Global 5G Services Market Report and Forecast 2023-2028

Global 5G Services Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global 5G services market is projected to grow at a CAGR of 49.6% between 2023 and 2028. Aided by the growing demand for high-speed connectivity and increasing digitalisation, the market is expected to grow significantly by 2028.

5G, or fifth-generation technology, promises faster data speeds, higher network bandwidth, and lower latency, thereby significantly enhancing the user experience across numerous applications. These include streaming services, IoT devices, autonomous vehicles, and high-performance edge computing. Furthermore, 5G's potential role in enabling advanced technologies like augmented reality (AR), virtual reality (VR), and Artificial Intelligence (AI) have positioned it as a game-changer in the digital landscape.

The increasing reliance on high-speed connectivity is a major driver of the global 5G services market growth. With the escalating proliferation of smart devices and the escalating consumption of digital content, there has been a remarkable surge in demand for high-speed, low-latency connections, fuelling the demand for 5G services. Moreover, the rising trend of remote work and learning due to the COVID-19 pandemic has further escalated the need for reliable and high-speed internet connections.

5G's diverse applications in various industries play a pivotal role in propelling the 5G services market development. In the automotive sector, 5G enables enhanced vehicle-to-vehicle communication, paving the way for autonomous driving. The healthcare industry stands to benefit greatly from 5G, enabling telemedicine, remote patient monitoring, and advanced robotic surgeries. In the realm of entertainment, 5G supports higher-quality streaming and gaming services, thereby significantly enhancing the user experience.

The burgeoning IoT sector is another major area that is set to thrive with the rollout of 5G services. 5G's low latency and high-speed data transmission capabilities make it a perfect fit for IoT applications, ranging from smart homes and industries to smart cities, contributing to the 5G services market expansion.

The growth of the global 5G services market is also fuelled by government initiatives promoting the adoption of 5G technology. Numerous countries worldwide are investing heavily in 5G infrastructure development and spectrum allocation, aiding the rapid rollout of 5G services.

Market Segmentation

The market can be divided based on end user industry and region.

Market Breakup by End User Industry

• IT and Telecom
• Media and Entertainment
• Automotive
• Energy and Utility
• Aerospace and Defence
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global 5G services companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Nokia Corporation
• Huawei Technologies Co Ltd.
• AT&T Inc.
• Deutsche Telekom AG
• Telefonaktiebolaget LM Ericsson
• Vodafone Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.