5G Services Market Size, Share & Trends Analysis Report By Communication Type, By Vertical, By Region And Segment Forecasts From 2022 To 2030

The global 5G services market size is expected to grow by USD 2,208.2 billion by 2030, expanding at a CAGR of 56.7% from 2022 to 2030. 5G wireless mobile services have facilitated a fully mobile and connected environment, which offers customers a variety of use cases and business models. Furthermore, the 5G technology's faster data rates and exceptionally low latency is expected to improve the user experience for a variety of use cases, such as Ultra-High Definition (UHD) graphics, virtual reality (VR), seamless video chatting, and augmented reality (AR) gaming.

The rising demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management is set to drive market demand during the forecast period. In addition, the increased emphasis on creating partnerships between 5G system integration providers and telecom operators will accelerate the uptake of these services. The industry players are keen on gaining a competitive edge by incorporating technological transformations to increase their overall productivity and operational efficiency.

5G wireless technology can enhance productivity and cut down on operational costs; thus, transforming several industry verticals. Moreover, the continuous focus on enhancing energy monitoring and management and improving control over the energy generation and distribution network will accelerate market expansion in the forthcoming years.

Some of the largest economies, including the U.S. and China, are anticipated to continue making massive investments in the healthcare sector. For instance, the National Health Expenditure Account (NHEA) estimated a 7% rise in national healthcare spending between 2022 and 2030 in the United States, totaling more than USD 6.2 trillion. Modern healthcare emphasizes rendering technologically advanced therapies, which would fuel 5G adoption in the healthcare industry.

Along with healthcare and energy & utilities, the logistics and transportation industry is likely to offer promising opportunities to this market. For instance, the Vehicle-to-Anything (V2X) communication concept has paved the way for autonomous vehicles and connected cars. 5G will play a vital role in lowering traffic accidents by providing uninterrupted vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication.

5G Services Market Report Key Takeaways

• Based on communication type, the enhanced Mobile Broadband (eMBB) segment captured the highest revenue share of over 40% in 2021 owing to the huge demand for improved data connection in applications such as AR/VR, UHD video, high-speed cloud-based gaming, and uninterrupted video calls
• The massive Machine-Type Communications (mMTC) segment is projected to register the highest CAGR by 2030 and caters to the development of the digital ecosystem such as high connection density smart cities and smart building applications
• The COVID-19 outbreak halted the installation of numerous 5G cores and base station infrastructure in 2020 and numerous federal governments in important nations, including Spain, the U.S., and France, delayed the spectrum auction for 5G services, thus, dampening the market growth
• The enterprise vertical segment held the largest market share of 94% in 2021 owing to significant investments in the development of advanced communication ecosystems by the top players
• For instance, prominent APAC players, including China Telecom, SK Telecom, China Mobile, and KT Corp., are massively investing in 5G network infrastructure in Japan, China, and South Korea. These investments are aimed at the distribution of the next-generation infrastructure for the transportation & logistics, media & entertainment, healthcare, and manufacturing industry verticals, among several others
• As major smartphone producers in the APAC region, including Huawei Technologies Co. Ltd., Samsung Electronics Co., Ltd., and BBK Electronics Corp., keep releasing handsets with 5G capabilities in response to the growing demand, 5G services are anticipated to gain popularity

5G Services Market Segments

• 5G Services Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)
  • FWA
  • eMBB
  • uRLLC
  • mMTC
• 5G Services Vertical Outlook (Revenue, USD Million, 2020 - 2030)
  • Consumer
  • Enterprises
    • Manufacturing
    • Public Safety
    • Healthcare & Social Work
    • Media & Entertainment
    • Energy & Utility
    • IT & Telecom
    • Transportation & Logistics
    • Aerosapce & Defense
    • BFSI
    • Government
    • Retail
    • Mining
    • Oil & Gas
    • Agriculture
    • Construction
    • Real Estate
• 5G Services Regional Outlook (Revenue, USD Billion, 2020 - 2030)
  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Russia
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa (MEA)
• List of Key Players in the 5G Services Market
  • AT&T, Inc.
  • BT Group plc
  • China Mobile Ltd.
  • China Telecom Corp. Ltd.
  • Bharti Airtel Ltd.
  • NTT Docomo
  • KT Corp.
  • Saudi Telecom Company
  • Vodafone Group
  • Deutsche Telekom AG
  • SK Telecom Co., Ltd.
  • Verizon Communications, Inc.
  • T-Mobile USA Inc.
  • Rakuten Mobile Inc.