5G Services Market - Analysis, Forecast, Trends & Industry Share (2024)

The Report Covers Global 5G Market Size and Outlook. The Market is Segmented by End-user Industry (IT & Telecom, Media & Entertainment, Automotive, Energy & Utility, Aerospace & Defense, Other End-user Industries) and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market size and forecasts are provided in terms of value (USD million) for all the above segments.

5G Services Market Analysis

The 5G Services Market is expected to register at a CAGR of 25.3% over the forecast period. 5G is anticipated to support various services and associated service requirements across multiple scenarios. Network slicing is one way to efficiently address different use cases while improving the 5G network architecture.

• The market for 5G services is expected to revolutionize the domain of various broadband services and empower connectivity across different end-user verticals. The main drivers responsible for increasing the market share are an increase in mobile subscriptions, online streaming of video content, strengthening 5G infrastructure, and various IoT applications utilizing 5G.
• IoT in industrial automation is expected to derive maximum benefit from 5G services. The functionality to support this segment is currently being defined in 3GPP, influenced by Industry 4.0 initiatives and industry bodies, such as 5G-ACIA. It will likely be a 5G-specific segment, valid for local area use cases and private network deployments.
• The use of more effective cloud solutions that rely on low latency improves firm efficiency and innovation through increased download speeds of broadband services, which also, in turn, leads the carriers and original equipment manufacturers (OEMs), such as cellular device manufacturers and in-building distributed antenna systems (DAS) providers to follow the 5G New Radio (5G NR) rules to enable such offerings.
• The capital costs of installing the required 5G infrastructure and software upgrades are considerably high, considering the high density of BTS units needed to provide uninterrupted 5G services.
• Moreover, with extensive reliance on virtual space increasing during the COVID-19 pandemic, the need to deploy advanced 5G infrastructure has become paramount. Increased migration frequency of business operations to the cloud and other virtual spaces has prompted investments in robust connectivity platforms.

5G Services Market Trends

This section covers the major market trends shaping the 5G Services Market according to our research experts:

Increasing Data Traffic and Demand for High Speed Data Connectivity will Drive the Market Growth

North America is Expected to Hold the Largest Share

5G Services Industry Overview

The competitive rivalry among the 5G services industry players is high because of the presence of several significant players, including AT&T, Verizon, Nokia, and others. They could outperform rivals if they could consistently innovate their product offers. These businesses have established a substantial presence in the market through mergers and acquisitions, strategic alliances, and research and development.

In May 2022, Nokia Corporation announced its 5G-Advanced to widen the area that 5G uplink signals can reach. While 5G-Advanced will improve uplink coverage first with the initial connection setup by leveraging more excellent random access channel coverage, it will support new types of devices with low data-rate requirements and introduce 5G capabilities to new vertical sectors and markets. The uplink data rate will then be optimized within the allocated connection budget by 5G-Advanced dynamically altering the uplink waveform. When the user is close to the cell edge, the network will dynamically favor coverage-enhancing waveforms, and as the user travels into the cell center, it will deprioritize them.

5G Services Market Leaders

1. Nokia Corporation

2. Huawei Technologies Co Ltd

3. AT&T Inc.

4. Verizon Communications Inc

5. HP Enterprise Development LP

*Disclaimer: Major Players sorted in no particular order

5G Services Market Report - Table of Contents

1. 1. INTRODUCTION

   1. 1.1 Study Assumptions & Market Definition

   2. 1.2 Scope of the Study

2. 2. RESEARCH METHODOLOGY

3. 3. EXECUTIVE SUMMARY

4. 4. MARKET INSIGHTS

   1. 4.1 Market Overview

   2. 4.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.2.1 Threat of New Entrants

      2. 4.2.2 Bargaining Power of Buyers

      3. 4.2.3 Bargaining Power of Suppliers

      4. 4.2.4 Threat of Substitutes

      5. 4.2.5 Intensity of Competitive Rivalry

   3. 4.3 Technology Snapshot

      1. 4.3.1 By Type

         1. 4.3.1.1 Enhanced Mobile Broadband (EMBB)

         2. 4.3.1.2 Ultra-reliable Low Latency Communications (URLLC)

         3. 4.3.1.3 Massive Machine Communications (MMTC)

5. 5. MARKET DYNAMICS

   1. 5.1 Market Drivers

      1. 5.1.1 Increasing Demand for Ultra-Low Latency Connectivity

      2. 5.1.2 Increasing Data Traffic and Demand for High Speed Data Connectivity

   2. 5.2 Market Restraints

      1. 5.2.1 High Deployment Cost

   3. 5.3 Assessment of Impact of COVID-19 on the Industry

6. 6. MARKET SEGMENTATION

   1. 6.1 End-user Industry

      1. 6.1.1 IT & Telecom

      2. 6.1.2 Media & Entertainment

      3. 6.1.3 Automotive

      4. 6.1.4 Energy & Utility

      5. 6.1.5 Aerospace & Defense

         See Also

         5G RAN Market: Size, Share | Industry Segmentations and Trending Technologies by 2032

      6. 6.1.6 Other End-user Industries

   2. 6.2 Geography

      1. 6.2.1 North America

         1. 6.2.1.1 United States

         2. 6.2.1.2 Canada

      2. 6.2.2 Europe

         1. 6.2.2.1 Germany

         2. 6.2.2.2 United Kingdom

         3. 6.2.2.3 France

         4. 6.2.2.4 Italy

         5. 6.2.2.5 Rest of Europe

      3. 6.2.3 Asia-Pacific

         1. 6.2.3.1 China

         2. 6.2.3.2 Japan

         3. 6.2.3.3 India

         4. 6.2.3.4 South Korea

         5. 6.2.3.5 Rest of Asia-Pacific

      4. 6.2.4 Rest of the World

7. 7. COMPETITIVE LANDSCAPE

   1. 7.1 Company Profiles

      1. 7.1.1 Nokia Corporation

      2. 7.1.2 Huawei Technologies Co Ltd.

      3. 7.1.3 AT&T Inc

      4. 7.1.4 Verizon Communications Inc

      5. 7.1.5 HP Enterprise Development LP

      6. 7.1.6 T-Mobile USA, Inc.

      7. 7.1.7 Deutsche Telekom AG

      8. 7.1.8 Telefonaktiebolaget LM Ericsson

      9. 7.1.9 Swisscom AG

      10. 7.1.10 Vodafone Group

      11. 7.1.11 BT Group

      12. 7.1.12 Telstra Corporation Limited

   2. *List Not Exhaustive

8. 8. INVESTMENT ANALYSIS

9. 9. MARKET OPPORTUNTIES AND FUTURE TRENDS

**Subject to Availability

5G Services Industry Segmentation

5G is the fifth generation of wireless technology, allowing users quicker downloads, outstanding network reliability, making businesses more efficient, and more.

The 5G Services Market is segmented by End-user Industry (IT & Telecom, Media & Entertainment, Automotive, Energy & Utility, Aerospace & Defense, Other End-user Industries) and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.

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5G Services Industry Report

Statistics for the 2024 5G Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. 5G Services analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

• 5G Services Market Size
• 5G Services Market Share
• 5G Services Market Trends
• 5G Services Companies

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