Sarasota, FL -- (SBWIRE) -- 04/30/2019 -- Zion Market Research has published a new report titled "5G Applications and Services Market By Communication Type (Enhanced Mobile Broadband, Ultra-Reliable Low Latency Communications, Massive Machine Type Communications, Fixed Wireless Access, and Others), By End-User (Residential, Commercial, and Industrial), and By Industry Vertical (Telecommunications, Automotive, Government, Media and Entertainment, Consumer Electronics, Banking, Energy and Utilities, and Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020–2027''. According to the report, the global 5G applications and services market is likely to be valued at USD 132,840 million in 2020 and is expected to reach USD 663,960 million by 2027, at a CAGR of 25.8% between 2020 and 2027.

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5G, also known as 5th Generation, is a term that is used to describe the next-generation mobile networks that are beyond LTE mobile networks. 5G technology is engineered to increase the responsiveness and speed of wireless networks.

The rising number of 5G-enabled consumer electronics devices is likely to act as an add-on to market growth over the forecast time period. Companies like Samsung, Huawei, and Fujitsu are focusing on investing in 5G technology. The increasing use of cash-less payments by customers has led to the rise in the demand for high speed and secured internet services globally. Furthermore, governments of developing economies like India and China are focusing on promoting the use of 5G technology. The government of India has launched a campaign the "Digital India" that focuses on electronically delivering government services to the citizens and developing online infrastructure. The overall IoT market size in 2020 is likely to be worth USD 195 billion. IoT is being adopted in various sectors, such as healthcare, automotive, IT and telecom, consumer electronics, BFSI, etc. It is expected that the 5G network will play a key role in IoT development, owing to its technological benefits over 4G networks, such as high speed and reliable connection. This is expected to attract numerous customers from different sectors to subscribe to 5G in the future. This, in turn, will further boost the 5G applications and services market globally in the years ahead.

On the basis of communication type, the 5G applications and services market includes enhanced mobile broadband, ultra-reliable low latency communications, massive machine type communications, fixed wireless access, and others. Based on end-user, the 5G applications and services market includes residential, commercial, and industrial. On the basis of industry vertical, the market is divided into telecommunications, automotive, government, media and entertainment, consumer electronics, banking, energy and utilities, and others. The automotive sector will show the highest growth rate, while the telecommunications sector will hold the largest share over the forecast time period.

By region, North America is expected to grow considerably in the years ahead, owing to the presence of developed economies like the U.S. and Canada. The U.S. is projected to make significant contributions to the growth of the North American 5G applications and services market. The European 5G applications and services market is likely to be driven by the increasing demand for 5G in Germany and UK in the future.

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Some noticeable players of the global 5G applications and services market include Airtel India, AT&T Intellectual Property, China Mobile Limited, Cisco, Deutsche Telekom AG, EITC, Intel Corporation, KT Corp., Nokia, NTT Docomo, Samsung, Ericsson, Telefónica S.A., Telstra Wholesale, Verizon Wireless, and Vodafone Limited.

This report segments the 5G applications and services market into:

Global 5G Applications and Services Market: By Communication Type

Enhanced Mobile Broadband
Ultra-Reliable Low Latency Communications
Massive Machine Type Communications
Fixed Wireless Access
Others

Global 5G Applications and Services Market: By End-User

Residential
Commercial
Industrial

Global 5G Applications and Services Market: By Industry Vertical

Telecommunications
Automotive
Government
Media and Entertainment
Consumer Electronics
Banking
Energy and Utilities
Others

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Global 5G Applications and Services Market: By Region

North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa