Global 5G Services Market to Grow at 44.1% During 2024-2032, Impelled by Escalating Demand for High-Speed Internet

According to the latest report by IMARC Group, titled "5G Services Market Report by Communication Type (Fixed Wireless Access (FWA), Enhanced Mobile Broadband (eMBB), Ultra-Reliable and Low Latency Communications (uRLLC), Massive Machine-type Communications (mMTC)), End Use (IT and Telecom, Media and Entertainment, Automotive, Energy and Utility, Aerospace and Defense, and Others), and Region 2024-2032," the global 5G services market is expected to grow at a CAGR of 44.1% during 2024-2032. 5G services refer to the fifth-generation wireless technology that is mainly designed to virtually connect devices, machines and objects together. They are widely adopted across the globe due to several advantages, including low latency, high network capacity and speed, and enhanced performance that enables improved user experiences. These services are based on the orthogonal frequency-division multiplexing (OFDM) technology, which is an advanced wireless communication solution providing an efficient modulation format to produce a high-data-rate communication system. As a result, their deployment aids in expanding the mobile ecosystem by facilitating remote healthcare services, digitized logistics, and seamless online payment methods.


Global 5G Services Market Trends:

The global market is primarily driven by the escalating demand for high-speed internet connectivity. This is supported by rapid innovations in the networking domain, along with the rising number of applications demanding a latent-free connection across multiple sectors. Besides this, rapid digitization across numerous industries and the increasing dependency on machine-to-machine (M2M) communication channels are creating a positive market outlook. Moreover, a considerable increase in voice-over long-term evolution (VoLTE) subscriptions across the globe are expected to boost the demand for 5G services. Furthermore, the growing investments by private and public firms for improving the overall digital infrastructure are acting as growth-inducing factors. Additionally, the widespread adoption of work-from-home models on account of the rapid outbreak of coronavirus disease (COVID-19) has significantly supported the growth of 5G services market. Other factors, including rapid urbanization, the increasing need for connecting geographically extended areas, the rising initiatives for smart city development and extensive research and development (R&D) activities conducted by key players, are also favoring the market growth.

Market Summary:

• On the basis of the communication type, the market has been segmented into fixed wireless access (FWA), enhanced mobile broadband (eMBB), ultra-reliable and low latency communications (uRLLC) and massive machine-type communications (mMTC).
• Based on the end-use, the market has been segregated into IT and telecom, media and entertainment, automotive, energy and utility, aerospace and defense and others.
• On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include AT&T Inc., Bharti Airtel Ltd., BT Group plc, China Mobile Limited, China Telecom Corporation Limited, Deutsche Telekom AG, KT Corp., NTT Docomo Inc. (Nippon Telegraph and Telephone), Saudi Telecom Company, SK Telecom Co. Ltd., T-Mobile USA INC, Verizon Communications Inc. and Vodafone Group plc.

Report Coverage:

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