Global 5G Applications and Services Market Share is Likely to Grow at a CAGR Value of 34.10 % By 2028

06-Sep-2022 | Facts and Factors

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.

Global 5G Applications and Services Market Size

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Cellular technology's fifth generation (5G) will provide ultra-low latency, fast speed, and consistent connection. "5G technology and services" refers to the entire ecosystem of tools, programs, and services needed to roll out 5G networks. In the 5G technology and services market, connectivity technologies for massive machines, ultra-reliable low latency communications, and enhanced mobile broadband are just a few examples. The adoption of 5G technology and services is anticipated to alter communication, entertainment, and how people access the internet. The ability of 5G technology and services to operate in mm-wave bands or the high-frequency range between 24 and 100 GHz enabling faster data transfer.

Browse the full “5G Applications and Services Market Size, Share, Growth Analysis Report By Communication Type (FWA, eMBB, MMTC, URLLC), By End-User (Broadband Services, Connected Vehicle, Smart Buildings, Smart Cities, Connected Factories, Smart Utilities, Connected Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/5g-applications-and-services-market

With 5G creating a significant technological disruption, its applications and solutions have sparked enormous demand across many industries, opening up new growth opportunities for the global 5G applications and services market in the coming years. Additionally, 5G has the potential to bring about a digital transformation in wireless communication and networking, opening the door for the industry to experience unheard-of growth in the years to come. Additionally, 5G has the potential to enhance network connectivity latency, speed, and bandwidth. The global digital revolution is also anticipated to be accelerated by 5G applications and services. According to reports, introducing 5G applications and services is expected to strengthen the internet economy in countries like China & India and contribute significantly to their GDP. For instance, the digital economy in India is predicted to reach US$ 1.2 trillion by 2025 due to widespread smartphone adoption, increased mobile broadband use, widespread internet consumption, increased adoption of data solutions, and increased social media use.

Additionally, 5G is seen as a key instrument that will increase the adoption of the aforementioned digital gadgets & applications in developing countries like India. However, it is anticipated that the 5G network will meet various service needs by delivering improved network performance with AI, connected things, and robotics. In the years to come, it is anticipated to bring in new sources of income for countries. However, governments charge exorbitant fees to corporations providing 5G spectrum acquisition services. The only option for service providers is to transfer these expenses to the customer. Of course, the availability of 5G network providers will result in higher costs for end users. The expansion of the business should be hampered by high spectrum costs and the resulting rises in 5G service subscription costs.

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. Based on the end-user, the 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 5G applications and services market.

The global 5G applications and services market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. North America dominated the market for 5G applications and services in 2021. The factor contributing to the regional market growth is the ability of the 5G network to improve connection throughout many cities, neighborhoods, towns, and states in countries like the United States and Canada. The demand for ultra-reliable low latency communications, better connection speeds, and considerable machine-type communication needs will also depend on how the sub-sophisticated continent's economies develop. The vast need for skilled network infrastructure in the telemedicine industry, 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 of the sub-continent will expand the range of growth opportunities. The United States is home to some 5G network infrastructure investments. Aggressive investment has been made in the US in building smart homes, expanding smart industries, and developing smart city projects, all of which will contribute to the market growth of North American countries over the anticipated time.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 161.4 Billion

Projected Market Size in 2028

USD 938.6 Billion

CAGR Growth Rate

34.10% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

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, and Others

Key Segment

By Communication Type, End-user, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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Key players in the global 5G applications and services market include 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 and Other Prominent Players.

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 Region

  • 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

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