Pune, India, July 19, 2022 (GLOBE NEWSWIRE) -- The global 5G services market size is anticipated to grow due to the rising demand for high-speed data and uninterrupted voice service. Fortune Business Insights™ publishes this information in an upcoming report titled, "5G Services Market Size, 2022-2029".
Key Industry Developments:
- February 2021: Starhub and Nokia Corporation announced a partnership for the deployment of a new cloud-based 5G core network aimed to manage rapidly growing 5G standalone (SA) bandwidth demand.
- September 2020: Rakuten Mobile, Inc. launched a new ‘Rakuten UN-LIMIT V*1’ and 5G mobile communications service plan that allows consumers to access 5G services in the same monthly 2,980 yen charges.
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Drivers & Restraints:
Rising Demand for Seamless Voice Services to Propel Market Growth
The 5G services market is expected to witness significant growth in the coming years due to the development of smart infrastructure projects and the increasing demand for high-speed data connectivity in the IT and educational sector. Also, the rising demand for seamless voice services is expected to drive market growth. Furthermore, the key players' increasing adoption of advanced technologies and investment in R&D activities are anticipated to fuel the market growth.
However, high initial costs and complex infrastructure may hamper the market growth during the projected period.
North America Leads Market Share Due to Development in Network Infrastructure
North America is anticipated to dominate the global 5G services market share during the forecast period due to the developing network infrastructure. Also, the key market players present in this region focus on adopting the latest technologies and introducing 5G services across the region.
Europe is expected to hold the second-highest global market position due to rising investments in R&D activities in this region. The region has adopted 5G action plan to start launching 5G services all over Europe.
To get to know more about the short-term and long-term impact of COVID-19 on this 5G Services Market,
By type, the 5G Services Market is segmented into fixed wireless access (FWA), enhanced mobile broadband (eMBB), ultra-reliable & low latency communications (uRLLC), and massive machine-type communications (mMTC).
Based on end-user, the market is classified into manufacturing, energy & utilities, media & entertainment, IT & telecommunications, transportation & logistics, healthcare, and others.
Geographically, the market share is categorized into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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Pre and Post Covid – 19 Impact
Remote Working Culture to Stimulate Service Demand Among Employees
The market has witnessed a positive impact of the outbreak of COVID-19 pandemic due to the increasing demand for high-speed data connectivity. The government has imposed strict restrictions to cut down the workforce by 50% and maintain social distancing norms. Also, the leading companies adopted the remote working culture, with stimulated the service demand from various industries. Employees working from home require high-speed data connectivity to avoid disruptions in their work. These factors bolstered the 5G services market growth during the pandemic period.
The report aims to provide a detailed analysis of current industry trends and advancements. Also, drivers and restraints affecting the market growth during the forecast period are given further in this report. The impact of COVID-19 pandemic on market expansion and growth is mentioned further in this report. Furthermore, regional insights on segmented market areas are given further in this report, along with the key industry developments in recent years. Also, a list of leading market players is mentioned further in this report, along with the new services introduced by these players.
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Forming Alliances & Partnerships Allow Key Players to Strengthen Their Market Position
The key market players implement various business development strategies, including forming strategic alliances, acquisitions, mergers, collaborations, and partnerships with supporting organizations. Also, the adoption of recent technologies such as IoT, artificial intelligence, and machine learning. These technologies allow key market players to enhance their service portfolio and improve overall business performance.
Companies Profiled in the Market Report for 5G Services:
- AT&T Inc. (U.S.)
- BT Group plc (U.K.)
- China Mobile Ltd. (China)
- China Telecom Corporation Limited (China)
- Bharti Airtel Limited (India)
- KT Corporation (South Korea)
- Saudi Telecom Company (Saudi Arabia)
- Vodafone Group (U.K.)
- Deutsche Telekom AG (Germany)
- SK Telecom Co. Ltd. (South Korea)
- Verizon Communications Inc. (U.S.)
- NTT Docomo (Japan)
- Telecom Italia (Italy)
- Sprint Corporation (U.S.)
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