5G Services Market:
The global 5G services market is expected to grow from $49.7 billion in 2019 to about $68.6 billion in 2020 as the demand for high-speed and better quality data services is increasing as people are staying indoors and spending more time on the internet for work as well as leisure purposes. The market is expected to stabilize and reach $128.1 billion at a CAGR of 26.7% through 2023.
The 5G services market consists of sales of 5G and its related services. 5G is 5th generation services that evaluate networks to interconnect people, control machines, devices, and objects. 5G services will deliver the high levels of efficiency and performance that will empower to connect new industries and new user experience. 5G delivers the speed as high as 20 Gbps and is likely to refine a broad range of services in industries ranging from transportation to retail, education to entertainment, medical to an automotive and wide array of the internet of things (IoT).
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The global 5G services market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the 5g services market in 2019.
In April 2018, T-Mobile Inc., a mobile telecommunications company based in Germany announced the merger with the Sprint Corporation telecommunication company for an amount of $26.5 billion. The merger is expected to form a new company that would be well-positioned to provide a robust 5G wireless communication service network in order to compete with Verizon and AT&T. Sprint Corporation, founded in 1899, is an American telecommunications company based in Kansas, USA.
The 5G services market covered in this report is segmented by communication type into fixed wireless access (FWA); enhanced mobile broadband (eMBB); ultra-reliable and low latency communications (uRLLC) ; massive machine-type communications (mMTC) and by end-user into manufacturing; energy & utilities; media & entertainment; IT & telecom; transportation & logistics; healthcare.
The high cost of 5G smartphones and related devices is expected to limit the growth of the 5G services market in the coming years. According to executives of leading companies such as Xiaomi, Samsung and OnePlus in January 2020, the price of 5G smartphone chipsets is twice as costly as the price of 4G smartphone chipsets. Consequently, expensive parts result in a high cost of production leading to higher prices of 5G smartphones. This scenario is anticipated to adversely impact the growth of the 5G Services market over the forecast period.
The introduction of AI-powered services is a major trend shaping the growth of the 5G services market. The commercial usage of 5G services is expanding rapidly. The growth in the number of connections and cloud-based AR or VR is generating higher demand for 5G services with greater bandwidth, wide-coverage, and low latency networks. In 2016, Huawei started applying AI to technical work and business processes to serve its customers and as of 2019, Huawei provided more than 5,80,000 cases of technical support on more than 1,700 networks across the globe. Therefore, the introduction of AI in 5G services in order to increase the accuracy and agileness is to act as a major trend for 5G services market.
Rising demand from the Internet of Things (IoT) is anticipated to contribute to higher demand for 5G services in order to deliver high performance and efficiency. According to the Federation of Indian Chambers of Commerce & Industry (FICCI), the global market revenue for the Internet of Things (IoT) is projected to reach $ 1.1 trillion by the end of 2025. The IoT connections across the globe are expected to increase from 7 billion in 2017 to 25 billion by 2025, growing at a CAGR of 17% during the forecast period. Therefore, growing demand for IoT and the requirement to connect smart devices with high-speed internet boost the revenue for the 5G services market over the forthcoming years.
Major players in the 5G services market are AT&T, Verizon Communications, Inc., China Mobile, Vodafone, Telstra, China Telecom, Deutsche Telecom, SK Telecom, Saudi Telecom Company, and T-Mobile USA Inc.
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