Global 5G Service Market - Overview
The global 5G Service Market is growing
pervasively. Market growth attributes to the surging demand for reliable and
ultra-latent connectivity services. Besides, the demand for high data speed and
connectivity to revolutionize business models drives the growth of the market.
Various megatrends of mobile services are affecting the global 5G service
market. 5G connections with extremely high bandwidth are required for the
seamless performance of IoT devices.
Moreover, rapid
developments in IoT (Internet of Things) escalate market growth. According to
Market Research Future (MRFR), the global 5G services market is projected to
create a valuation of approximately USD 85.84 BN by the end of 2023, growing at
31.9% CAGR throughout the assessment period (2017 – 2023). The demand for
expanded access to the unprecedented performance of 5G ultra wideband services
is growing rapidly.
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Also, advances in 5G
technology with game-changing speeds and nationwide 5G coverage substantiate
market sales. Additionally, the shift in consumer preference from premise-based
to cloud-based solutions positively impacts the growth of the global 5G service
market. Increasing deployments of smart connected devices without the issues of
latency push the market growth. Rising smart city projects worldwide propel the
demand for 5G services.
Global 5G Service Market - Segments
The report is segmented
into five dynamics;
By Service Type :
Professional Services (System Integration, Network Planning & Optimization,
Network Implementation, others) and Managed Services.
By Communication Type : Extreme Mobile Broadband (EMBb),
Massive Machine-Type Communications (mMTC), Ultra-Reliable Machine-Type
Communications (uMTC), Fixed Wireless Access (FWA), and others.
By Technology :
Wi-Fi, High-Speed Package Access (HSPA), Radio Access Technologies (RAT),
Worldwide Interoperability for Microwave Access (WiMAX), Global System for
Mobile (GSM), and others.
By Vertical :
Energy & Utilities, Automotive, Healthcare, IT & Telecommunication,
Consumer Electronics, Industrial, Retail, and others.
By Regions : Europe, Americas, PAC, and Rest of the World.
Global 5G Service Market: Regional Analysis
North America dominates the
global 5G service market. The region has been an early adapter of the 5G
service network. The largest market share attributes to the presence of several
notable 5G service providers rolling out 5G services much ahead of operators in
other regions. The US, Canada, and Mexico hold considerable shares in the
regional market. Besides, various telecom companies in the region and the
rising uptake of the latest technologies, such as IoT, substantiate market growth.
Also, increasing smart city
projects in the region boost market growth, promoting high-speed network
performance requirements. Increasing numbers of subscribers and assessment of
the allocation of 5G frequencies by the Federal Communications Commission (FCC)
create substantial market demand. Moreover, the rise in application areas of 5G
services in telecommunications fosters the market in this region. The US
accounts for the key share in the regional market.
Europe stands second in the
global 5G service market. This market is flourishing mainly due to the
proliferation of smartphones and the resurging economy in the region. Rigorous
R & D activities in the region and ongoing customer trials in countries
such as the UK, Germany, and France positively contribute to market growth.
Additionally, growing investments in the 5G service industry foster the growth
of the regional market. Also, the presence of prominent players and their R
& D investments propel the development of the market to an extent.
The Asia Pacific region is
a promising market for 5G services. Increasing focus on improving connectivity
and high investment in R&D activities in the region catalyze the growth of
the 5G service market. Factors such as technical expertise, the strong presence
of key players, and increased industrialization in the region boost the market
growth.
Moreover, the rising demand
for 5G services in emerging countries such as China, Taiwan, and India propels
the growth of the regional market. Along
with the ongoing initiatives and developments in 5G service, the large consumer
base acts as a tailwind for the regional market growth.
Global 5G Service Market – Competitive
Analysis
Highly competitive, the
global 5G service market appears fragmented due to the presence of a number of
major service providers. To gain a substantially larger market share, 5G
Service providers adopt strategies such as mergers & acquisitions,
collaboration, expansion, and product & service launch. Service providers
make substantial investments in transforming the consumer and business
landscape in the future.
Major Players:
Players leading the global
5G Service market include Samsung Electronics Co. Ltd., SK Telecom, LG
Electronics Inc., Verizon Communications Inc., Cisco Systems Inc., Qualcomm Inc.,
Telefonaktiebolaget L. M. Ericsson, Saudi Telecom Company, Intel Corporation,
BT Group, China Mobile, Huawei Investment & Holding Co. Ltd., Nokia
Corporation, T-Mobile USA Inc., Telstra, NEC Corporation, DU, China Telecom, KT
Corporation, Airtel, Sprint, Vodafone Group, Deutsche Telekom, and AT&T
Inc.
Industry/ Innovation/ Related News:
October 19, 2020 ----
FreedomFi, an open 5G company offering the most straightforward path towards
open-source Private LTE or 5G networks, launched the first open-source 5G
network appliance enabling vendor-agnostic, private LTE or 5G networks.
Cellular LTE networks offer superior range, reliability, and security over
Wi-Fi.
However, it requires
proprietary hardware from incumbent network equipment manufacturers, making
them too expensive to build and maintain if deployed at a medium or small
scale. Using Magma open-source software project, FreedomFi Gateway enables
anyone to build low cost private, long-range, reliable, and secure networks.
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