5G Services Market Analysis by Growth Rate, Size, Share, Types and Applications By Major Key Players

The global 5G services market size was valued at USD 84.31 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 59.4% from 2023 to 2030. 5G wireless mobile services enable a fully mobile and connected environment by delivering a wide range of use cases and business models to consumers. Moreover, faster data speeds and extremely low latency offered by 5G technology would enhance the user experience while using 5G services for several use cases, such as Virtual Reality (VR) and Augmented Reality (AR) gaming, seamless video calling, and Ultra-High Definition (UHD) videos, among others. Growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management, is estimated to propel the adoption of these services over the forecast period.

Moreover, the rising focus on building partnerships by 5G system integration providers with telecom operators is estimated to augment the adoption of these services. Many industry verticals are focusing on technological transformations along with 5G forums for information sharing to improve their overall productivity and operational efficiency as part of efforts to sustain in a highly competitive environment.

5G Services Market Report Highlights

The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) Augmented Reality (AR) gaming
The consumer segment is expected to register the highest CAGR due to the increasing commercialization of the 5G services for consumer applications across various countries, including the U.S., China, Japan, Germany, and South Korea.
The manufacturing segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators
The U.S. is anticipated to dominate the North America regional market from 2023 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy utility management, and smart mobility management
Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios
However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period

Browse through Grand View Research's Category Next Generation Technologies Industry Research Reports.

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Segments Covered in the Report

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

5G Services Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)

FWA
eMBB
uRLLC
mMTC

5G Services Vertical Outlook (Revenue, USD Million, 2020 - 2030)

Consumer
Enterprises
- Manufacturing
- Public Safety
- Healthcare Social Work
- Media Entertainment
- Energy Utility
- IT Telecom
- Transportation Logistics
- Aerosapce Defense
- BFSI
- Government
- Retail
- Mining
- Oil Gas
- Agriculture
- Construction
- Real Estate