5g services Market

The 5G services market size was valued at US$ 86.22 billion in 2023 and is expected to reach US$ 3244.40 billion by 2031; it is estimated to record a CAGR of 57.4% from 2023 to 2031.

The 5G services market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2023, followed by North America and Europe, respectively. Asia Pacific is an early adopter of 5G, with countries such as South Korea, Taiwan, Japan, and China seeming to be ahead in the 5G wave. Other countries, including India, Indonesia, and Vietnam, are developing significantly. According to the GSMA survey, Asia Pacific mobile providers plan to invest US$ 227 billion in 5G installations from 2022 to 2025. New networks enable innovative consumer services, alter business and production, and boost economic growth. China is now the world's largest 5G market, with an anticipated 1.5 billion 5G subscribers were in 2023, which is expected to rise to 3.3 billion by the end of 2028, driven by investments and legislative measures to build 5G networks and increase the adoption of 5G. In March 2023, China's MIIT said that it would construct 2.9 million 5G base stations by 2023 and 3.6 million by 2025 to boost 5G coverage to rural regions and industrial parks. This is due to the key 5G service providers operating in the region, such as Nokia Corporation (Finland); Samsung Electronics Co., Ltd. (South Korea); LG Electronics Inc. (South Korea); and Huawei Investment & Holding Co., Ltd (China).

In terms of end user, the 5G services market is segmented into enterprises and consumers. The enterprises segment held the largest 5G services market share. Constant technological advancements supports the adoption of 5G technology by companies operating in IT & telecom, manufacturing, healthcare, BFSI, retail & e-commerce, and other industries. 5G's lower latency and higher bandwidth will allow organizations to manage more devices and apps at the same time. This allows for faster and more effective data transfer, leading to improved productivity and better customer experiences.

With the help of 5G technology, customers were able to download large files in a short time, play online games with less latency, and stream high-quality videos with minimal buffering. Customers will also benefit from 5G in the fields of virtual reality (VR) and augmented reality (AR). Higher bandwidth applications such as 4K and 8K streaming or 360-degree video will enable high-quality, immersive experiences at real-time speeds for consumers using 5G. With the advent of 5G, consumers increasingly focused on improving various sectors such as travel, media & entertainment, home security, and automation.

Verizon Communications Inc, Huawei Technologies Co Ltd, Telefonaktiebolaget LM Ericsson, Nokia Corp, Samsung Electronics Co Ltd, ZTE Cop, Vodafone Group Plc, Orange SA, Deutsche Telekom AG, and China Mobile Limited are among the key 5G services market players that are profiled in this market study.

The overall 5G services market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the 5G services market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the 5G services market.