Report Overview

Global 5G Services Market- Industry Trends & Forecast Report 2028

Global 5G services market was worth USD 46.5 billion in 2021 and is further projected to reach USD 681.2 billion by the year 2028, growing at the CAGR of 47.3% in the forecast period. The rapid growth of the market is attributed to the rising demand for higher internet speed and connectivity along with the increasing adoption of internet-based advanced technologies including IoT, artificial intelligence (AI), machine learning (ML), etc. Furthermore, favorable government initiatives and expanding investment in telecom operation in establishing 5G services are also propelling the growth of the market.

5G Services - Overview

Global 5G is the fifth-generation technology standard for broadband cellular networks. Most cellular phone companies are investing in deploying this technology and are projected to take over 4G networks that currently provide connectivity. According to the GSM Association, more than 1.7 billion subscribers worldwide are projected to use 5G networks by 2025. The 5G services offer a great advantage over 4G as they have greater bandwidth and higher download speeds. It also provides ultra-reliable low latency communications.

Global 5G Services Market Forecast and Trends

Growth Drivers

Government Investment and Initiatives in 5G Infrastructure

The governments of various countries are significantly investing and taking various initiatives into the deployment of 5G infrastructure in their regions. The initiatives include subsidies, faster sanctioning of 5G setup installations by the telecom operators, etc. For instance, the United States Government, in close collaboration with international and industry partners, is working to enhance the security of 5G networks and has developed a comprehensive plan, which ought to be managed by the National Security Council, and the National Economic Council.

Rising Adoption in Healthcare Industry

The 5G services are gaining significant traction in the medical and healthcare industry. The wide range of services 5G can offer is expected to transform the entire healthcare industry. For instance, the medical devices manufacturers can apply 5G to monitor the performance of medical devices in real-time and can make necessary changes and maintenance to save efforts. Furthermore, expanding the scope of telemedicine and remote patient monitoring is also providing lucrative growth opportunities to the 5G services market.

Restraints

High Initial Capital Involved in 5G Deployment

The building and implementation of 5G require heavy initial capital, which may act as the major hindrance for the market growth. The high cost of fiber optics, density, base station price, etc., which is involved in 5G deployment directly influences the cost of its infrastructure. This may hinder its adoption in middle and low-income countries and can highly concentrate the 5G services among developed nations only, which is bound to restrict the overall market growth after a certain period of time.

Impact of COVID-19 on Global 5G Services Market

Global 5G services market was tremendously halted due to the COVID-19 pandemic outbreak. The government and telecom operators had to temporarily pause their 5G setup and IT infrastructure development due to restrictions on operations and supply chains, which directly impacted the market growth. Furthermore, various end-users also limited or cut down their investment in the adoption of Industrial Internet of Things (IIoT) and connected technologies, which also emerged as a major challenge for the global 5G services market during the COVID-19 period. However, the market is projected to witness tremendous growth during the upcoming years.

Global 5G Services Market - By Communication Type

Based on communication type, the global 5G services market is segmented into fixed wireless access (FWA), enhanced mobile broadband (eMBB), massive machine-type communications (MMTC), and ultra-reliable low-latency (URLLC). The eMBB segment accounts for the largest market share in 2021 as it is one of the core features of 5G services. The eMBB communication type significantly focuses on the high speed of end-user data and system capacity. It provides the greater capacity necessary to support peak data rates of the end-users, which is driving its market growth.

Global 5G Services Market - By Application

Based on application, the global 5G services market is categorized into smart cities, connected factories, smart buildings, connected vehicles, connected healthcare, connected retail, smart utilities, and others. The connected factories segment accounts for the largest market share in 2021 owing to the significant surge in the adoption of IIoT devices to leverage the benefits of data analytics, predictive maintenance, eliminating risks and errors, etc. However, the smart cities segment also covers a substantial market share owing to various government initiatives for establishing smart cities.

Global 5G Services Market - Regional Insights

Geographically, the global 5G services market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Asia-Pacific region dominates the global 5G services market in 2021. The government and leading telecom operators in this region are significantly investing in 5G network infrastructure to boost internet connectivity. Furthermore, the increasing adoption of advanced technologies including IoT, AI, etc., among various industries such as manufacturing, transportation, logistics, etc., is anticipated to provide lucrative growth opportunities to the market in the forecast period.

