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5G Services Market Size

Report ID: GMI6531
Published Date: Jul 2024
Report Format: PDF

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5G Services Market size

5G Services Market size was valued at USD 98.9 billion in 2023 and is projected to register a CAGR of 31% between 2024 and 2032. The demand for high data speeds and capacity is propelling the market as data-intensive applications, remote work, IoT, and emerging technologies require seamless and rapid data transmission. For instance, in February 2023, Reliance Jio recently unveiled its high-speed 5G services, now operational in 20 cities spanning 11 states and union territories. This high-speed network infrastructure can also boost various segments in their operations such as, e-governance, automation, artificial intelligence.

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The ultra-low latency is a prominent driver for the 5G services market, enabling real time responses for various applications such as, autonomous vehicles, remote surgeries, virtual reality, and augmented reality. While reducing the delays to milliseconds, 5G services ensure seamless interactivity, enhancing the user experience. Furthermore, industries such as gaming, industrial automation, and healthcare benefits from the ultra-low latency. As these innovative use cases gain momentum, the demand for 5G's ultra-low latency capabilities fuels its adoption and market growth.

5G Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
5G Services Market Size in 2023:	USD 98.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	31%
2032 Value Projection:	USD 1.02 Trillion
Historical Data for:	2018 - 2023
No. of Pages:	230
Tables, Charts & Figures:	296
Segments covered:	Communication Type, Application, End User
Growth Drivers:	Massive IoT expansion Rising need for enhanced connectivity Increasing adoption of mobile devices
Pitfalls & Challenges:	High infrastructure costs Limited coverage and range

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The technical complexity of 5G services networks introduce a challenge to their widespread infrastructure. The 5G service has intricate network architectures and technologies such as, millimeter-wave frequencies and massive MIMO (Multiple-Input, Multiple-Output) systems. The setup, maintenance, and troubleshooting of these networks demand specialized expertise, leading to higher operational costs. The need for skilled professionals and specialized equipment can potentially extend deployment timelines, hindering the rapid expansion of 5G services across various regions.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of 5G services reached USD 98.9 billion in 2023 and is set to observe 31% CAGR from 2023 to 2032, backed by the demand for high data speeds and capacity.

The enterprises segment held a market share of around 32% in 2022, due to the increasing reliance of organizations on data-intensive applications.

Asia Pacific market with a major revenue share of around 37% in 2023. As a region with a large and diverse population, the demand for enhanced connectivity and data-intensive applications is surging, favoring the industry growth.

AT&T, Inc., BT Group plc, China Mobile Ltd., China Telecom Corporation Ltd., Bharti Airtel Ltd., NTT Docomo, KT Corp., Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, and SK Telecom Co., Ltd.