5G Applications and Services Market Size, Share Global Analysis Report, 2022 – 2028

Industry Insights

[212+ Pages Report] According to Facts and Factors, the global 5G applications and services market size was worth USD 161.4 billion in 2021 and is estimated to grow to USD 938.6 billion by 2028, with a compound annual growth rate (CAGR) of approximately 34.10% over the forecast period. The report analyzes the 5G applications and services market's drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the 5G applications and services market.

Market Overview

The fifth generation (5G) of cellular technology will offer ultra-low latency, high speed, and dependable connection. The whole ecosystem of hardware, software, and services required for deploying 5G networks is covered under 5G technology and services. Enhanced mobile broadband, ultra-reliable low latency communications, and large machine-type communications are 5G connection technologies that are part of the 5G technology and services market. Communication, entertainment, and how people connect to the internet are all expected to change due to 5G technology and services. Faster data transfer is made possible by 5G technology and services' ability to operate in mm-wave bands or the high-frequency spectrum between 24 and 100 GHz. Strong internet infrastructure with high bandwidth capabilities and the enormous demand for fast internet and continuous network connectivity will drive the development of 5G apps and services over the forecast period.

COVID-19 Impact:

The current increase in demand for 5G applications and services can be attributed to the rise in the proportion of digital transactions as a result of the shutdown caused by the COVID-19 pandemic outbreak. The government sector's extensive use of 5G applications and services will accelerate the market's expansion during the forecasted time frame. The global 5G apps and services market will increase depending on the need to change the visual and multi-user experience.

Key Insights

• As per the analysis shared by our research analyst, the global 5G applications and services market value is expected to grow at a CAGR of 34.10% over the forecast period.
• In terms of revenue, the global 5G applications and services market size was valued at around USD 161.4 billion in 2021 and is projected to reach USD 938.6 billion by 2028.
• Strong internet infrastructure with high bandwidth capabilities and the enormous demand for fast internet and continuous network connectivity will drive the development of 5G apps and services over the forecast period.
• By communication type, the eMBB category dominated the market in 2021.
• By end-user, the smart cities category dominated the market in 2021.
• North America dominated the global 5G applications and services market in 2021.

Growth Drivers

• Implementation in the transport sector drives the market growth

Transport and logistics is a vertical sector that could give the future potential for the 5G services industry. For instance, vehicle-to-all communication (V2X) has provided the groundwork for autonomous driving and linked automobiles. To reduce the danger of road accidents, 5G services would play a crucial role in ensuring smooth communications between vehicles and infrastructure (V2I) and vehicle-to-vehicle (V2V). Increasing emphasis will be placed in the predicted period on maintaining a safe and improved driving experience for linked vehicles. All of these factors are projected to drive the global 5G applications and services market.

Restraints

• High prices charged by service providers may hinder the market growth

Governments offer 5G spectrum acquisition service companies astronomically high prices. The only choice available to service providers is to pass these costs along to the final user. Of course, end consumers will have to pay more for the availability of 5G network providers. High spectrum costs and increases in 5G service subscription costs should hamper industry expansion.

Segmentation Analysis

The global 5G applications and services market has been segmented into communication type, end-user, and region.

Based on communication type, the 5G applications and services market is segregated into FWA, eMBB, MMTC, and URLLC. In 2021, the eMBB segment dominated the global market. 5G network providers focus on enhancing broadband features, including high-speed cloud play, AR/VR, High Definition, and ongoing video conversations. This is because 5G network providers initially concentrated on that. The focus should be placed on a 5G wireless cloud platform that is not standalone during the actual rollout phase. The eMBB offers high residential and commercial connection speeds. Because of this, eMBB will respond to various applications, such as 4K video availability, automotive infotainment, and virtual meetings, helping the eMBB category grow over the period.

Based on the end-user, the 5G applications and services market is segregated into broadband services, connected vehicles, smart buildings, smart cities, factories, smart utilities, and connected healthcare. In 2021, smart cities dominated the global market. Devices for smart cities include packaged plans for smart parking, smart environmental monitoring, water & waste management, as well as solutions for public safety. As the IoT gains ground in linked solutions, more providers can adopt the 5G-based interconnection model, expanding the vertical market for 5G.

Report Scope

Regional Landscape

• North America dominated the 5G applications and services market in 2021

In 2021, North America dominated the global 5G applications and services market attributed to the 5G network's capacity to enhance connectivity across numerous cities, neighborhoods, towns, and states in nations including the United States and Canada. Developing the sub-sophisticated continent's economies will also determine the demand for ultra-reliable low latency communications, faster connection speeds, and significant machine-type communication needs. The subcontinent's wide range of growth opportunities will be widened by the enormous demand for skilled network infrastructure in the telemedicine sector, remote equipment operating systems, smart traffic control systems, next-generation drones, smart energy sector, healthcare sector, autonomous vehicles, smart warehouses, law enforcement agencies, telesurgery, smart ports, smart transportation activities, smart power distribution systems, public works, and smart cities. Some of the biggest investments in the 5G network infrastructure are being undertaken in the United States. The US has made aggressive investments in creating smart cities, growing smart industries, and building smart homes, all of which have helped the predicted market growth of North American nations.

Competitive Landscape

• Vodafone Limited 
• Telefonaktiebolaget LM Ericsson 
• Nokia 
• Deutsche Telekom AG 
• SAMSUNG 
• China Mobile Limited 
• Vodafone Limited 
• Intel Corporation 
• AT & T Intellectual Property 
• Cisco 
• KT Corp. 
• Verizon Wireless 

Global 5G Applications and Services Market is segmented as follows:

By Communication Type

• FWA
• eMBB
• MMTC
• URLLC

By End-user

• Broadband Services
• Connected Vehicle
• Smart Buildings
• Smart Cities
• Connected Factories
• Smart Utilities
• Connected Healthcare

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America