What are the 5G Services key market trends?

The global 5G services market size is estimated to reach USD 1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030, according to a new study by Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2022 to 2030. The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.

As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period. In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period.

5G Services Market Segmentation

Grand View Research has segmented the global 5G services market on the basis of communication type, vertical, and region:

Based on the Communication Type Insights, the market is segmented into FWA, eMBB, uRLLC and mMTC.

• The enhanced Mobile Broadband (eMBB) segment dominated the market with a share of more than 42% in 2021 and is expected to grow considerably over the forecast period. The high share is attributed to the preliminary focus by 5G network operators on delivering enhanced broadband capabilities for applications, such as high-speed cloud-based gaming, AR/VR, UHD video, and uninterrupted video calls.
• Thus, eMBB is expected to cater to several use cases, such as in-vehicle infotainment, 4K video access, and virtual meeting, thereby driving the segment growth. The massive Machine-Type Communications (mMTC) segment is expected to witness the fastest CAGR from 2022 to 2030. Massive machine-type communications envisage catering to the growing need for a developed digital ecosystem.
• The growing need to ensure uninterrupted connectivity for all the IoT devices deployed in a network is anticipated to contribute to the growth of the mMTC segment over the forecast period.

Based on the Vertical Insights, the market is segmented into Manufacturing, Public Safety, Healthcare & Social Work, Media & Entertainment, Energy & Utility, IT & Telecom, Transportation & Logistics, Aerospace & Defense, BFSI, Government, Retail, Mining, Oil & Gas, Agriculture, Construction and Real Estate.

• The IT & telecom segment led the market in 2021 and held the largest revenue share of over 20%. The segment is expected to continue its dominance over the forecast period due to the significant investments by key players in the latest technologies for communication.
• 5G services are expected to deliver ubiquitous broadband access between homes and offices, which would encourage remote consultation with specialists and reduce business travel.
• The manufacturing sector has been digitalizing rapidly. As such, production lines are being automated continuously to enhance overall productivity. This has triggered the need for seamless wireless communication between the robots,sensors, actuators, and other devices installed in manufacturing facilities.

5G Services Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global market is highly fragmented as several regional telecom service providers are investing in deploying the next-generation infrastructure. This will help companies gain a huge customer base in the market. In addition, these market players are strategically focusing on mergers and acquisitions to strengthen their foothold in the global market. For instance, in September 2018, T-Mobile signed an agreement with Ericsson to support T-Mobile’s 5G deployment in the U.S.

Some prominent players in the Global 5G Services market include:

• AT&T, Inc.
• BT Group plc
• China Mobile Ltd.
• China Telecom Corp. Ltd.
• Bharti Airtel Ltd.
• NTT Docomo
• KT Corp.
• Saudi Telecom Company
• Vodafone Group
• Deutsche Telekom AG
• SK Telecom Co., Ltd.
• Verizon Communications, Inc.
• T-Mobile USA Inc.
• Rakuten Mobile Inc.

Order a free sample PDF of the in 5G Services Market Intelligence Study, published by Grand View Research.