5G Services Market Projected To Surpass USD 1018.68 Billion By 2031, Witnessing 34% CAGR Growth | Skyquest Technology

2024-08-08 09:36:35

(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Aug. 08, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global 5G Services Market will reach a value of USD 1018.68 Billion by 2031, with a CAGR of 34% during the forecast period (2024-2031). 5G services market is booming over the estimated period due to its 100 times better efficiency and swiftness than 4G. This evolutionary potential promises to show momentum in adopting 5G in multiple applications. Currently, several industries are spending heavily on 5G like internet service providers, government bodies, technology providers, cloud service providers, and more. The technology is set to have a deep impact on many industries with 5G trends allowing fresh applications.

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Pages – 162

Tables – 107

Figures – 76

5G Services Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 98 Billion
Estimated Value by 2031	USD 1018.68 Billion
Growth Rate	Poised to grow at a CAGR of 34%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application, Communication, Enterprises, End-User and Region
Geographies Covered	North America, Europe, Asia-Pacific, Middle East & Africa, Latin America
Report Highlights	Growing number of patent filings by major market players
Key Market Opportunities	Enhanced Efficiency and High Performance of 5G Technology
Key Market Drivers	Constant Advances in 5G and Associated Technologies

Key Focus by 5G Operators to Offer Improved Broadband Facilities of 5G to Fuel eMBB Domain

By communication type, eMBB segment registered major market share in 2023 and is expected to lead over the forecast period owing to maiden focus of 5G operators to provide improved broadband facilities like hi-speed cloud-enabled gaming, continuous video calls, VR/AR, and more. Conversely, mMTC segment is anticipated to grow substantially in the coming years. This growth is attributed to the focus of mMTC to offer facilities for hi-connection density use areas. Hence, rising demand for smooth connectivity in IoT devices used in network is propelling the segment growth.

Significant Investments by Top Players in Communication Technologies to Boost IT & Telecom Segment

By consumer and enterprises, IT & telecom segment held the maximum share of the market owing to major spending by top players in modern communication technologies. The IT and telecom sector is further predicted to develop due to the growing demand for better data speed for commercial and residential applications. On the other hand, the manufacturing segment is expected to grow as the fastest-growing segment supported by the growing adoption of IoT and associated technologies in the manufacturing industry for better efficiency and productivity.

Heavy Investments in 5G Network Technology to Aid Market Growth in Asia Pacific

Region-wise, Asia Pacific dominated the market due to the existence of maximum market vendors. These players are heavily spending on introducing 5G network infra in South Korea, China, and Japan. Also, the growing demand for smartphones with high-speed data has amplified the demand for 5G smartphones in the region.

North America is anticipated to grow remarkably in the coming years driven by high data speeds leading to strong production of 5G smartphones. Hence, the augmented demand for 5G is fueling the market in North America. Also, market players based in Canada are actively investing in technology development, thereby aiding the 5G services market growth.

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5G Services Market Insight

Drivers:

Growth in Mobile Subscriptions

Progressing 5G Infrastructure

Increasing Number of IoT Applications that adopt 5G

Restraints:

High Spectrum Cost

Growing Rates of 5G Services Subscription

High Susceptibility to Interference from Many Physical Objects

The following are the Top 5G Services Companies :

AT&T Inc.
Verizon Communications Inc.
China Mobile Ltd.
China Telecom Corp. Ltd.
Vodafone Group Plc
Deutsche Telekom AG
Orange S.A.
Telefonaktiebolaget LM Ericsson
Nokia Corporation
Samsung Electronics Co. Ltd.

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Key Questions Answered in Global 5G Services Market Report

What is the estimated market value of 5G Services Market by 2031, according to SkyQuest?
Which segment accounted for the maximum share of the Global 5G Services Market?
Which growth strategies are adopted by the key players in the 5G Services Market?

This report provides the following insights:

Analysis of key drivers (growing demand for speedy internet, growth of smart infrastructure, rising research and technological advancements), restraints (significant 5G deployment cost, potential interference like buildings and trees, growing generation of malicious hardware and software), opportunities (connectivity and collaboration in different industries, rise in network capacity, increasing use in cloud gaming and augmented reality), and challenges (managing expenses related with deployment of 5G network, challenges with security and privacy, challenges associated with 5G infrastructure) influencing the growth of 5G services market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the 5G services market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the 5G services market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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