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Report Overview
The global 5G services market value reached around USD 110.58 Billion in 2023. The expansion of the market is driven by the increasing demand for faster and more reliable internet connectivity, especially with the growth of IoT devices, smart cities, and high-bandwidth applications like augmented and virtual reality. As businesses and consumers adopt more data-intensive services, the need for 5G technology to provide lower latency, higher speeds, and increased network capacity becomes critical. For example, companies like Verizon and AT&T are leading the deployment of 5G networks across major cities, enhancing user experience and enabling innovative services. As a result, the industry is expected to grow at a CAGR of 49.60% during the forecast period of 2024-2032 to attain a value of USD 4150.12 Billion by 2032. Moreover, the digital transformation in industries such as healthcare, automotive, and manufacturing is fuelling the adoption of 5G services for real-time data processing and automation.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- According to data from the Ministry of Industry and Information Technology, mobile operators in China are rapidly approaching the significant milestone of 1 billion 5G network subscribers. By the end of October 2024, the number of 5G subscribers in the country had already reached approximately 995 million. This rapid growth is a clear indication of the country’s strong commitment to expanding its 5G infrastructure and providing high-speed mobile connectivity to its vast population. As China leads the world in 5G adoption, this surge in subscriptions is expected to drive the demand for more 5G-enabled devices, services, and applications across industries such as manufacturing, healthcare, and entertainment. The growing number of 5G users in China will continue to propel the 5G services market, creating new opportunities for telecom providers, equipment manufacturers, and software developers to innovate and meet the needs of consumers and businesses alike.
- According to the November Ericsson Mobility Report, the number of 5G users in India is projected to reach 270 million by the end of 2024, which will account for approximately 23% of the country’s total mobile subscriptions. India’s rapid adoption of 5G technology is indicative of the country’s growing need for faster internet speeds, higher bandwidth, and more reliable connectivity. As 5G infrastructure continues to expand, telecom providers are focusing on improving coverage and service quality across urban and rural areas. The increased number of 5G users in India will not only transform mobile communications but will also open opportunities in sectors such as smart cities, agriculture, education, and e-commerce. This rapid growth in 5G adoption is set to drive the demand for 5G-enabled devices, data services, and application development, further boosting the 5G services market in India.
- The Asia Pacific (APAC) region is expected to hold a dominant share of 50% of the global 5G subscriptions over the coming years. As the region continues to experience robust economic growth and technological advancements, countries like China, India, Japan, and South Korea are leading the way in 5G adoption. APAC’s strategic focus on digital transformation, infrastructure development, and smart city initiatives is contributing to the widespread deployment of 5G networks. This regional growth is further driven by the increasing demand for mobile broadband, the rise of IoT applications, and the ongoing advancements in autonomous vehicles, healthcare innovations, and industrial automation.
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 market reached an approximate value of USD 110.58 Billion.
The 5G services market is assessed to grow at a CAGR of 49.60% 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.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 4150.12 Billion by 2032.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124