5G Services Market Size (2024 - 2029)

The 5G services market is poised for significant growth, driven by the expanding demand for enhanced connectivity and the proliferation of IoT applications, particularly in industrial automation. The market's expansion is supported by the development of robust 5G infrastructure and the adoption of network slicing to cater to diverse use cases. The increasing reliance on cloud solutions and the need for low-latency services further propel the market, despite the high capital costs associated with infrastructure deployment. The COVID-19 pandemic has accelerated the shift towards virtual spaces, underscoring the necessity for advanced 5G connectivity.

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Market Size of 5G Services Industry

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5G Services Market Report, Surgical Dressing Industry Report, 5G Services Market, 5G Services Market Share, 5G Services Market Size, Surgical Dressing Industry, 5G Services Market Growth, 5G Services Market Trends, 5G Services Market Analysis
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 25.30 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

5G Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

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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 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.

End-user Industry
IT & Telecom
Media & Entertainment
Automotive
Energy & Utility
Aerospace & Defense
Other End-user Industries
Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
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5G Services Market Size Summary

The 5G services market is poised for significant growth, driven by the increasing demand for enhanced connectivity and the proliferation of IoT applications. As 5G technology continues to evolve, it is expected to transform various broadband services and enable seamless connectivity across diverse end-user verticals. Key factors propelling market expansion include the surge in mobile subscriptions, the rise of online video streaming, and the strengthening of 5G infrastructure. The integration of network slicing and cloud solutions with low latency capabilities is set to enhance operational efficiency and innovation, particularly in sectors like industrial automation, which is heavily influenced by Industry 4.0 initiatives. Despite the high capital costs associated with deploying 5G infrastructure, the necessity for advanced connectivity platforms has been underscored by the increased reliance on virtual spaces, especially during the COVID-19 pandemic.

In North America, the transition to 5G networks is underway, with operators phasing out older networks to reallocate spectrum for 5G use. Countries like Sweden and the United Arab Emirates are also focusing on enhancing user experiences through continuous network advancements. The demand for 5G-enabled IoT connections is expected to rise, particularly in the United States, where smart home adoption is high. The competitive landscape is marked by intense rivalry among major players such as AT&T, Verizon, and Nokia, who are leveraging mergers, acquisitions, and strategic alliances to maintain market dominance. Innovations like Nokia's 5G-Advanced and collaborations such as AT&T's partnership with Microsoft are indicative of the industry's focus on expanding 5G capabilities and improving user experiences.

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5G Services Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.2.1 Threat of New Entrants

      2. 1.2.2 Bargaining Power of Buyers

      3. 1.2.3 Bargaining Power of Suppliers

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Technology Snapshot

      1. 1.3.1 By Type

        1. 1.3.1.1 Enhanced Mobile Broadband (EMBB)

        2. 1.3.1.2 Ultra-reliable Low Latency Communications (URLLC)

        3. 1.3.1.3 Massive Machine Communications (MMTC)

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-user Industry

      1. 2.1.1 IT & Telecom

      2. 2.1.2 Media & Entertainment

      3. 2.1.3 Automotive

      4. 2.1.4 Energy & Utility

      5. 2.1.5 Aerospace & Defense

      6. 2.1.6 Other End-user Industries

    2. 2.2 Geography

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 United Kingdom

        3. 2.2.2.3 France

        4. 2.2.2.4 Italy

        5. 2.2.2.5 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 Japan

        3. 2.2.3.3 India

        4. 2.2.3.4 South Korea

        5. 2.2.3.5 Rest of Asia-Pacific

      4. 2.2.4 Rest of the World

5G Services Market Size FAQs

The 5G Services Market is projected to register a CAGR of 25.30% during the forecast period (2024-2029)

Nokia Corporation, Huawei Technologies Co Ltd, AT&T Inc., Verizon Communications Inc and HP Enterprise Development LP are the major companies operating in the 5G Services Market.

5G Services Market Report Snapshots

5G Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)