5G Services Market Skyrockets to $3,244.40 Billion by 2031 Dominated by Tech Giants - Verizon Communications Inc, Huawei Technologies Co Ltd and Telefonaktiebolaget LM Ericsson | The Insight Partners

The global 5G services market is set for explosive growth, with projections indicating a surge to $3,244.40 Billion by 2031. This remarkable expansion, driven by increasing number of 5G subscribers and rising government initiatives to promote deployment of 5G.

/EIN News/ -- US & Canada, Nov. 28, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, “5G Services Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type [Enhanced Mobile Broadband (eMBB), Massive Machine-Type Communications (mMTC), Ultra-Reliable Low Latency (uRLLC), Fixed Wireless Access (FWA)], End User [Enterprises, (IT & Telecom, Manufacturing, Healthcare, BFSI, Retail & E-commerce, and Others) and Consumers], and Geography”, The US, China, and South Korea are among the major adopters of 5G technology worldwide.

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The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the 5G services market comprises a vast array of type, end user and geography which are expected to register strength during the coming years.

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Market Overview and Growth Trajectory:

5G Services Market Growth: According to an exhaustive report by The Insight Partners, the 5G Services Market is experiencing significant growth, driven by increase in adoption of IoT devices and standalone 5G network infrastructure. The market, valued at $86.22 billion in 2023, is expected to grow at a Compound Annual Growth Rate (CAGR) of 57.4% during 2023–2031.

Technological Innovations: A standalone network infrastructure refers to a 5G network that does not rely on LTE networks and has a cloud-native network core that connects to the New Radio (NR). These networks leverage 5G infrastructure across both the radio access network (RAN) and the core network, coupled with cloud-native principles such as virtualization, containers, and microservices. 5G standalone infrastructures are more flexible, scalable, and efficient in their use of network resources. They provide a better end-user experience and lower costs for wireless carriers. Besides enhancing bandwidth, it supports URLCC, which is crucial for applications such as autonomous vehicles, precision robotics, machine vision, and massive IoT. Standalone 5G also provides the ability to slice the network into customized virtual pieces to suit the specific needs of businesses while maximizing operational efficiency. For instance, 5G standalone coverage in all populated areas across the UK by 2030 is a core ambition of the UK government’s wireless infrastructure strategy. Thus, network carriers are expected to move toward standalone infrastructures from no standalone 5G network infrastructure in the coming years.

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Increasing Number of 5G Subscribers: Characteristics of 5G, such as ultra-low latency network, quicker internet, and broader device support, contribute to Industry 4.0, smart cities, driverless cars, and other innovations that improve the quality of life. 5G adoption is still growing despite ongoing economic difficulties and geopolitical upheaval in certain areas. Service providers continue to deploy 5G all around the world. According to the Ericsson mobility report, ~280 service providers worldwide have already introduced 5G services for sale, and over 40 have installed or introduced 5G standalone (SA) as of 2023. Enhanced mobile broadband (eMBB) is the most popular 5G service offered to customers by the service providers. The uptake of 5G subscriptions globally continues to be strong. According to GSMA Intelligence, consumers' 5G connections surpassed 1 billion at the end of 2022. Moreover, according to estimates from the Global Mobile Suppliers Association (GSA), there were 1.15 billion 5G users at the end of 2022—a surge of ~90% annually on 619 million users in 2021. In addition, according to data from SellCell, there were almost 951 million 5G users worldwide in 2022; however, predictions for 2023 showed a 50% increase to 1.48 billion users.

Rising Government Initiatives to Promote Deployment of 5G: The US, China, and South Korea are among the major adopters of 5G technology worldwide. The rising efficiency in various industries due to the adoption of 5G technology is influencing the respective government bodies to invest in promoting and developing 5G network services. A few of the government initiatives are: In February 2022, the Mexican telecommunication authorizer granted permission to América Móvil to offer its 5G network services. The Federal Telecommunications Institute (IFT) of Mexico also authorized the modification for 18 concession titles, enabling Telcel to offer its 5G services within the frequency band of 3,450–3,550 MHz across Mexico. In July 2022, The German government unveiled a new strategy to augment the deployment of gigabit broadband throughout Germany in the coming years, with targets to provide fiber-to-the-home and 5G by 2030. The new Gigabit strategy also aims to provide FTTH to at least 50% of homes in the country by 2025.

