Market Research Future (MRFR) projects the 5G service market to expand exponentially with a CAGR of 29.4% over the forecast period which ends in 2030. The global 5G services market is witnessing rapid revenues growth. Factors such as the surging demand for reliable and ultra-latent connectivity services and increasing numbers of telecom operators drive the market growth. The research report studies 5G service market using different methodologies and analyzes to provide accurate and in-depth information about the market.

5G service succeeds 3G and 4G with enhanced features such as incredibly high bandwidth, ultra-low latency, and high-density connection. Growing density of traffic owing to growth in general mobile usage of Internet-based content and services coupled with surging need for low communication latency for enhanced user experience provides a boost to the growth of the global 5G service market.

5G is more efficient than its previous generations and addresses the need for a high density of connected devices and the latest technologies. 5G would help businesses embrace IoT and other advanced technologies. Thus, rapid developments in connected IoT devices will generate a high demand for 5G services and boost the growth of the 5G service market.

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Escalating initiatives towards the development of smart cities augment the growth of the global 5G service market. Smart cities and smart energy grids make use of sensors, control units, and other connected devices which require superior network services for proper functioning. Thus the requirement for enhanced in-building broadband services is likely to induce high demand for 5G services. 

Other driving factors for the global 5G service market include a shift towards cloud-based solutions. On the flip side, the growth of the market might be hindered by high costs of deployment of 5G networks and lack of technical infrastructure.

5G Service Market Key Players

• Cisco Systems Inc.
• China Mobile
• SK Telecom
• Telefonaktiebolaget L. M. Ericsson
• NEC Corporation
• Airtel
• BT Group
• Sprint
• Huawei Investment Holding Co. Ltd.
• Telstra
• Verizon Communications Inc.
• DU
• LG Electronics Inc.
• China Telecom
• Intel Corporation
• Nokia Corporation
• ATT Inc.
• T-Mobile USA Inc.
• Qualcomm Inc.
• KT Corporation
• Deutsche Telekom
• Vodafone Group
• Samsung Electronics Co. Ltd., and
• Saudi Telecom Company.

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5G Service Market Segmentation

The global 5G service market has been segmented based on service type, communication type, technology, and vertical. 

By Service Type

• Professional Services
  • System Integration
  • Network Planning and Optimization
  • Network Implementation
  • Others
• Managed Services
• Professional Services
• Managed Services

By Communication Type

• Extreme Mobile Broadband (EMBb)
• Massive Machine-Type Communications (mMTC)
• Ultra-Reliable Machine-Type Communications (uMTC)
• Fixed Wireless Access (FWA)

By Technology

• Wi-Fi, High-Speed Package Access (HSPA)
• Radio Access Technologies (RAT)
• Global System for Mobile (GSM)
• Worldwide Interoperability for Microwave Access (WiMAX)

By Vertical

• Energy and Utilities
• Automotive
• Healthcare
• IT Telecommunication
• Consumer Electronics
• Industrial
• Retail
• Others

5G Service Market Regional Analysis

North America, Asia Pacific, Europe, and the Rest of the World (RoW) are the key markets for 5G service. 

North America is projected to be the largest market for 5G service, led by the economies of the US, Canada, and Mexico. The region has been an early adapter of the 5G service network, and various telecom companies in the region have already announced their plans to roll out 5G service much ahead of operators in other regions. Moreover, the region is swift in the uptake of the latest technologies such as IoT and smart cities which would require high-speed network performance.

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Europe too is projected to remain a significant market for 5G service, and its growth can be attributed to rigorous RD activities in the region. A considerable number of ongoing customer trials in countries such as the UK, Germany, and France are also expected to contribute to market growth positively. 

Asia Pacific is slated to be the fastest growing market for 5G service over the forecast period. Increasing focus on improving connectivity coupled with high investment in RD activities are expected to catalyze the growth of the 5G service market in Asia Pacific. 

The Rest of the World market is also anticipated to exhibit positive growth trend over the forecast period.

Key Points Covered in the Report: 

• The 5G Service market conditions include main rivals, costs, and positioning for an all-round plan for insight accumulation operating in the same geography.
• The global market report includes a complete database of upcoming 5G Service market forecasts, based on historical data interpretation.
• It provides customers with quantified views for recent 5G Service market perusal.
• The 5G Service report is helpful in offering answers to different core questions that are essential to market participants, such as manufacturers, and end-users, distributors, in addition to helping them strategize acquisitions and leverage many growth opportunities.
• Import/export consumption, forecasts of supply demand, cost, price, revenue, and gross margins are also impacted by this analysis.

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