Global 5G Services Market Report 2022: Accelerated Digital Transformation of Verticals Fuels Growth

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Dec 22, 2022, 11:00 ET

DUBLIN, Dec. 22, 2022 /PRNewswire/ -- The "Global 5G Services Market by End User (Consumers and Enterprises), Enterprise (Manufacturing, Media and Entertainment, Transportation and Logistics, Government), Application, Communication Type (eMBB, MMTC, URLLC, and FWA) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global 5G Services market size is expected to grow from USD 107.0 billion in 2022 to USD 331.1 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 25.3% during the forecast period. Due to high availability of 5G compatible devices and high investments of governments in 5G services, the 5G ecosystem is expected to witness a faster growth rate than other connectivity transformations. Other factors such as high number of applications being developed requiring low latency in connection have resulted in high adoption of 5G services in developing economies.

Enterprises segment is expected to grow at the highest CAGR during the forecast period

By expanding the scope of wireless technologies and making devices more autonomous, 5G will be more inclusive, progressive, proven, and powerful than any previous generation of communications technology. There are a number of industries with particularly intense dynamics and business opportunities around 5G, such as telecommunications, media and entertainment, manufacturing, transportation, and public services. Each of these sectors has specific business issues linked to 5G and and therefore enterprise segment is expected to grow at the higher CAGR during the forecast period.

Healthcare segment to grow at the highest CAGR during the forecast period

5G services will prove to be highly efficient in the healthcare sector by enabling remote patient monitoring, connected ambulance services, hd virtual consultations, video-enabled prescription management etc. The lower latency 5G will enable data and video to be sent in real-time to the hospital/clinicians in emergency situations and this will have significant impact on the healthcare sector and people's lives.

Asia Pacific (APAC) region to record the highest growing region in the 5G services market

The countries in APAC have high investments done by the governments in 5G services. The high population of the countries in the region have also resulted in higher number of subscribers for 5G, thereby resulting in a higher Average Revenue Per User (ARPU) for 5G service providers. Countries such as China, South Korea, Australia and Japan have high technological growth. The presence of developed technological infrastructure is also one of the key reasons for the adoption of 5G services across all industry verticals.

Market Dynamics

Drivers

Increasing Mobile Network Data Traffic
Need to Transform Mobile Broadband Experience
Accelerated Digital Transformation of Verticals
Development of Smart Infrastructure
Timely Availability of 5G-Compatible Devices from Several Vendors

Restraints

High Costs for Deployment of 5G Network

Opportunities

To Move Beyond Connectivity and Collaborate Across Sectors to Deliver New, Rich Services
Increasing Demand for High Reliability and Low Latency Networks
Unleashing Massive IoT Ecosystem and Critical Communications Services

Challenges

Delay in Spectrum Harmonization Across Geographies
Security Concerns Regarding 5G

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 5G Services Market, by Application
6.1 Introduction
6.1.1 Application: Market Drivers
6.2 Smart Cities
6.3 Connected Factories
6.4 Smart Buildings
6.5 Connected Vehicles
6.6 Connected Healthcare
6.7 Connected Retail
6.8 Smart Utilities
6.9 Other Applications

7 5G Services Market, by End-user
7.1 Introduction
7.2 Consumers
7.3 Enterprises

8 5G Services Market, by Communication Type
8.1 Introduction
8.2 Fixed Wireless Access
8.3 Enhanced Mobile Broadband
8.4 Massive Machine-Type Communications
8.5 Ultra-Reliable Low-Latency

9 5G Services Market, by Enterprise
9.1 Introduction
9.2 Manufacturing
9.3 Media and Entertainment
9.4 Government
9.5 Energy and Utilities
9.6 Transportation and Logistics
9.7 Healthcare
9.8 Other Enterprises

10 5G Services Market, by Region

11 Competitive Landscape

12 Company Profiles

13 Adjacent/Related Markets

14 Appendix

Companies Mentioned