Huge Digital Transformation Across Industries to Positively Influence the 5G Services Market Growth During 2022–2030
According to our latest market study on 5G Services Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Type and End User," the market 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.
Over the years, business across various sectors has changed substantially, with digital technology contributing to this evolution substantially. Organizations struggle to compete in a constantly changing and dynamic market. Digital transformation aids businesses to boost their competitive advantage, enhance business performance, and achieve business growth. Digital transformation has become a new model for many organizations as it lets them gain competitive advantages in the intense and dynamic market competition. 5G promises to usher in a new era of global digital transformation with its incredibly low latency, huge traffic capacity, and superfast data rates. In such a massive digital revolution, 5G facilitates quick communication between IoT machines, sensors, and devices. 5G networks can carry data at peak rates of up to 20 Gbps, which is far faster than 4G networks. They have a high dependability of up to 99.9999% when sending data. Thus, huge digital transformation across industries will most likely provide opportunities for the 5G services market.
5G Services Market — by Geography, 2022 to 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)]
5G Services Market Size, Share, and Forecast| 2030
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Source: The Insight Partners 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 during the report. Several other 5G services market players were also studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The 5G services market report provides detailed market insights, which help the key players strategize their growth.
The North America 5G services market was valued at US$ 25.37 billion in 2022 and is projected to reach US$ 887.33 billion by 2030; it is anticipated to record a CAGR of 55.9% during the forecast period. North America is one of the fastest-growing regions in terms of technological innovations and the adoption of advanced technologies. North America has experienced an increase in smartphone users over the last decade. The growing percentage of the young population across the region and the rise in penetration of internet adoption across North American countries has increased the demand for smart mobiles and mobile subscriptions. For instance, according to GSMA, in North America, the subscription penetration is expected to grow from 84% in 2021 to 85% by 2025. In 2021, the adoption of smartphones in the region accounted for 82%, which is expected to reach 85% by 2025. The rising government initiatives to deploy and promote the adoption of 5G networks is propelling the growth of the North America 5G services market
The North America 5G services market is segmented into the US, Canada, and Mexico. The US is expected to have the highest share and record the highest CAGR during the forecast period in the North America 5G services market. The high rate of digitization in various industries in the US fueled the growth of the 5G services market. Moreover, the US has a large number of 5G services market players, such as Verizon, AT&T, T-Mobile, Comcast, and Dish. Verizon, for instance, has offered 5G broadband internet across 900 cities in the US since October 2018. Similarly, AT&T started its 5G services in December 2018. It offers two major 5G services, namely 5G+ in over 40 cities and a low band 5G network in over 14,000 cities and towns across the country. This wide offering of 5G services by the network service providers is contributing to the growth of the 5G services market in the US.
The rapid adoption of technologies such as automation, artificial intelligence, and virtual reality is constantly contributing to the rise in demand for 5G technologies in Canada for commercial, residential, and industrial purposes. According to the report published by GSMA on 5G and economic growth impacts on Canada in 2020, the adoption and integration of 5G technology will help the country generate revenue of US$ 150 billion in the Canadian economy for a period of 20 years (2020–2040) thereby contributing significantly to the economic growth of the country and supporting the post-pandemic recovery across all major industries. Moreover, Canada has also experienced a rise in the adoption of network subscribers and smartphone adoption over the years. According to the report published by GSMA in 2021, smartphone adoption in Canada accounted for 82.6% in 2020 and is expected to reach 90.3% by 2025. Thus, all these factors are contributing to the Canada 5G services market growth.
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