The 5G services market includes revenues earned by entities
The “5G Services Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers, and senior management with the critical information they need to assess the market.
The global 5G services market will grow from $US95 billion in 2022 to $US150 billion in 2023 at a compound annual growth rate (CAGR) of 57.9 per cent. The 5G services market is expected to grow to $US781.72 billion in 2027 at a CAGR of 51.1 per cent.
Major players in the 5G services market are AT&T, Verizon Communications, Inc., China Mobile, Vodafone, Telstra, China Telecom, Deutsche Telecom, SK Telecom, Saudi Telecom Company, and T-Mobile USA Inc.
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The 5G services market includes revenues earned by entities by providing 5th generation advance cellular technology services that provide faster means of communication through high bandwidth, good spectrum management, segregation of data, and routing. 5G services deliver high levels of efficiency and performance that empower to connect new industries and user experiences.
Cellular networks using 5G services can connect with more devices, handle more data, significantly reduce latency, and are reliable. This technology is more beneficial for companies operating into robotics, automation, and IoT. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
5G is the fifth generation of broadband or cellular technology designed to improve the speed and responsiveness of wireless networks dramatically. It provides high speed, greater bandwidth, and a lower latency Internet network.
Asia Pacific was the largest region in the 5G services market in 2022. North America was the second largest region in the 5G services market. The regions covered in the 5G services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main communication type of 5G services are fixed wireless access (FWA), enhanced mobile broadband (eMBB), ultra-reliable and low latency communications (uRLLC) and massive machine-type communications (mMTC). Fixed Wireless Access (FWA) is a method of providing wireless connectivity between two fixed points via radio links. The services are used for smart cities; smart buildings; connected factories; smart utilities; connected healthcare; connected retail and others by manufacturing, energy and utilities, media, and entertainment, IT and telecom, transportation and logistics and healthcare.
Rising demand from the Internet of Things (IoT) is anticipated to contribute to higher demand for 5G services to deliver high performance and efficiency. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the global market revenue for the Internet of Things (IoT) is projected to reach $US1.1 trillion by the end of 2025. The IoT connections across the globe is expected to increase to 25 billion by 2025, growing at a CAGR of 17 per cent. Therefore, growing demand for IoT and the requirement to connect smart devices with high-speed internet boost the revenue for the 5G services market over the forthcoming years.
The high cost of 5G smartphones and related devices is expected to limit the growth of the 5G services market in the coming years. According to executives of leading companies such as Xiaomi, Samsung and OnePlus in January 2020, the price of 5G smartphone chipsets is twice as costly as the price of 4G smartphone chipsets. Consequently, expensive parts result in a high cost of production leading to higher prices of 5G smartphones. This scenario is anticipated to adversely impact the growth of the 5G Services market over the forecast period.
The introduction of AI-powered services is a major trend shaping the growth of the 5G services market. The commercial usage of 5G services is expanding rapidly. The growth in the number of connections and cloud-based AR or VR is generating higher demand for 5G services with greater bandwidth, wide coverage, and low latency networks.
For instance, in September 2022, Nokia Corporation, a Finland-based communication and information technology company, announced that it has made NTT DOCOMO Inc. use its artificial intelligence (AI) radio frequency (RF) capacity planning software to speed up radio frequency planning and assist the Japanese operator in deploying its 5G network effectively. AVA* software from Nokia, which delivers ‘intelligence everywhere,’ includes an AI RF capacity planning solution.
Based on DOCOMO’s specifications, it was modified to be able to predict the RF capacity of 4G cells from BTS performance data and simulate the best candidate locations for 5G cell and RAN hardware to achieve the necessary area capacity. Therefore, the introduction of AI in 5G services to increase the accuracy and agility, is to act as a major trend for the 5G services market.
The countries covered in the 5G services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
