The global 5G Services Market size is estimated to reach USD
1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030, according
to a new study by Grand View Research, Inc. The rapidly rising demand for
ultra-reliable and low-latency data networks capable of providing enhanced
mobile connectivity is estimated to boost the market growth over the forecast
period. The potential adoption of 5G services for remote patient monitoring and
remote surgery applications is also anticipated to propel market growth from
2022 to 2030. The 5G wireless technology is expected to completely transform
the transportation and logistics industry by providing seamless
Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity.
As such, the need to ensure strong, seamless, and uninterrupted
connectivity with autonomous vehicles is estimated to drive the
adoption of 5G services. Furthermore, robust deployment of 5G network infrastructure
is estimated to improve the operational efficiencies in several IoT use cases,
including smart homes, smart cities, and industry 4.0. Hence, the rising need
for high bandwidth to provide reliable communication to IoT devices is expected
to elevate the overall market growth over the forecast period. In some
countries, such as the U.S., China, and Japan, the trend of monitoring energy
systems of buildings remotely is rising gradually. This is expected to open new
opportunities for rolling out 5G services over the forecast period.
As such, the growing need for remote asset monitoring,
drone control, coordination, and smart grid control is anticipated to fuel the
growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over
the forecast period. Key market players, such as AT&T Inc., China
Telecommunications Corp., and Verizon Communications, are investing in rolling
out 5G infrastructure to provide low-latency services for faster
Machine-to-Machine (M2M) communication. However, these market players are
expected to deliberate before making investments owing to the high 5G spectrum
prices. Stringent government regulations and policies pertaining to the 5G
wireless technology are also expected to hinder market growth.
Related Press Release@ 5G Services Market Report
5G Services Market Report
Highlights
- The U.S. is anticipated to dominate the North America regional
market from 2022 to 2030 owing to the rising demand for higher data speeds
for several end-use applications including M2M communications, energy
& utility management, and smart mobility management
- The enhanced Mobile Broadband (eMBB) communication type segment is
anticipated to hold the largest market share by 2030.
- This growth is credited to the rising focus of key market players
on rolling out high-speed and low-latency data networks for residential
and commercial applications, such as video conferencing, virtual
meeting, Virtual Reality (VR) & Augmented Reality (AR)
gaming
- The manufacturing vertical segment is expected to register the
fastest CAGR over the forecast period due to the growing need for seamless
connectivity to drive industrial devices including robots and actuators
- Market incumbents are focusing on mergers and acquisitions for
delivering 5G services to strengthen their presence and expand their
product portfolios
- However, due to the global COVID-19 pandemic, the governments
across key countries have postponed the auction for 5G spectrums. This may
hamper the market growth over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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