Competitive Landscape

The leading market players of the global 5G services market are AT&T, Nokia Corporation, China Mobile, SK Telecom, Verizon, BT Group, Telekom, T-Mobile, China Telecom, Orange S.A, Vodafone, China Unicom, Telstra, KT, Rogers, Bell Canada, Etisalat, STC, LG U+, NTT Docomo, and other prominent players. Global 5G services market is highly competitive and concentrated with the presence of leading multinational conglomerates. These companies significantly invest towards bringing technological advancements and launching innovative offerings to gain a market edge. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, partnerships, joint ventures, etc., is also prominent in this market.

Recent Development

• In February 2022, NTT Ltd., a London-based global technology services company, announced its partnership with ServiceNow, an American software company, to simplify and accelerate the adoption of private 5G through an AI-enabled end-to-end workflow automation platform.
• In February 2022, Cisco Systems, announced new network technologies including Wi-Fi 6E, private 5G, and security improvements, to assist with hybrid work.

Scope of the Report

By Communication Type

• Fixed Wireless Access (FWA)
• Enhanced Mobile Broadband (eMMB)
• Massive Machine-Type Communications (MMTC)
• Ultra-Reliable Low-Latency (URLLC)

By Application

• Smart Cities
• Connected Factories
• Smart Buildings
• Connected Vehicles
• Connected Healthcare
• Connected Retail
• Smart Utilities
• Others

By End User

• Consumers
• Enterprises

• Manufacturing
• Media and Entertainment
• Government
• Energy and Utilities
• Transportation and Logistics
• Healthcare
• Others

By Region

• North America
• Europe
• Asia-Pacific (APAC)
• Latin America (LATAM)
• Middle East & Africa (MEA)

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global 5G Service Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Landscape/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global 5G Service Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By End-User
         1. Consumers
         2. Enterprises
            1. Manufacturing
            2. Energy and Utilities
            3. Media and Entertainment
            4. Government
            5. Transportation and Logistics
            6. Healthcare
            7. Others
      2. By Communication Type
         1. Fixed Wireless Access (FWA)
         2. Enhanced Mobile Broadband (eMBB)
         3. Ultra-Reliable Low-Latency (URLLC)
         4. Massive Machine-Type Communications (MMTC)
      3. By Application
         1. Smart Cities
         2. Connected Factories
         3. Smart Buildings
         4. Connected Vehicles
         5. Connected Healthcare
         6. Connected Retail
         7. Smart Utilities
         8. Others
      4. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. The Middle East and Africa
6. North America 5G Service Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By End-User
      2. By Communication Type
      3. By Application
      4. By Country
         1. United States
         2. Canada
7. Europe 5G Service Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By End­-User
      2. By Communication Type
      3. By Application
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific 5G Service Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By End-User
      2. By Communication Type
      3. By Application
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America 5G Service Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By End-User
      2. By Communication Type
      3. By Application
      4. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa 5G Service Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
    3. By End-User
    4. By Communication Type
    5. By Application
       1. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership)
12. Impact of Covid-19 on Global 5G Service Market Industry
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. AT&T
    2. China Mobile
    3. SK Telecom
    4. Verizon
    5. BT Group
    6. Telekom
    7. T-Mobile
    8. China Telecom
    9. Orange S.A
    10. Vodafone
    11. China Unicom
    12. Telstra
    13. KT
    14. Rogers
    15. Bell Canada
    16. Etisalat
    17. STC
    18. LG U+
    19. NTT Docomo
    20. Nokia Corporation
    21. Other prominent players
14. Key Strategic Recommendations

*Financial information in case of non-listed companies is provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        Global 5G Service Segmentation

Figure 2        Global 5G Service Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        Global 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 5        Global 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 6        Global 5G Service Market Share, By Application, By Value, 2018-2028

Figure 7        Global 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 8        Global 5G Service Market Share, By Region, By Value, 2018-2028

Figure 9        North America 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 10       North America 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 11       North America 5G Service Market Share, By Application, By Value, 2018-2028

Figure 12       North America 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 13       North America 5G Service Market Share, By Country, By Value, 2018-2028

Figure 14       Europe 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 15       Europe 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 16       Europe 5G Service Market Share, By Application, By Value, 2018-2028

Figure 17       Europe 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 18       Europe 5G Service Market Share, By Country, By Value, 2018-2028

Figure 19       The Asia-Pacific 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 20       The Asia-Pacific 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 21       The Asia-Pacific 5G Service Market Share, By Application, By Value, 2018-2028

Figure 22       The Asia-Pacific 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 23       The Asia-Pacific 5G Service Market Share, By Country, By Value, 2018-2028

Figure 24       Latin America 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 25       Latin America 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 26       Latin America 5G Service Market Share, By Application, By Value, 2018-2028

