5G Services Market Revenue Is Projected To Surpass USD 1.67 Trillion By 2030

5G Services Industry Overview

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.

5G Services Market Segmentation

Grand View Research has segmented the global 5G services market on the basis of communication type, vertical, and region:

Based on the Communication Type Insights, the market is segmented into FWA, eMBB, uRLLC and mMTC.

• The enhanced Mobile Broadband (eMBB) segment dominated the market with a share of more than 42% in 2021 and is expected to grow considerably over the forecast period.
• The high share is attributed to the preliminary focus by 5G network operators on delivering enhanced broadband capabilities for applications, such as high-speed cloud-based gaming, Augmented Reality / Virtual Reality, UHD video, and uninterrupted video calls.
• The massive Machine-Type Communications (mMTC) segment is expected to witness the fastest CAGR from 2022 to 2030.

Based on the Vertical Insights, the market is segmented into Manufacturing, Public Safety, Healthcare & Social Work, Media & Entertainment, Energy & Utility, IT & Telecom, Transportation & Logistics, Aerospace & Defense, BFSI, Government, Retail, Mining, Oil & Gas, Agriculture, Construction and Real Estate.

• The IT & telecom segment led the market in 2021 and held the largest revenue share of over 20%. The segment is expected to continue its dominance over the forecast period due to the significant investments by key players in the latest technologies for communication.
• The manufacturing segment is expected to exhibit the fastest CAGR over the forecast period.
• Moreover, key verticals, such as healthcare, are expected to see a considerable adoption of the services to provide enhanced telemedicine and healthcare emergency services during and post-pandemic.

5G Services Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global market is highly fragmented as several regional telecom service providers are investing in deploying the next-generation infrastructure. This will help companies gain a huge customer base in the market. In addition, these market players are strategically focusing on mergers and acquisitions to strengthen their foothold in the global market.

Some prominent players in the 5G Services market include

• AT&T, Inc.
• BT Group plc
• China Mobile Ltd.
• China Telecom Corp. Ltd.
• Bharti Airtel Ltd.
• NTT Docomo
• KT Corp.
• Saudi Telecom Company
• Vodafone Group
• Deutsche Telekom AG
• SK Telecom Co., Ltd.
• Verizon Communications, Inc.
• T-Mobile USA Inc.
• Rakuten Mobile Inc.

Order a free sample PDF of the 5G Services Market Intelligence Study, published by Grand View Research.