The Global 5G Services Market Growth, COVID-19 impact and Forecast (2021-2025)
Global 5G services market is segmented based on Communication type as FWA, eMBB, uRLLC, mMTC; based on end user as manufacturing, energy & utility, media and entertainment, IT & telecom, transportation and logistics, healthcare, others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Smart mobile networks are expected to connect with more devices, handle more data, significantly reduce latency and bring new levels of reliability. 5G service has been designed to meet these needs by pooling bandwidth to boost speed and range.
In addition, the rising demand of mobile data traffic volume is influencing the growth of 5G service globally and this factor is anticipated a significant growth during the forecast period.
5G is 5th generation services that evaluate networks to interconnect people, control machines, devices, and objects. 5G services will deliver the high levels of efficiency and performance that will empower to connect new industries and new user experience.
5G delivers the speed as high as 20 Gbps and is likely to refine a broad range of services in industries ranging from transportation to retail, education to entertainment, medical to an automotive and wide array of the internet of things (IoT).
Table of Contents
Market Overview
The global 5G services market is expected to grow to $24.32 billion by 2025 at a CAGR of 11.63%
The transformation to the 5G ecosystem is expected to witness a 3–4 times faster growth rate than other connectivity transformations.
Among end-users, the Consumers segment is expected to hold a larger market size during the forecast period.
The 5G services market is currently in the introduction phase; therefore key service providers across the globe.
Key Trends
The introduction of AI in 5G services in order to increase the accuracy and agileness is to act as a major trend for 5G services market.
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.
Key Market Players
The market is dominated by global vendors like Huawei, Verizon , BT Group, Deutsche Telekom, Orange and Vodafone.
Growth Drivers and Challenges
Rising demand from the Internet of Things (IoT) has anticipated the market to contribute to the higher demand for 5G services in order to deliver high performance and efficiency.
Increasing dependency of the machine to machine communication and continuously rising demand for broadband services is driving the growth of the 5G services mark.
The high cost of 5G smartphones and related devices is expected to limit the growth of the 5G services market in the coming years.
This is one of the most important challenges that 5G needs to ensure the protection of personal data. 5G will have to define the uncertainties related to security threats including trust, privacy, cybersecurity, which are growing across the globe.
The impact of Covid-19 on 5G services market is expected to be significant in the short-run as 5G launch projects in various markets around the globe is being postponed due to the pandemic.
For Instance, in France, the spectrum auction for the 5G networks has reportedly been postponed owing to the coronavirus pandemic which was due to take place in April 2020.