Figure 27       Latin America 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 28       Latin America 5G Service Market Share, By Country, By Value, 2018-2028

Figure 29       The Middle East & Africa 5G Service Market Size, By Value (USD Million), 2018-2028

Figure 30       The Middle East & Africa 5G Service Market Share, By End-User, By Value, 2018-2028

Figure 31       The Middle East & Africa 5G Service Market Share, By Application, By Value, 2018-2028

Figure 32       The Middle East & Africa 5G Service Market Share, By Communication Type, By Value, 2018-2028

Figure 33       The Middle East & Africa 5G Service Market Share, By Country, By Value, 2018-2028

List of Tables

Table 1          Global 5G Service Market Size, By End-User, By Value, 2018-2028                

Table 2         Global 5G Service Market Size, By Application, By Value, 2018-2028              

Table 3         Global 5G Service Market Size, By Communication Type, By Value, 2018-2028          

Table 4         Global 5G Service Market Size, By Region, By Value, 2018-2028          

Table 5         North America 5G Service Market Size, By End-User, By Value, 2018-2028               

Table 6          North America 5G Service Market Size, By Application, By Value, 2018-2028            

Table 7         North America 5G Service Market Size, By Communication Type, By Value, 2018-2028                  

Table 8         North America 5G Service Market Size, By Country, By Value, 2018-2028                

Table 9         Europe 5G Service Market Size, By End-User, By Value, 2018-2028               

Table 10        Europe 5G Service Market Size, By Application, By Value, 2018-2028             

Table 11        Europe 5G Service Market Size, By Communication Type, By Value, 2018-2028                   

Table 12        Europe 5G Service Market Size, By Country, By Value, 2018-2028                 

Table 13        The Asia-Pacific 5G Service Market Size, By End-User, By Value, 2018-2028             

Table 14        The Asia-Pacific 5G Service Market Size, By Application, By Value, 2018-2028           

Table 15        The Asia-Pacific 5G Service Market Size, By Communication Type, By Value, 2018-2028                  

Table 16        The Asia-Pacific 5G Service Market Size, By Country, By Value, 2018-2028               

Table 17        Latin America 5G Service Market Size, By End-User, By Value, 2018-2028                

Table 18        Latin America 5G Service Market Size, By Application, By Value, 2018-2028             

Table 19        Latin America 5G Service Market Size, By Communication Type, By Value, 2018-2028                  

Table 20        Latin America 5G Service Market Size, By Country, By Value, 2018-2028                 

Table 21        The Middle East & Africa 5G Service Market Size, By End-User, By Value, 2018-2028           

Table 22        The Middle East & Africa 5G Service Market Size, By Application, By Value, 2018-2028                  

Table 23        The Middle East & Africa 5G Service Market Size, By Communication Type, By Value, 2018-2028              

Table 24        The Middle East & Africa 5G Service Market Size, By Country, By Value, 2018-2028             

Table 25        AT&T Company Overview             

Table 26        AT&T Financial Overview              

Table 27        China Mobile Company Overview             

Table 28        China Mobile Financial Overview              

Table 29        Verizon Company Overview          

Table 30        Verizon Financial Overview           

Table 31        BT Group Company Overview                 

Table 32        BT Group Financial Overview                  

Table 33        T-Mobile Company Overview         

Table 34        T-Mobile Financial Overview          

Table 35        Orange S.A Company Overview              

Table 36        Orange S.A Financial Overview               

Table 37        Vodafone Company Overview                 

Table 38        Vodafone Financial Overview                  

Table 39        China Unicom Company Overview           

Table 40        China Unicom Financial Overview            

Table 41        Telstra Company Overview           

Table 42        Telstra Financial Overview            

Table 43        KT Company Overview                 

Table 44        KT Financial Overview                  

Table 45        Rogers Company Overview           

Table 46        Rogers Financial Overview            

Table 47        Bell Canada Company Overview              

Table 48        Bell Canada Financial Overview               

Table 49        Etisalat Company Overview          

Table 50        Etisalat Financial Overview           

Table 51        STC Company Overview               

Table 52        STC Financial Overview                

Table 53        LG U+ Company Overview            

Table 54        LG U+ Financial Overview

Table 55        NTT Docomo Company Overview             

Table 56        NTT Docomo Financial Overview

Table 57        Telekom Company Overview         

Table 58        Telekom Financial Overview

Table 59        China Telecom Company Overview          

Table 60        China Telecom Financial Overview           

Table 61        Nokia Corporation Company Overview               

Table 62        Nokia Corporation Financial Overview