Press Release
Press Release
According to a new report by EMR titled, ‘Global 5G Services Market Report and Forecast 2024-2032’, the global 5G services market size attained a value of nearly USD 110.58 billion in 2023. The market is further estimated to grow in the forecast period of 2024-2032 at a CAGR of 49.6%.
The market for 5G services is being supported by rapid network infrastructural development and the increasing investments to expand 5G connectivity by various governments and network operators. For instance, in July 2021, three South Korean operators, KT, SK Telecom, and LG Uplus, announced an investment of USD 22 billion to enhance 5G infrastructure across the country. The rising adoption of standalone (SA) networks, which operate on 5G signal and station base equipment, is likely to provide lucrative growth opportunities to the market for 5G services.
The surging deployment of Industry 4.0 in various industries is anticipated to aid the market growth of 5G services. With the increasing demand for immersive experiences, autonomous vehicles, and smart technologies, the adoption of the 5G network is likely to rise further in the coming year.
Moreover, the growing demand for 5G services to enhance monetisation opportunities with advanced mobile capabilities, high-performance video experiences, and responsive cloud computing in the media and entertainment industry is expected to propel the market growth.
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Nokia Corporation (NYSE: NOK), one of the leading companies in the market, in June 2022 announced that its 5G Standalone Core was selected by LMT. This would aid the Latvian communication service powder to deliver advanced 5G services in Latvia. Under the agreement, Nokia 5G SA Core would provide LMT with enhanced speed, scale, and intelligence to enable it to cost-effectively manage its network, while delivering 5G services. The solution would also enable LMT to build capacities within the network and launch low-latency applications for Enterprise customers.
Further, the company would deploy the Nokia 7220 Interconnect Router for data centre fabric and facilitate enhanced predictable network management for LMT.
The major players in the global 5G services market are Nokia Corporation, Huawei Technologies Co Ltd., AT&T Inc., Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, and Vodafone Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
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