5G Services Market Global Forecast to 2028 - 5G Services Market to Soar at a CAGR of 52.4% with Industry 4.0, Smart Healthcare Driving Growth

DUBLIN, Dec. 15, 2023 /PRNewswire/ -- The "5G Services Market by Communication Type (eMBB, URLLC, mMTC), End User (Consumers and Enterprises), Application (Industry 4.0, Smart Cities, Smart Buildings), Enterprises and Region - Global Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The 5G Services market is estimated at USD 121.8 billion in 2023 to USD 1002.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 52.4%. The proliferation of 5G-compatible smartphones has emerged as a pivotal driver within the consumer segment, fueling the widespread adoption of 5G technology. As telecommunications companies deploy advanced networks, consumers are increasingly drawn to the promise of enhanced connectivity and improved mobile experiences.

The availability of 5G-enabled smartphones, boasting faster data transfer speeds and lower latency, incentivizes users to upgrade their devices. The desire to leverage the full potential of 5G, including seamless streaming, augmented reality applications, and quicker download speeds, motivates consumers to invest in the latest smartphone technology. This surge in demand for 5G-compatible devices, driven by the allure of superior network capabilities, contributes significantly to the overall momentum of 5G adoption in the consumer market, shaping the way individuals engage with and benefit from mobile connectivity.

The healthcare & life sciences segment is expected to register the fastest growth rate during the forecast period.

The advent of 5G technology is revolutionizing healthcare & life sciences by significantly enhancing the capabilities of healthcare drones. With its high-speed connectivity, 5G facilitates a seamless and real-time communication infrastructure crucial for deploying drones in various healthcare applications. In remote areas, where access to medical supplies is challenging, 5G empowers drones to efficiently deliver life-saving medications and supplies, thereby bridging critical gaps in healthcare accessibility.

Moreover, the rapid transmission speeds and low latency of 5G enable the swift transportation of lab samples, facilitating timely diagnostic processes. Beyond logistics, 5G-enabled drones can also provide aerial telemedicine support, connecting healthcare professionals with patients in remote locations. This transformative synergy between 5G and healthcare drones not only expands the reach of healthcare services but also establishes an agile and responsive healthcare ecosystem capable of addressing challenges in both routine and emergency medical situations.

The Industry 4.0 segment to hold the largest market size during the forecast period.

The advent of 5G technology is reshaping manufacturing processes within the framework of Industry 4.0 through the deployment of sophisticated quality control measures and predictive maintenance systems. In this new paradigm, the strategic placement of sensors and Internet of Things (IoT) devices across the manufacturing environment facilitates continuous monitoring of equipment conditions. These sensors gather real-time data on crucial factors such as temperature, vibration, and wear, providing a comprehensive insight into machinery health. Harnessing the high-speed, low-latency capabilities of 5G, this wealth of data is rapidly transmitted and processed, enabling swift detection of anomalies or deviations from optimal operating conditions.

Within the context of Industry 4.0, this real-time connectivity powered by 5G becomes a driving force for transformative change. The seamless transmission and processing of data allow manufacturers to adopt a proactive approach to maintenance. By incorporating advanced analytics and machine learning algorithms, manufacturers can predict potential equipment failures before they manifest. This predictive maintenance strategy minimizes unplanned downtime, as maintenance activities can be precisely scheduled when needed, optimizing the overall effectiveness of equipment. In essence, the integration of 5G-enabled predictive maintenance becomes a cornerstone of Industry 4.0, enhancing operational efficiency, extending equipment lifespan, and contributing significantly to cost savings for manufacturers.

Asia Pacific's highest growth rate during the forecast period.

Beyond catering to the connectivity demands of bustling urban centers, 5G emerges as a pivotal solution for overcoming the persistent connectivity challenges faced by remote and underserved areas across the Asia Pacific. In these regions, where traditional infrastructure may be limited, 5G technology plays a transformative role by facilitating enhanced broadband access. This not only addresses the digital divide prevalent in less accessible areas but also actively contributes to fostering inclusivity.

By extending high-speed, reliable connectivity to remote communities, 5G enables them to partake in the digital economy, access educational resources, and benefit from essential services such as telemedicine. The deployment of 5G networks in these underserved regions reflects a commitment to narrowing the technological gap, unlocking new opportunities, and fostering a more equitable and connected society throughout the diverse landscapes of the Asia Pacific.

