Albany, NY -- (SBWIRE) -- 05/30/2018 -- The global 5G service market is prognosticated to gain popularity with growing mobile data traffic volume across several regions of the world. 5G service helps to improve range and speed by pooling bandwidth in order to meet various needs of smart mobile networks, which include allowing new levels of reliability, substantially reducing latency, managing more data, and connecting with more number of devices. The market could expect robust growth as the trend of machine-to-machine (M2M) communication and its dependency rises in the near future. Furthermore, swelling demand for broadband services is anticipated to set the tone for valuable growth in the market.

Three's network transformation project will be taken charge of by SSE Enterprise Telecom, a U.K. connectivity provider. The mobile operator company is looking forward for the launch of 5G service after signing an agreement with the compatriot connectivity vendor. 20 core data centers of the U.K.'s mobile operator will be facilitated with fiber optic connections by the compatriot connectivity provider.

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Market Marked by Intense Competition between Leading Companies

On the global platform, need for 5G service is predicted to increase with rise in demand for large and high-speed network coverage.

- Strong competition in the market could be another factor working in favor of growth.
- With a view to ensure long-term sustenance of their presence in the market, players are expected to adopt key strategies such as regional expansion, research and development, product innovation, partnership agreement, joint venture, and mergers and acquisitions.
- Some of the leading players operating in the market are Cisco, Samsung, and Nokia.

Europe, North America as Early Adopters of Technology to Top Market

With a promising potential to grow at a steady rate over the next few years, the international 5G service market is still said to be in its exploration stage in some areas. China, India, the U.K., Canada, and the U.S. could be among leading investors of the market.

- A larger share of the international 5G service market is foreseen to go to Europe and North America, considering their early adoption of technology.
- On the other hand, Asia Pacific could exhibit a quicker rise in the market because of the presence of India and China.
- Yet, there could be other factors such as availability of skilled workforce augmenting demand in the developing region.

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Commercialization of 5G Technology Expected in Next 2-3 Years

5G technology could find extensive usage in AR and VR-based applications, smart logistics, and driverless cars. Expected to reach commercialization in two to three years, the technology is still in its developmental stage.

- Widespread distribution of 5G-enabled consumer electronic devices is projected to support the global 5G service market in the coming years.
- Boasting of high-speed internet connectivity, 5G-enabled smartphones could gain significant demand post full-fledged commercialization of 5G network connectivity.
- All of these factors could augment demand in the consumer electronics application, and thus allow lucrative growth in the global market.