5G Services Market Size, Share, and Forecast| 2030

5G Services Market Size and Forecast (2020 - 2030), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type [Enhanced Mobile Broadband (eMBB), Massive Machine-Type Communications (mMTC), Ultra-Reliable Low Latency (uRLLC), and Fixed Wireless Access (FWA)], and End User [Consumers and Enterprises (IT & Telecom, Manufacturing, Healthcare, BFSI, Retail and E-commerce, and Others)]

Publication Month : Jan 2024

  • Report Code : TIPTE100000353
  • Category : Technology, Media and Telecommunications
  • Status : Data Released
  • No. of Pages : 150
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[Research Report] The 5G services market size is expected to grow from US$ 86.22 billion in 2022 to US$ 3,244.40 billion by 2030; it is estimated to record a CAGR of 57.4% from 2022 to 2030.

 

Analyst Perspective:

A completely mobile and connected environment is made possible by 5G wireless mobile services, which offer customers a variety of business models and use cases. Additionally, the user experience can be improved by utilizing 5G services for a variety of use cases, such as seamless video calling, Ultra-High Definition (UHD) videos, virtual reality (VR) and augmented reality (AR) gaming, and faster data speeds and extremely low latency offered by 5G technology. The rising need for high-speed data connectivity for unified Internet of Things (IoT) applications is anticipated to propel the adoption of 5G services during the forecast period. Moreover, the increased emphasis on forming alliances between telecom operators and 5G system integration providers would accelerate the adoption of 5G services. Several industry verticals are concentrating on technology revolutions to increase their total productivity and operational efficiency to survive in a highly competitive market.

By lowering overall costs and increasing productivity, 5G wireless technology can bring about significant changes in several verticals, such as IT & telecom, manufacturing, healthcare, BFSI, and retail and e-commerce.

5G Services Market Overview:

5G is the fifth generation of wireless technology designed to boost the speed and responsiveness of wireless networks significantly. Fourth-generation (4G) and Long-Term Evolution (LTE) wireless technology provides the foundation for setting up a 5G network. 5G provides benefits, such as higher frequencies, high bandwidth, enhanced mobile broadband, a lower latency of 5 ms, and higher data rates. There is a rising demand for advanced network services for efficient and real-time communication across industries and consumers. The increase in investments by communication service providers (CSPs) and regional government bodies further enhances the development and deployment of 5G network services across developed and developing countries. According to Groupe Speciale Mobile Association (GSMA), there will be more than 1.1 billion 5G network subscribers across the globe by 2025. Major 5G network solution providers operating across the globe include Verizon, AT&T, Huawei, Cisco Systems, Ericsson, and Nokia. Numerous major carriers are currently in the process of expanding their 5G networks. Sprint, AT&T, and Verizon are included in this. T-Mobile focuses on low- and midband 5G first, while Verizon concentrates on mmWave implementation.

Over the next few years, 5G networks and services will be gradually implemented to meet the growing demand for mobile and internet-enabled devices. As the technology is deployed, 5G is anticipated to produce many new uses, applications, and business cases.

5G Services Market Driver:

Increasing Number of 5G Subscribers to Fuel 5G Services Market During Forecast Period

With ultra-low latency networks, quicker internet, and broader device support, 5G promotes a better tomorrow. These characteristics translate into Industry 4.0, smart cities, driverless cars, and other innovations that will improve the quality of life. 5G adoption is still growing despite ongoing economic difficulties and geopolitical upheaval in certain areas. Service providers continue to deploy 5G all around the world. According to the Ericsson mobility report, ~280 service providers worldwide have already introduced 5G services for sale, and over 40 have installed or introduced 5G standalone (SA) as of 2023. Enhanced mobile broadband (eMBB) is the most popular 5G service offered to customers by the service providers. The uptake of 5G subscriptions globally continues to be strong. According to GSMA Intelligence, consumers' 5G connections surpassed 1 billion at the end of 2022. Moreover, according to estimates from the Global Mobile Suppliers Association (GSA), there will be 1.15 billion 5G users by the end of 2022—a surge of ~90% annually on 619 million users in 2021. In addition, according to data from SellCell, there were almost 951 million 5G users worldwide in 2022; however, predictions for 2023 showed a 50% increase to 1.48 billion users. Forecasts over the next five years show a significant increase in 5G subscribers worldwide. The table below shows an increase in worldwide 5G subscribers from 2019 to forecasted till 2025.

