5G Services Market Size - By Communication Type (Fixed Wireless Access, Enhanced Mobile Broadband, Massive Machine-Type Communication, Ultra-Reliable Low-Latency), End User (Consumer, Enterprise), Application & Global Forecast, 2023 - 2032

5G Services Market Size - By Communication Type (Fixed Wireless Access, Enhanced Mobile Broadband, Massive Machine-Type Communication, Ultra-Reliable Low-Latency), End User (Consumer, Enterprise), Application & Global Forecast, 2023 - 2032

The global 5G services market will grow at a 29.5% CAGR from 2023 to 2032. The increasing demand for high-speed, low-latency connectivity for applications like IoT, autonomous vehicles, and augmented reality will drive market growth.

Additionally, the proliferation of smartphones and mobile devices, coupled with rising mobile data consumption, is boosting the need for enhanced network capabilities, opening numerous opportunities for industry expansion.

Telecommunications companies are investing in 5G infrastructure to meet growing demands, and industries are adopting 5G for improved productivity, efficiency, and innovation, further propelling market growth.

In June 2023, Vodafone and CK Hutchison's subsidiary, CKHGT, entered binding agreements to merge their UK telecommunication businesses (Vodafone UK and Three UK). Vodafone will hold a 51% stake, and CKHGT will have 49%.

The 5G services market is segregated based on communication type, application, end-user, and region.

Based on communication type, the fixed wireless access segment will exhibit a substantial CAGR through 2032, driven by the increasing demand for high-speed broadband connectivity in underserved areas. 5G offers a cost-effective solution for bridging the digital divide and providing reliable internet access in rural and remote regions.

Based on end-user, the consumer segment is anticipated to record a commendable CAGR during the forecast period, driven by factors such as surging demand for high-speed mobile internet, immersive multimedia experiences, and real-time gaming. Consumers' desire for faster, more reliable connectivity and increased adoption of 5G-enabled smartphones will fuel growth in the segment.

The healthcare application segment will account for a sizeable market share during 2023-2032, driven by factors such as the need for low-latency, high-bandwidth connections to enable telemedicine, remote patient monitoring, and fast data transfer. 5G technology enhances healthcare services, improves patient care, and supports emerging healthcare technologies.

Regionally, the Europe 5G services industry will garner a substantial share of the 5G services industry by 2032, driven by factors such as increasing demand for high-speed connectivity for IoT, smart cities, and Industry 4.0 initiatives. Moreover, regulatory support, robust infrastructure development, and collaboration between telecom providers and industries will also spur 5G adoption across the region.