Major Three Drivers Propelling The 5G Services Market At An Annual Growth Rate Of 51% - By The Business Research Company

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, March 27, 2023 /PRNewswire/ -- As per The Business Research Company's 5G Services Global Market Report 2023, the global 5G services market size will grow from $95 billion in 2022 to $150 billion in 2023 at a compound annual growth rate (CAGR) of 57.9%. The global 5G services market size is then expected to grow to $781.72 billion in 2027 at a CAGR of 51.1%.

The global 5G services market is concentrated, with a few large players. AT&T, Inc. was the largest competitor with 21.51% share of the 5G services market, followed by Verizon Communications, Inc., Deutsche Telekom AG, China Mobile Ltd., T-Mobile USA, Inc., SK Telecom Co., Ltd., Saudi Telecom Company, Vodafone Group, China Telecom Corporation Ltd. and BT Group plc.     

Learn More On The 5G Services Market Report – https://www.thebusinessresearchcompany.com/report/5g-services-global-market-report 

Top three drivers encouraging players to invest in 5G services market are:

     1.  Rise In Demand For Connected Cars

A rise in demand for connected cars are expected to drive the 5G services market during the forecast period. 5G car connectivity facilitates connections between automobiles, infrastructure, network services and other road users, like pedestrians and bicycles.  For instance, in February 2021, according to a report shared by McKinsey & Company, a US-based management consulting firm, almost 95% of new automobiles sold globally by 2030 will be connected, up from around 50% currently. These vehicles will have intermediate and advanced connectivity in about 45% of them. 

     2.  Increasing Smart Homes

The 5G services market is expected to be supported by the rapid growth in smart homes in the forecast period. 5G technologies provide both home security and home automation. For instance, according to CITyFiED, a Spain-based project funded by the European Union's Seventh Program, the number of smart homes in Europe is expected to reach 84 million by 2022, with Germany, the UK and France pushing the market forward.  The smart home penetration rate in the UK is expected to reach 63% by 2025. 

     3.  Government Initiatives

Favorable government initiatives, particularly in developing countries, are expected to fuel the growth of the 5G services market during the forecast period. Governments across various countries are focusing on 5G infrastructure. For instance, in March 2022, the Minister of Industry and Information Technology (MIIT), China, planned to install over two million 5G base stations by the end of 2022, to expand the application of information and communication technology (ICT).  Therefore, the increasing number of government initiatives will contribute to the growth of the 5G services market.

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The global 5G services market is segmented -

1) By Communication Type: Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-Reliable and Low Latency Communications (uRLLC), Massive Machine-Type Communications (mMTC)

2) By End-User: Manufacturing, Energy & Utilities, Media & Entertainment, IT & Telecom, Transportation & Logistics, Healthcare

3) By Vertical: Smart Cities, Smart Buildings, Connected Factories, Smart Utilities, Connected Healthcare, Connected Retail, Other Verticals

According to the 5G services market forecast, the top opportunities in the 5G services market segmented by communication type will arise in the enhanced mobile broadband (eMBB)segment, by end-user will arise in the IT & telecom segment, by vertical will arise in the smart cities segment. The 5G services market size will gain the most in the USA at $157.42 billion. 

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