The report provides insights on the following:

• Analysis of key drivers (Increase in mobile network data traffic, development of smart infrastructure, and timely availability of 5G compatible devices from several vendors, accelerated digital transformation across verticals, and need to transform mobile broadband experience), restraints (High costs for deployment of 5G network), opportunities (Fixed Wireless Access gaining momentum and increasing demand for high reliability and low latency networks), and challenges (Security concerns regarding 5G and delay in spectrum harmonization across geographies) influencing the growth of the 5G Services market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the 5G Services market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the 5G Services market across various regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the 5G Services market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players AT&T, China Mobile, SK Telecom, Verizon, BT Group, Deutsche Telekom, China Telecom, Orange, Vodafone, China Unicom, Telstra, Telefonica, KT Corporation, Roger Communications, Bell Canada, Etisalat, Saudi Telecom Company, LG Uplus, NTT Docomo, KDDI, Telus, Swisscom , Dish Network, Reliance Jio Infocomm, Rakuten Group, MTN Group, Bharti Airtel, Telenor Group, JMA Wireless, Verana Networks, Celona, Mangata Networks, Airspan Networks, Edge Q, Omniflow, Aarna Networks.

Key Topics Covered:

Executive Summary

• 5G Services Market to Witness Significant Growth During Forecast Period
• Market: Regional Snapshot

Premium Insights

• Attractive Opportunities for 5G Services Market Players - Increase in Demand for Machine-To-Machine (M2M) Communication and Smart Infrastructure to Drive Market
• Market: Top Segments - Largest Segments in Market in 2023
• Market, by Application - Industry 4.0 Segment to be Leading Application Market in 2023
• Market, by Communication Type - Ultra-Reliable Low-Latency Communication Segment to Highest Growth Rate During Forecast Period
• Market, by End-user - Enterprise End-users to Witness Higher Growth Rate During Forecast Period
• Market, by Enterprise - Manufacturing Segment to Lead Market During Forecast Period
• North America: 5G Services Market, by End-user & Application - Consumers and Industry 4.0 Segments to be Largest Segments in 2023

Market Dynamics

Drivers

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

Restraints

• High Deployment Costs

Opportunities

• Global Proliferation of Fixed Wireless Access (FWA)
• Increase in Demand for High Reliability and Low Latency Networks
• Introduction of Massive IoT Ecosystem and Critical Communications Services

Challenges

• Delay in Spectrum Harmonization Across Geographies
• Security Concerns Regarding 5G Networks

Case Study Analysis

• TDC Net Deployed Ericsson's E2E Sla for Network Slicing
• IMR Partnered with Vodafone Business to Help Local Manufacturers Adopt Industry 4.0
• Vodafone Business Helped H-Farm Create Future-Fit Innovation Hub
• Sunrise Helped Boost Laax's Businesses by Leveraging 5G

Best Practices in Market

• Network Reliability and Coverage
• Security and Privacy
• Spectrum Management
• Network Slicing for Customization
• Collaboration with Ecosystem Partners
• Customer Engagement and Support

Current and Emerging Business Models

• Subscription Model
• Freemium
• B2B and Enterprise Models
• Content and Application Partnership
• Content Marketplace
• 5G Enablement Platforms

5G Services Tools, Frameworks, and Techniques

• 5G Services Tools
• 5G Service Frameworks
• 5G Techniques

Future Landscape of 5G Service Market

• Short-Term Roadmap (2023-2025)
• Mid-Term Roadmap (2026-2028)
• Long-Term Roadmap (2029-2030)

Companies Mentioned

• Aarna Networks
• Airspan Networks
• AT&T
• Bell Canada
• Bharti Airtel Limited
• BT Group
• Celona
• China Mobile
• China Telecom Corporation Limited
• China Unicom Network Communications
• Deutsche Telekom Ag
• Dish Network Corporation
• Edgeq
• Etisalat Group
• JMA Wireless
• Kddi Corporation
• KT Corporation
• LG Uplus Corp.
• Mangata Networks
• MTN Group
• NTT Docomo
• Omniflow
• Orange S.A.
• Rakuten Group
• Reliance Jio
• Rogers Communication Inc.
• Saudi Telecom Company
• SK Telecom
• Swisscom
• Telefonica S.A.
• Telenor Asa
• Telstra Group Limited
• Telus Corporation
• Verana Networks
• Verizon Communications
• Vodafone Group

For more information about this report visit https://www.researchandmarkets.com/r/ko14t4

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