Global 5G applications and services market is predicted to be valued at approximately USD 132,840 million in 2020 and is expected to reach a value of around USD 663,960 million by 2027, at a CAGR of around 25.8 % between 2019 and 2027.
Pune, India - October 20, 2020 /MarketersMedia/ —
According to the Facts and Factors, Research Report, global 5G applications and services market is predicted to be valued at approximately USD 132,840 million in 2020 and is expected to reach a value of around USD 663,960 million by 2027, at a CAGR of around 25.8 % between 2019 and 2027.
5G or fifth generation is the term that is used for describing the next-gen of mobile network and is more advanced as compared to the LTE mobile network. Moreover, the launching of this new technology will help in raising the speed of the wireless network. Apparently, the International Telecommunications Union has reported that the speed of the 5G network is predicted to have a data rate of 20 GB/second for downlinking and 10GB/ second for unlinking. Furthermore, 5G provides new features including network slicing that assist the operators to generate many virtual networks in a sole 5G network.
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Massive need for 5G infrastructure facility to drive the market trends
High demand for 5G infrastructure including low latency, high speed, and high bandwidth is likely to steer the expansion of 5G applications and services industry over the forecast timeline. Moreover, the increase in the 5G-driven consumer electronic items will contribute substantially towards the industry expansion during the forecast timeline. Apparently, many of the reputed firms like Samsung, Fujitsu, and Huawei are trying to invest massively for building strong 5G infrastructure, thereby driving the market growth.
Furthermore, an increase in the acceptance of the internet of things will further catapult the progress of the industry over the forecast timespan. Nonetheless, the escalating need for high initial investments will elevate the growth of the market during the period from 2019 to 2027. Additionally, the rise in the hacking activities & growing Cybersecurity concerns are likely to pose a major challenge towards the market surge during the forecast timeline.
Top Market Players:
Some of the key players in the market include Airtel India, Intel Corporation, Vodafone Limited, Deutsche Telekom AG, AT & T Intellectual Property, SAMSUNG, Cisco, Vodafone Limited, Telstra Wholesale, China Mobile Limited, KT Corp., Telefonaktiebolaget LM Ericsson, EITC, Verizon Wireless, NTT DOCOMO, INC., and Nokia.
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Commercial segment to dominate the end-users landscape by 2027
The growth of the segment will be due to the massive use of 5G technology in retail, transportation & logistics, BFSI, and media & entertainment sectors.
Automotive sector to contribute majorly towards the overall regional market revenue share by 2027
The growth of the segment is predicted to be owing to the wide use of 5G technology in cars with the 5G network set to play a major part in autonomous cars. Moreover, the 5G technology is predicted to help the autonomous cars safely to drive.
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Asia Pacific to dominate the overall market growth during the forecast period
The growth of the regional market during the forecast period is projected to be due to a rise in the funding of smart city projects in countries like India and China. The 5G applications and services industry in Asia Pacific is set to register highest CAGR of nearly 26% during the period from 2019 to 2027.
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This report segments the 5G applications and services market as follows:
Global 5G Applications and Services Market: By Communication Type Segment Analysis
Enhanced Mobile Broadband
Fixed Wireless Access
Ultra-Reliable Low Latency Communications
Massive Machine Type Communications
Global 5G Applications and Services Market: By End-Users Segment Analysis
Residential
Industrial
Commercial
Global 5G Applications and Services Market: By Industry Vertical Segment Analysis
Telecommunications
Energy & Utilities
Automotive
Banking
Media & Entertainment
Government
Consumer Electronics
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Source: MarketersMedia
Release ID: 88981612
