Global 5G Service
Market - Overview
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.
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.
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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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