5G Service Market to 2023: Top 10 Companies, Trends, Growth Factors, Global Industry Overlook during Forecast Period

5G Service Market Research Report by Service Type (Professional Services, Managed Services), Communication Type (Extreme Mobile Broadband, Massive Machine-Type Communications, Fixed Wireless Access, and Others), Technology (Wi-Fi, High-Speed Package Access, Radio Access Technologies, Global System for Mobile, and Others), Vertical (Energy and Utilities, Automotive, Healthcare, and Others), and Region–Global Forecast to 2023

Market Analysis

5th generation mobile or 5G is the next stepping stone in wireless communications. The global 5G service market is contemplated to touch USD 85.84 billion at a staggering 31.9% during the forecast period (2018-2023). 5 service will succeed 4G and 3G with improved features such as high density, ultra-low latency and incredibly high bandwidth. 5G services will allow remote surgeries, more accurate and faster location tracking and investigative purposes for government bodies. The smart and mobile networks are predicted in connecting with higher number of devices, handling more data, reducing latency significantly and bringing new reliability levels. The 5G services have been specially designed for catering such requirements by pooling bandwidth for boosting range and speed.

There are many factors that can be linked to the growth of 5G service market. Some of the market trends and factors in this market as per an analysis conducted by Market Research Future (MRFR) include shift in the preference of consumers to cloud-based solutions from premise-based solutions, increasing density of traffic, increasing requirement for low communication latency, rapid developments in loT and increasing number of connected devices and initiatives for the creation of smart cities. On the flip side, rising costs of deployment, lack of needed technical infrastructure and concerns associated to the global spectrum are predicted to impede the growth of the 5G service market.

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Market Segmentation

In MFRF’s report, the global 5G service market is segmented on the basis of service type, communication type, technology and vertical.

Based on service type, it is segmented into managed services and professional services. The professional services are further segmented into network implementation, network planning and optimization and system integration. Of these, the professional services have a larger market share and the managed services is anticipated in being the fastest growing.

Based on communication type, the 5G service market is segmented into Fixed Wireless Access (FWA), Ultra Reliable Machine Type Communications (uMTC), Massive Machine Type Communications (mMTC) and Extreme Mobile Broadband (EMBb). Of these, the Extreme Mobile Broadband (EMBb) grabs the maximum market share and Massive Machine Type Communications (mMTC) is poised in being the fasted growing segment during the assessment period.

Based on technology, it is segmented into Worldwide Interoperability for Microwave Access (WiMAX), Global System for Mobile (GSM), Radio Access Technologies (RAT), High-Speed Package Access (HSPA), and Wi-Fi. Of these, the Radio Access Technologies (RAT) has the maximum market share and Worldwide Interoperability for Microwave Access (WiMAX) is slated on being the fastest growing.

Based on vertical, the 5G service market is segmented into Retail, Industrial, Consumer Electronics, IT & Telecommunication, Healthcare, Automotive, Energy and Utilities. Of these, IT & Telecommunication has the utmost share in the market and the industrial segment is predicted to be the fastest growing.

Key Players

Leading players profiled in the 5G Service Market include AT&T Inc, Sprint, Airtel, Deutsche Telekom, KT Corporation, Vodafone Group, China Telecom, DU, Telstra, NEC Corporation, T-Mobile USA Inc, Huawei Investment & Holding Co. Ltd., Nokia Corporation, BT Group, China Mobile, Intel Corporation, Telefonaktiebolaget L. M. Ericsson, Saudi Telecom Company, Qualcomm Inc., Verizon Communications Inc, Cisco Systems Inc., LG Electronics Inc, Samsung Electronics Co. Ltd., and SK Telecom.

Regional Analysis

Based on region, the global 5G service market covers growth opportunities and latest trends across North America, Asia Pacific, Europe and Rest of the World. Of these, North America leads the market led by the economies of the US, Mexico and Canada. The key reasons behind the growth of this market in this region include early adoption of 5G services and swift uptake of cutting-edge technologies such as smart cities and loT that will need network performance of high speed.

Europe grabs the second position and is predicted to continue being a significant market and the factors propelling its growth include rigorous research and development activities in this region. Large number of ongoing customer trials especially in countries such as the UK, France and Germany are predicted in contributing to the growth of the market positively. On the other hand, Asia Pacific is slated in being the fasted growing 5G service market. Growing focus on augmenting connectivity together with significant investment in research and development activities are anticipated in catalyzing the growth of this market in the Asia Pacific region. The Rest of the World is predicted in exhibiting a positive market growth trend during the predicted years.

Industry News

December 2018- AT&T recently announced that its latest 5G services will be immediately accessible for use together with mobile Wi-Fi hotspot covering 12 cities including New Orleans, Dallas and Atlanta. During the first part of 2019 the 5G network will get extended to parts of 7 more cities namely Nashville, San Francisco and Los Angeles.

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