pune, Maharashtra -- (SBWIRE) -- 12/12/2023 -- The global 5G Services Market size is estimated at USD 121.8 billion in 2023 to USD 1,002.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 52.4%, according to research report by MarketsandMarkets™.

The innovative concept of network slicing in 5G represents a transformative leap in network customization, offering virtual, dedicated slices tailored to the unique requirements of specific applications or services. This capability is a pivotal driver for the diverse range of use cases enabled by 5G technology.

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For massive IoT deployments, network slicing allows the creation of dedicated slices optimized for handling a vast number of connected devices with varying communication needs. Simultaneously, in ultra-reliable low-latency communication (URLLC) scenarios, such as mission-critical applications in healthcare or industrial automation, dedicated slices ensure the stringent demands for real-time responsiveness and reliability are met. Network slicing thus becomes a crucial proponent in the adaptability of 5G, fostering a flexible and efficient network infrastructure that can accommodate the varied and evolving demands of a multitude of applications and industries.

"Based on communication type, the eMBB segment to hold the largest market size during the forecast period."

The promise of significantly faster data speeds with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB), reshaping the landscape of user experiences. This accelerated speed is a transformative force, particularly for data-intensive applications that have become integral to contemporary lifestyles. The ability of 5G to deliver higher download and upload speeds serves as a cornerstone for the flourishing demand in areas such as high-definition video streaming, virtual reality, and augmented reality. In the realm of video streaming, 5G facilitates seamless, buffer-free streaming of high-quality content, enhancing the user's entertainment experience. Moreover, in the realm of immersive technologies like virtual and augmented reality, the faster data speeds of 5G contribute to reduced latency, ensuring a more responsive and realistic user experience. This heightened speed not only meets current consumer expectations but also unlocks the potential for novel applications and services, driving market growth as businesses and consumers alike seek the enhanced capabilities that 5G brings to the forefront.

"By end user, enterprise segment is expected to hold a higher growth rate during the forecast period."

Enterprises across various sectors are increasingly drawn to the deployment of private 5G networks as a strategic driver within the enterprise segment. This trend is particularly pronounced in industries where having dedicated and reliable communication networks is imperative for driving automation, robotics, and process optimization. Private 5G networks offer businesses a higher degree of control over their connectivity infrastructure, providing a dedicated and secure environment for mission-critical applications. In sectors like manufacturing, for instance, where seamless communication between machines and devices is essential for operational efficiency, private 5G networks serve as a foundational technology. The ability to tailor network parameters and allocate resources according to specific business needs empowers enterprises to optimize their connectivity for diverse applications. This adaptability, coupled with the low-latency and high-bandwidth characteristics of 5G, positions private networks as a key enabler for realizing the full potential of Industry 4.0, smart factories, and other advanced technologies within the enterprise landscape. The pursuit of these benefits propels the adoption of 5G in the enterprise sector, fostering a paradigm shift in how businesses approach and leverage their connectivity infrastructure.

"North America is expected to hold the second largest market size during the forecast period."

The deployment of 5G infrastructure in North America is considered a powerful catalyst for economic growth, job creation, and technological innovation. The robust and high-speed connectivity offered by 5G networks serves as a foundational element for various industries, from telecommunications and manufacturing to healthcare and smart cities. As businesses embrace the capabilities of 5G, they stimulate demand for advanced technologies, such as the Internet of Things (IoT), edge computing, and artificial intelligence. This surge in technological adoption, coupled with the need for skilled professionals to design, implement, and manage 5G networks, contributes to job creation and the growth of a specialized workforce. Furthermore, the public and private sectors recognize the potential for 5G to drive economic competitiveness on a global scale. Consequently, increased investments are being made to develop and expand 5G infrastructure, fostering an ecosystem that not only meets current connectivity needs but also positions North America at the forefront of technological innovation and economic development.

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Market Players

The major vendors covered in the 5G Services market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), China Telecom (China), Orange (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica S.A (Spain), KT Corporation (South Korea), Roger Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), LG Uplus  (South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), Dish Network (US), Reliance Jio Infocomm (India), Rakuten Group (Japan), MTN Group (South Africa), Bharti Airtel Limited (India), Telenor Group (Norway), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), Edge Q (US), Omniflow (US), Aarna Networks (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the 5G Services market.

Key Dynamic Factors For 5G Services Market:

Demand for high-speed data has increased: In order to facilitate online activities like streaming, gaming, and video conferencing, businesses and consumers alike are calling for higher internet connections. Compared to 4G, 5G offers far quicker speeds, making it an appealing upgrade.

Growth of linked devices: In the upcoming years, billions of connected devices are predicted to be produced via the Internet of Things (IoT). 5G can offer the dependable and fast connectivity that these devices need.

Infrastructure investment: New cell towers and fibre optic networks are just two examples of the massive infrastructure investments made by governments and telecom firms in preparation for 5G. It is anticipated that this investment will hasten the rollout of 5G services.

New revenue streams: 5G gives telecom firms the chance to make money from services like virtual network operators, network slicing, and mobile edge computing.

Enhanced productivity: 5G has the potential to boost productivity across a range of sectors, including manufacturing, healthcare, and transportation. Significant cost reductions and productivity increases may result from this.

Emerging markets: Due to the strong demand for high-speed internet access in these regions, the 5G market is anticipated to expand quickly. For providers of services and telecom businesses, this offers a big opportunity.

Creation of new business models: With 5G, creative business models can be created that were not feasible with earlier iterations of mobile technology. Businesses of all sizes may find new opportunities as a result of this.

Competitive and Segmentation Analysis:

The market for 5G services is fiercely competitive, with well-known telecom behemoths like ZTE, Nokia, Huawei, and Ericsson fighting for supremacy. With their cutting-edge service offers, newcomers like Rakuten Mobile and Dish Network are likewise upending the established quo. With the development of 5G technology and the entry of new competitors, competition is predicted to heat up.

Several factors can be used to segment the market, such as:

Through technology:

Standalone 5G: With far higher speeds and reduced latency than 4G, this is the next generation of mobile network technology.

Non-standalone 5G: This technology offers faster and better performance by leveraging the 4G infrastructure that is already in place.

By area:

North America: Due to high consumer demand and early implementation of 5G technology, this area is anticipated to have the greatest market for 5G services.

Europe: With investments from telecommunications corporations and governments, the European market is anticipated to grow rapidly.

Asia-Pacific: Due to its dense population and quick economic expansion, this area is anticipated to have the fastest-growing market for 5G services.

By the final user:

Customers: With apps like streaming, gaming, and augmented reality, consumers are anticipated to fuel the first demand for 5G services.

Enterprises: It is anticipated that enterprises will utilise 5G services for purposes including cloud computing, automation, and remote monitoring.

Government: To support public services and smart city programmes, governments are required to invest in 5G infrastructure.

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