5G Services Market to be Worth $2,208.2 Billion by 2030: Million Insights

FELTON, Calif., Jan. 11, 2023 /PRNewswire/ -- The global 5G services market size is projected to value at USD 2,208.2 billion by 2030, registering a CAGR of 56.7% from 2022 to 2030. The market is expected to be driven by the increasing need for ultra-reliable and low-latency data networks, which in turn provide improved mobile connection. Furthermore, the market growth is fueled by the potential use of 5G services for applications like remote patient monitoring and remote surgery.

Key Industry Insights & Findings from the report:

• Based on communication type, the enhanced Mobile Broadband (eMBB) segment is projected to emerge as the fastest-growing segment by 2030.
• The consumer segment is estimated to expand at the fastest growth rate by 2030 owing to the rising commercialization of the 5G services across countries, including China, the U.S., Japan, South Korea, and Germany.
• Geographically, Asia Pacific captured the largest revenue share of more than 40% in 2021 which is attributed to the in-flow of investments from regional players such as SK Telecom, China Mobile, China Telecom, and KT Corp.

Read 125 page full market research report for more Insights, "5G Services Market Size, Share & Trends Analysis Report By Communication Type, By Vertical, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.

5G Services Market Growth & Trends

5G services play a key role in the telecommunications and transportation industries. By enabling seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) communication, 5G wireless technology is predicted to totally alter the transportation and logistics sector. The adoption of 5G services is also driven by the need to ensure the seamless and uninterrupted functioning of autonomous vehicles. Additionally, it is predicted that the widespread implementation of 5G network infrastructure will increase operational effectiveness in a number of IoT use cases, such as smart homes, smart cities, and industry 4.0.

Therefore, the total market growth is set to accelerate during the forecast period owing to the increasing demand for high bandwidth to enable dependable connection to IoT devices. The practice of remotely monitoring a building's energy systems is becoming more popular in various nations, including the U.S., China, and Japan. Furthermore, the key market players, including AT&T Inc., Verizon Communications, and China Telecommunications Corp., are investing in 5G services to minimize latency for faster Machine-to-Machine (M2M) communications.

5G Services Market Segmentation

Million Insights has segmented the global 5G services market on the basis of communication type, vertical, and region:

5G Services Market - Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)

• FWA
• eMBB
• uRLLC
• mMTC

5G Services Market - Vertical Outlook (Revenue, USD Million, 2020 - 2030)

• Consumer
• Enterprises
• Manufacturing
• Public Safety
• Healthcare & Social Work
• Media & Entertainment
• Energy & Utility
• IT & Telecom
• Transportation & Logistics
• Aerosapce & Defense
• BFSI
• Government
• Retail
• Mining
• Oil & Gas
• Agriculture
• Construction
• Real Estate

5G Services Market - Regional Outlook (Revenue, USD Billion, 2020 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Russia
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• South Korea
• Latin America
• Brazil
• Mexico
• 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.

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