According to new market research report on "5G Services Market by End User (Consumers and Enterprises), Enterprise (Manufacturing, Media and Entertainment, Transportation and Logistics, Government), Application, Communication Type (eMBB, MMTC, URLLC, and FWA), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the 5G Services Market size is expected to grow from USD 53.0 billion in 2020 to USD 249.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period.
The transformation
to the 5G ecosystem is expected to witness 3–4 times faster growth rate than
other connectivity transformations. This is primarily due to the rapid
innovation in virtualization in the networking domain, coupled with the growing
numbers of applications, which require a latent-free connection. The above
factors have resulted to expect rapid adoption of 5G services, followed by a
quick roll out of 5G services by other developing economies.
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in-depth TOC on “5G Services Market”
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Healthcare segment to grow at the highest CAGR during the
forecast period
5G opportunities in
healthcare rely on a combination of massive IoT and enhanced broadband to
support telemedicine. 5G will help improve diagnoses requiring multiple
connections at a remote site (patient dialysis at home or remote control of
medical equipment). Telemedicine and connected equipment inside hospitals will
be possible using 5G. For instance, massive IoT strides had already been taking
place ahead of events in 2020. Consider Saratoga Hospital in Saratoga Springs,
NY, US. The hospital found itself bogged down with administrative tasks, such
as taking patients vital signs every few hours and manually logging the
results. 5G services were dopted by the hospital to improve the service and
healthcare during the pandemic.
uRLLC segment is
expected to grow at the highest CAGR during the forecast period
Ultra-reliable low-latency communication (URLLC) use cases
such as autonomous systems and mission-critical control are going to gain
traction, which increase the speed and quality of services in critical functions.
The automotive industry has been an early adopter of various connectivity
technologies. There has been a major impetus by car manufacturers to develop
connection-ready cars, taking small steps forward within a long-term vision of
autonomous vehicle control using URLLC. Service providers may decide to provide
focused offerings end-to-end as the principle B2B services provider. So for
example they may supply services, including high-definition cameras to a car
manufacturer that requires 5G and URLLC on a production line.
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Asia Pacific (APAC) region to record the highest growing
region in the 5G Services Market
APAC has several growing
economies, such as China, South Korea, Australia and Japan, which
are expected to register high growth in the 5G Services Market. These countries
have always supported and promoted industrial and technological growth. In
addition, they possess a developed technological infrastructure, which is
promoting the adoption of 5G services solutions across all industry verticals.
The network market in APAC is driven by the growing acceptance of cloud-based
solutions, emerging technologies such as the IoT, and big data analytics and
mobility. APAC is one of the biggest markets for connected devices
Key and innovative
vendors in 5G Services Market are
AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT
Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China),
Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia),
Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada),
Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI
(Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance
Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and
Telenor Group (Norway).
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