NUMBER OF 5G SUBSCRIPTIONS WORLDWIDE FROM 2019 TO 2025

Years

Millions of 5G Subscribers Worldwide

2019

12.47

2020

158.41

2021

509.62

2022

950.90

2023

1480.50

2024

2048.57

2025

2638.60

Source: SellCell.com

After debuting in several major cities worldwide, 5G technology is rapidly expanding. Thus, the increasing number of 5G subscribers will fuel the growth of the 5G services market during the forecast period.

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5G Services Market: Strategic Insights

5g-services-market
Market Size Value inUS$ 86.22 billion in 2022
Market Size Value byUS$ 3,244.40 billion by 2030
Growth rateCAGR of 57.4% from 2022 to 2030
Forecast Period2022-2030
Base Year2022
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5G Services Market Report Segmentation and Scope:

The 5G services market is segmented on the basis of type, end user, and geography. Based on type, the 5G services market is bifurcated into Enhanced Mobile Broadband (eMBB), Massive Machine-Type Communications (mMTC), Ultra-Reliable Low Latency (uRLLC), and Fixed Wireless Access (FWA). Based on end user, the 5G services market is segmented into enterprises and consumers. The enterprise segment is further sub-segmented into IT & telecom, manufacturing, healthcare, BFSI, retail and e-commercev, and others. Based on geography, the 5G services market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

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5G Services Market Segmental Analysis:

Based on type, the 5G services market is segmented into Enhanced Mobile Broadband (eMBB), Massive Machine-Type Communications (mMTC), Ultra-Reliable Low Latency (uRLLC), and Fixed Wireless Access (FWA). The Enhanced Mobile Broadband (eMBB) segment in the 5G services market is anticipated to lead the market with the highest market share. Enhanced mobile broadband (eMBB) is the most popular 5G service offered to customers by the service providers. EMBB focuses on data-driven use cases that require high data rates across a large coverage area by mobile devices such as wearables, smartphones, tablets, mobile broadband devices, laptops, and others. Applications requiring a lot of data, such as 4K/8K Ultra High-Definition (UHD) films, AR/VR, cloud gaming, and improved mobile media, are made possible by eMBB.

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5G Services Market Key Player Analysis:

Huawei Technologies Co., Ltd.; Telefonaktiebolaget LM Ericsson; Nokia Corporation; Samsung Electronics Co., Ltd.; ZTE Corporation; Verizon Communications Inc.; AT&T Inc.; Deutsche Telekom AG; Orange S.A.; and Vodafone Group Plc are among the key 5G services market players profiled in the report.

5G Services Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the 5G services market. A few recent key market developments are listed below:

  • In December 2023, India became the fastest 5G rollout in the world after 5G deployments crossed the 400,000 mark, with Reliance Jio and Bharti Airtel adding 2,000 base tower stations (BTSs) a week.
  • In October 2023, Ericsson announced the launch of a software toolkit for telcos to roll out premium 5G services. This new software toolkit will enable telecom operators to deliver premium 5G use cases that require high throughput, reliability, and low latency, such as mobile cloud gaming, video conferencing, live broadcasting, remote-controlled machines/vehicles, public safety services, and future Extended Reality (XR) applications.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, and End User

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the estimated global market size for the 5G services in 2022?

The 5G services was valued at US$ 86.22 billion in 2022 and is projected to reach US$ 3244.40 billion by 2030; it is expected to grow at a CAGR of 57.4% during 2022–2030.

What are the driving factors impacting the 5G services?

Increasing number of 5G subscribers, smart infrastructure development and increase in offering of 5G services by network service providers are the driving factors impacting the 5G services market growth.

What are the future trends of the 5G services market?

Rise in government initiatives to promote the deployment of 5G are the future trends of the 5G services.

Which is the fastest growing regional market?

Asia Pacific is anticipated to grow with the highest CAGR over the forecast period.

Which region is holding the major market share of global 5G services?

The Asia Pacific held the largest market share in 2022, followed by North America and Europe.

Which are the key players holding the major market share of 5G services?

The key players, holding majority shares, in 5G services includes Huawei Technologies Co., Ltd.; Telefonaktiebolaget LM Ericsson; Nokia Corporation; Samsung Electronics Co., Ltd.; and Verizon among others

The List of Companies - 5G Services Market

  • Huawei Technologies Co., Ltd.
  • Telefonaktiebolaget LM Ericsson
  • Nokia Corporation
  • Samsung Electronics Co., Ltd.
  • ZTE Corporation
  • Verizon Communications Inc.
  • AT&T Inc.
  • Deutsche Telekom AG
  • Orange S.A.
  • Vodafone Group Plc

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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