5G Service Market Size, Share, Growth, Trends Forecast 2031

July 29, 2021

5G is the fifth generation of mobile networks. It is a new worldwide wireless standard after 4G. It is expected to be one of the fastest and strongest technologies ever seen in the world.
A 5G network is specially designed to reduce latency, increase speed, and improve the flexibility of the wireless network.
5G services help to improve the performance of business applications and other digital applications such as online gaming, video conferencing, and self-driving cars, due to low latency.
The 5G services network is virtualized and software-driven, leveraging cloud technologies. 5G services also make mobility easier with open and transparent roaming abilities between cellular access and Wi-Fi.
The new 5G services will also have a densely distributed access architecture and allow user to enable faster data processing.
5G services are expected to significantly increase the amount of data transmitted by the wireless system through wider bandwidth and state-of-the-art antenna technology.
5G services have higher frequencies and enhanced mobile broadband, and the 5G mobile network has the potential to be made up of low band, mid-band, and MM wave frequency.
The global 5G services market is expected to grow during the forecast period due to rapid innovation in network visualization and increasing number of applications that require a latent-free connection.

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Global 5G Services Market: Key Drivers

Industries such as healthcare, retail, IT, telecom, media & entertainment, automotive, BFSI, and agriculture, have several types of service requirements including low power, high bandwidth, high speed, and ultra-low latency. Hence, 5G service adoption is increasing due to the increase in adoption of mobile broadband services, which would result in the growth of the 5G services market.
Growing adoption of IoT, demand for high-speed networks, and continued progress of machine-to-machine communication networks are transforming diverse vertical sectors by connecting all types of devices, systems, services, and appliances. Hence, the global 5G services market is set to grow during the forecast period.
The global 5G services market is also expected to grow during the forecast period due to increasing focus on safety and an improved driving experience with connected vehicles.
In addition, the focus on providing reliable and robust communications during natural disasters such as earthquakes, floods, and hurricanes, is also estimated to boost the uptake of 5G services.
However, the high cost of deployment of a 5G network restrains the global 5G services market.

Impact of COVID-19 on the Global 5G Services Market

COVID-19 has a massive impact on small, medium, and large enterprises, and on various industries such as textiles, automotive, manufacturing, travel, hospitality, and transportation due to lockdowns at a country level across the globe.
The telecommunications sector plays a key role globally to support a country’s digital infrastructure. Every individual and government in every state, local has been in constant touch with society to get information about COVID-19, resulting in huge scope for high-speed connectivity and a better service network, which is provided by the fastest network that is the 5G services network.

North America to Hold Major Share of the Global 5G Services Market

The global 5G services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America is home to prominent regional players in the telecom industry who are continuously investing in building and advancing their infrastructure with technology. This is expected to increase the adoption of 5G services during the forecast period.
The 5G services market is estimated to boost the growth of the Asia Pacific region over the forecast period due to the deployment of next-generation infrastructure for healthcare, media & entertainment, the manufacturing industry, etc. Additionally, demand for smartphones with high-speed data has resulted in 5G enabled smartphones across countries such as China, South Korea, Japan, and India.

Various key players are active in the 5G services market such as AT&T Inc., Vodafone Group plc, and Nokia.
In January 2024, AT&T launched 5G services in various areas of Tampa, U.S., such as the Tampa Airport, and in Channel District, providing the fastest data by connecting more devices and more people.
In January 2024, T-Mobile with Ericsson and Nokia signed a multi-billion dollar agreement for delivering the fasted 5G services across countries.

Key players operating in the global 5G services market include: