trends
The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.
As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period. In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period.
As such, the growing need for remote asset monitoring, drone control, coordination, and smart grid control is anticipated to fuel the growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over the forecast period. Key market players, such as AT&T Inc., China Telecommunications Corp., and Verizon Communications, are investing in rolling out 5G infrastructure to provide low-latency services for faster Machine-to-Machine (M2M) communication. However, these market players are expected to deliberate before making investments owing to the high 5G spectrum prices. Stringent government regulations and policies pertaining to the 5G wireless technology are also expected to hinder market growth.
5G Services Market Segmentation
Grand View Research has segmented the global 5G services market on the basis of communication type, vertical, and region:
5G Services Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)
5G Services Vertical Outlook (Revenue, USD Billion, 2020 - 2030)
- Public Safety
- Healthcare & Social Work
- Media & Entertainment
- Energy & Utility
- IT & Telecom
- Transportation & Logistics
- Aerospace & Defense
- Oil & Gas
- Real Estate
5G Services Regional Outlook (Revenue, USD Billion, 2020 - 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa (MEA)
List of Key Players of 5G Services Market
- AT&T, Inc.
- BT Group plc
- China Mobile Ltd.
- China Telecom Corp. Ltd.
- Bharti Airtel Ltd.
- NTT Docomo
- KT Corp.
- Saudi Telecom Company
- Vodafone Group
- Deutsche Telekom AG
- SK Telecom Co., Ltd.
- Verizon Communications, Inc.
- T-Mobile USA Inc.
- Rakuten Mobile Inc.
Check out more related studies published by Grand View Research:
- 5G System Integration Market - The global 5G system integration market size is estimated to reach USD 39.57 billion by 2028, registering a CAGR of 25.9% from 2021 to 2028, according to a new study by Grand View Research, Inc. Robust increase in the investments to deploy 5G network infrastructures across key countries, such as the U.S., China, and Japan, has created the demand for integrating entire fifth generation infrastructure and applications across enterprises. This process will help enterprises to work as a centralized platform that will assist in reducing overall complexity. Thus, robust investments in building fifth-generation infrastructure, coupled with the growing need to set up a 5G-enabled ecosystem, are estimated to propel the market growth.
- 5G Chipset Market - The global 5G chipset market size is expected to reach USD 66.45 billion by 2028, according to a new study by Grand View Research, Inc. It is expected to expand at a CAGR of 69.1% from 2021 to 2028. The rapidly rising demand for ultra-reliable and low-latency data networks capable of delivering seamless connectivity is estimated to boost market growth over the forecast period. As such, the 5G chipset is turning out to be an integral part of modern telecommunication equipment. 5G chipsets can be found in the latest smartphones, laptops, base stations, modems, and routers. These chipsets are also being installed in connected vehicles deployed as part of autonomous vehicle systems to provide improved Vehicle-to-Everything (V2X) connectivity.
- 5G Infrastructure Market - The global 5G Infrastructure market size is expected to reach USD 80.5 billion by 2028. It is expected to expand at a CAGR of 49.8% from 2021 to 2028. The growing demand for enhanced bandwidth connectivity with low latency for many mission-critical applications, such as vehicle-to-everything (V2X) and drone connectivity, is estimated to fuel the market growth.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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