5G Services Market 2030: The Promise of Seamless Connectivity for a Hyper-Connected World

The global 5G services market was valued at USD 84.31 billion in 2023 and is projected to experience a robust growth trajectory, with a compound annual growth rate (CAGR) of 59.4% from 2023 to 2030. The rise of 5G wireless mobile services is set to transform the digital landscape, providing a fully connected, mobile environment that offers a broad spectrum of use cases and business models for consumers.

One of the key drivers behind the rapid adoption of 5G technology is the promise of faster data speeds and extremely low latency, which significantly enhance the user experience. These improvements will benefit a variety of applications, such as Virtual Reality (VR) and Augmented Reality (AR) gaming, high-quality video calling, and Ultra-High Definition (UHD) video streaming, among others. Additionally, the increasing demand for high-speed data connectivity is fueling the growth of Internet of Things (IoT) applications, including those for smart homes and energy management systems. This heightened demand is expected to accelerate the widespread adoption of 5G services over the forecast period.

Another factor driving market growth is the increasing emphasis on partnerships between 5G system integration providers and telecom operators. These collaborations are expected to facilitate the adoption of 5G services across various sectors. Additionally, numerous industry verticals are focusing on technological transformation and participating in 5G forums, which facilitate the sharing of information and best practices aimed at improving productivity and operational efficiency. As organizations strive to remain competitive in a rapidly evolving market, these efforts are likely to bolster the growth of 5G services.

5G technology also holds the potential to create significant transformations across various industries by helping reduce operational costs and boosting productivity. In particular, there is a growing emphasis on improving energy monitoring, management, and control of energy generation and distribution networks, which is expected to contribute further to the market’s expansion. As these developments continue, the adoption of 5G services is anticipated to increase significantly, driving market growth over the coming years.

Gather more insights about the market drivers, restrains and growth of the 5G Services Market

Regional Insights:

Asia Pacific

In 2022, Asia Pacific (APAC) was the leading regional market for 5G services, commanding a share of over 40%. This dominance is expected to continue, with APAC projected to experience the fastest growth rate (CAGR) during the forecast period. A major factor driving this growth is the significant investments by key regional players, such as China TelecomChina MobileSK Telecom, and KT Corp., who are making aggressive moves to roll out 5G network infrastructure in countries like ChinaJapan, and South Korea. These investments are largely focused on upgrading and expanding next-generation infrastructure across various industry verticals, including media & entertainmenttransportation & logisticshealthcare, and manufacturing. As these sectors continue to evolve with the help of 5G technology, they are expected to play a crucial role in propelling the growth of the 5G market in the region.

In addition to infrastructure investments, there is a strong demand for smartphones that support 5G speeds, further driving market growth in APAC. Manufacturers such as Huawei Technologies Co. Ltd.Samsung Electronics Co. Ltd., and BBK Electronics Corp. are leading the production of 5G-enabled smartphones, responding to the rising consumer demand for faster and more efficient mobile connectivity. This trend is expected to contribute significantly to the continued expansion of 5G services in the region.

North America

North America ranked as the second-largest regional market for 5G services in 2022. Notably, the United States has been a key player in driving 5G infrastructure deployment. According to GVR analysis, U.S. mobile operators invested around USD 250 billion in mobile network infrastructure between 2010 and 2017, a clear indication of the country’s commitment to rolling out 5G services. The country has also seen significant investments in developing smart homessmart industries, and smart city projects. These initiatives, alongside the growing adoption of 5G in various applications, are expected to further fuel the growth of the 5G services market in North America over the forecast period.

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

Key Companies & Market Share Insights

The global 5G services market is highly fragmented, with a wide array of regional telecom service providers actively investing in next-generation infrastructure. These investments are critical as they enable companies to capture a large customer base in their respective markets. In addition to infrastructure deployment, many companies are strategically focusing on mergers and acquisitions (M&A) to strengthen their position in the global market and expand their service offerings.

A prime example of such a strategic move took place in September 2018, when T-Mobile signed an agreement with Ericsson to support the deployment of 5G in the United States. This partnership reflects the growing importance of securing the right technology and network infrastructure to meet the demands of next-generation services.

Another key factor in shaping the market is the acquisition of spectrum. Spectrum is a critical resource for enabling 5G services, and telecom companies are making significant investments to secure it. Having access to sufficient spectrum allows telecom providers to enhance their network capacity and improve service quality, thereby expanding their subscriber base across different countries.

For instance, in April 2018, BT Group plc’s Enterprise (EE) segment acquired 40 MHz of 3.4 GHz spectrum (spanning 3540-3580 MHz) for around USD 426.5 million. This acquisition was intended to strengthen their ability to provide improved next-generation internet services in the U.K., further solidifying their position in the competitive 5G market.

The key players driving the global 5G services market include some of the largest telecom companies, such as:

  • AT&T, Inc.
  • British Telecommunications plc (BT Group)
  • China Mobile Ltd.
  • China Telecom Corporation Ltd.
  • Bharti Airtel Limited
  • KT Corp.
  • Saudi Telecom Company (STC)
  • Vodafone Group Plc
  • Deutsche Telekom AG
  • SK Telecom Co., Ltd.
  • Verizon Communications, Inc.
  • NTT DOCOMO
  • T-Mobile USA, Inc.
  • Rakuten Mobile Inc.

These companies are leading the charge in deploying 5G infrastructure and securing the spectrum necessary to support the next generation of mobile services. Their ongoing investments, partnerships, and strategic acquisitions are pivotal to shaping the future of the 5G market, ensuring that they can meet the growing demand for high-speed connectivity, advanced services, and large-scale deployments. 

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