Demand For Faster And Better Connectivity To Drive Global 5G Services Market 2019-2026
5G or the fifth generation services are going to be the next big thing in the telecom service sector. Not only do they provide higher data rates compared to 4G/LTE services but also provide ultra-low latency which means less than 1-millisecond delay required for certain portable and mobile apps and services. This includes industrial automation, robotics, haptica internet, and virtual reality. The 5G New Radio is tailor-made to support ultra-reliable, low-latency communication for latency-sensitive consumer services. 5G services are also necessary for providing enhanced mobile broadband services.
While introduced for general use in the later stages of 2018, 5G services are still to fully take effect in the global market. Introduction of new technologies such as smart antennas, millimeter wave RF, edge computing solutions and network slicing is going to be crucial when it comes to driving the growth of the market. Global communication service providers must move beyond RAN build-outs, providing bandwidth improvements and move towards substantial core network infrastructure upgrades in order to provide 5G capabilities. 5G services are also expected to facilitate high scalable massive machine type communication for various Internet of Things (IoT) applications, particularly those that do not require high bandwidth.
In addition, with the popularity of online streaming platforms increasing every day, the need for 5G services is also going to be on a rise. People looking to stream videos online without any problem of buffering are looking at 5G services as their next step solution. Moreover, with businesses going online, 5G service networks are going to be in demand. This is expected to rise with better standard of disposable income and consumer preference for it.
Major players in the global 5G Services market include:
Cisco Systems Inc.
Saudi Telecom Company
T-Mobile USA Inc.
LG Electronics Inc.
Verizon Communications Inc.
Telefonaktiebolaget L. M. Ericsson
Huawei Investment & Holding Co. Ltd.
Samsung Electronics Co. Ltd.
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The 5G services market can be divided on the basis of type of application. Such segregation is necessary as it helps to better understand the competitive landscape, providing assistance on the factors that have the potential to impact the market.
By type, the global 5G services market can be divided into professional services, managed services, and others.
By application the global 5G services can be divided into Energy and Utilities, Automotive, healthcare, IT and Telecommunications, Consumer Electronics, Industrial, Retail and others.
The 5G services market has the highest potential in the United States given the ever-increasing demand for online streaming services among consumers. Companies around the country are also keen on better connectivity. In Europe countries such as Germany, UK, France, Italy, Spain, Russia, and Poland have good potential. In Asia Japan and China have shown growth while in South East Asia India is not the only country to be driving the demand for 5G services but countries such as Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam have the prospect.
Sweden-based company Ericsson and Chinese technology firm OPPO have recently set up a joint lab in China’s Shenzhen as they look to focus on 5G innovation. This is meant to help in accelerating the large scale deployment of 5G services across the globe.
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