5G Services Market CAGR Shows Signs of Growth By 2030

5G Services Industry Overview

The global 5G services market size was valued at USD 48.25 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 56.7% from 2022 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 the 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. The 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.

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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 to improve their overall productivity and operational efficiency as part of the efforts to sustain in a highly competitive environment. The 5G wireless technology holds the potential to help in realizing remarkable transformations across all these verticals through reductions in overall costs and enhancement in productivity. The continued emphasis on improving energy monitoring and management as well as gaining better control of the energy generation and distribution network is also expected to boost the market growth over the forecast period.

When it comes to healthcare, some of the largest economies, such as the U.S. and China, are expected to continue investing heavily in the provision of healthcare facilities. For instance, the National Health Expenditure Accounts (NHEA) of the U.S. expects the overall healthcare spending in the country to reach more than USD 6.2 trillion by 2030 exhibiting a CAGR of nearly 7% from 2022 to 2030. Modern healthcare would particularly focus on administering technology-driven treatments to the patients, thereby driving the market growth over the forecast period. Apart from energy & utilities and healthcare, transportation & logistics is another industry vertical that can offer potential opportunities to this market.

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• Enterprise IoT Market: The global enterprise IoT market size revenue was valued at USD 466.3 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.5% from 2022 to 2030.
• Smart Home Market: The global smart home market size was estimated at USD 62.69 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 27.04% from 2022 to 2030.

Key Companies Profile

Some of the prominent players in the global 5G services market include:

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

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