According to the latest report by IMARC Group, titled “5G Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the 5G services market report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global 5G services market is expected to exhibit a growth rate (CAGR) of 49% during 2023-2028. Fifth-generation (5G) services are wireless technology that provides high-speed network reliability and quicker downloads. It virtually connects people, objects, devices, and machines while offering ultra-low latency, uniform user experience, and high-speed data. It is a unified air interface that is specifically designed with an extended capacity for empowering new deployment models while delivering new services, and a next-generation user experience. With the advent of 5G services, the mobile ecosystem has evolved and expanded while enabling precision agriculture, remote healthcare, safer transportation, and digitized logistics. As a result, it aid in enhancing all the critical components of information technology (IT) and telecom, media and entertainment, manufacturing, automotive, energy, and utility industries.
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The growing mobile network traffic majorly drives the global market. This can be attributed to the increasing adoption of data-capable devices and high-bandwidth applications that require a latent-free connection. For instance, the rising popularity of 8K video streaming and augmented reality (AR) applications are propelling the demand for 5G services. Since they allow a fully mobile environment by enhancing the amount of data transmitted over a wireless system, this is escalating the demand for 5G subscriptions, thereby supporting the market growth. Due to its advantageous features, such as low latency and high security and video capabilities that enable smooth communication services, are other growth-inducing factors.
Along with this, the rising dependency on digital infrastructure and the 5G network across banking, energy, healthcare, and entertainment industries are impacting the market growth favorably. For instance, the widespread integration of 5G services with public transportation systems for information and entertainment purposes. Furthermore, the increasing utilization of 5G technology for augmented reality (AR) and virtual reality (VR)-based games, ultra-high definition (UHD) videos, and video and voice callings are creating a positive market outlook. Some other factors driving the market further include rapid urbanization and accelerating penetration of the Internet of Things (IoT) in day-to-day activities and the rising need for high-speed data connectivity for various applications.
Global 5G Services Market 2023-2028 Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- AT&T Inc.
- Bharti Airtel Ltd.
- BT Group plc
- China Mobile Limited
- China Telecom Corporation Limited
- Deutsche Telekom AG
- KT Corp.
- NTT Docomo Inc. (Nippon Telegraph and Telephone)
- Saudi Telecom Company
- SK Telecom Co. Ltd
- T-Mobile USA INC
- Verizon Communications Inc.
- Vodafone Group plc.
Breakup by Communication Type:
- Fixed Wireless Access (FWA)
- Enhanced Mobile Broadband (eMBB)
- Ultra-Reliable and Low Latency Communications (uRLLC)
- Massive Machine-Type Communications (mMTC)
Breakup by End-Use:
- IT and Telecom
- Media and Entertainment
- Energy and Utility
- Aerospace and Defense
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.