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Geographical Insights: Asia Pacific dominated the 5G services market in 2023; it would continue to dominate the market during the forecast period. North America is the second-largest contributor to the global 5G services market, followed by Europe.

5G Services Market Segmentation, Applications, Geographical Insights:

• Based on type, the 5G services market is segmented into enhanced mobile broadband (eMBB), massive machine-type communications (mMTC), ultra-reliable low latency (uRLLC), and fixed wireless access (FWA). The enhanced mobile broadband (eMBB) segment held the largest share of the market in 2023.
  
  
• Based on end users, the 5G services market is bifurcated into enterprises and consumers. The enterprise segment is subsegmented into IT & telecom, manufacturing, healthcare, BFSI, retail & e-commerce, and others. The enterprises segment dominated the market in 2023.
  
  
• The 5G services market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
  
  

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Key Players and Competitive Landscape:

The 5G Services Market is characterized by the presence of several major players, including:

• Verizon Communications Inc
• Huawei Technologies Co Ltd
• Telefonaktiebolaget LM Ericsson
• Nokia Corp
• Samsung Electronics Co Ltd
• ZTE Cop
• Vodafone Group Plc
• Orange SA
• Deutsche Telekom AG
• China Mobile Limited

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

5G Services Market Recent Developments and Innovations:

• "Midea, AIS, China Unicom, and Huawei have jointly implemented the first 5G fully connected factory in Southeast Asia, setting a new standard for smart manufacturing in the region. This collaboration marks a new milestone in the 5G era, enhancing efficiency, safety, and automation in complex production processes. Harnessing the comprehensive 5G network coverage of the Midea Industrial Park in Chonburi and a 5G+ industrial Internet platform, each production phase is seamlessly connected through 5G terminals to enable faster machine operation. A dedicated 5G private network has been deployed to support factory operation requirements and leverage intelligent industry applications, which facilitates manufacturing scenarios and interconnects each production line.”
  
  
• “Ericsson hosted an exclusive event at the Ericsson USA 5G Smart Factory in Lewisville, Texas. The company provided a tour of the facility and hosted programming to reveal the inner workings of the 5G Smart Factory. The tour was attended by key customers, US Government officials, and media and industry analysts. In addition, Ericsson's leadership discussed new developments in connectivity as demand for innovation continues to accelerate rapidly to meet the critical need for national 5G infrastructure.”
  
  

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Conclusion:

5G is the fifth generation of wireless technology designed to boost the speed and responsiveness of wireless networks significantly. Fourth-generation (4G) and long-term evolution (LTE) wireless technology provide the foundation for setting up a 5G network. 5G provides benefits, such as high frequencies and bandwidth, enhanced mobile broadband, a lower latency of 5ms, and higher data rates. There is a rising demand for advanced network services for efficient and real-time communication across industries and consumers. The increase in investments by regional government bodies and communication service providers (CSPs) enhances the development and deployment of 5G services across developed and developing countries. According to Groupe Speciale Mobile Association (GSMA), there will be over 1.1 billion 5G network subscribers across the globe by 2025. Major 5G network solution providers operating across the globe include Verizon, AT&T, Huawei, Cisco Systems, Ericsson, and Nokia. Numerous major carriers such as Sprint, AT&T, and Verizon are currently in the process of expanding their 5G networks. T-Mobile focuses on low- and midband 5G first, while Verizon concentrates on mmWave implementation.

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With projected growth to $3,244.40 Billion by 2031, the 5G Services Market represents a significant opportunity for service providers, regulatory bodies, and end-users. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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