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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global 5G Services Market Outlook
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%.
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Asia Pacific to Account for a Significant Market Share of 5G Services During the Forecast Period
The surging adoption of new technologies coupled with enhanced mobile broadband services and surging usage of IoT are driving the market growth of 5G services in the Asia Pacific region. The 5G wireless networks tend to influence consumers as well as segments such as automobiles, manufacturing, and IoT. Additionally, operators such as China Telecom are expected to produce a strong ecosystem of cloud, AI, and 5G which is likely to bolster the market growth of 5G in the region.
In the era of 5G technologies, Asia Pacific is likely to be the leading 5G services market and is expected to hold half of 5G subscriptions globally over the upcoming years. Governments are supporting early adoption of 5G, and manufacturers are investing aggressively in 5G network infrastructure in countries like China, Japan, and South Korea. Going further, the growing digitalisation and rising emphasis on building partnerships through 5G system integration are expected to augment the adoption of 5G services.
Market Segmentation
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The term 5G refers to the latest fifth generation of traditional cellular networks. The 5G networks are generating transformative opportunities for consumers worldwide, including businesses and individuals, with an upgrade of speed from 4G by nearly 100 times. With 5G services, people can generate a smarter, safer, and more sustainable future.
The market for 5G services, by end-user Industry, is divided into:
- IT and Telecom
- Media and Entertainment
- Automotive
- Energy and Utility
- Aerospace and Defence
- Others
The EMR report looks into the regional markets of 5G services like Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa.
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Rising Adoption of IoT Devices to Boost the Market Demand for 5G Services
The global 5G services market is driven by the surging popularity of IoT utilisation in various sectors like oil and gas, manufacturing, transportation, logistics, energy/utilities, mining and metals, and aviation, among others. With shifting consumer preferences towards remote working patterns, and rising demand for high-speed and low latency data connectivity, the market growth of 5G services is expected to bolster across the globe during the forecast period.
The growing urban population along with the surging focus of industries like Telco to modernise their networks to meet consumers’ demand are anticipated to fuel the market demand for 5G services in the upcoming years. Additionally, the growing technological transformations by various industry players to advance their overall operational efficiency and productivity due to the highly competitive environment are expected to propel the global 5G services market demand.
The new developments and various applications of 5G services like e-health services, energy infrastructure, and smart cities, among others are further attracting more consumers. This is further expected to propel the market demand for 5G services worldwide.
Key Players in the Global Market for 5G Services
The report presents a detailed analysis of the following key players in the global 5G services market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Nokia Corporation
- Huawei Technologies Co Ltd.
- AT&T Inc.
- Deutsche Telekom AG
- Telefonaktiebolaget LM Ericsson
- Vodafone Group
- Others
The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by End User Industry |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
5G Services Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market attained a value of nearly USD 110.58 billion.
The market is assessed to grow at a CAGR of 49.6% between 2024 and 2032.
The key market trends guiding the growth of the market include the growing adoption of IoT, evolving technology, and the launch of diversified 5G services by market players.
The major market drivers are increasing working populations, growing digitalisation, rapid urbanisation, changing lifestyles, and innovative marketing strategies by branded market players.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The various end-use industries that are available in the market include IT and telecom, media and entertainment, automotive, energy and utility, and aerospace and defense, among others.
The major players in the market are Nokia Corporation, Huawei Technologies Co Ltd., AT&T Inc., Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, and Vodafone Group, among others.
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