Unlock the potential of 5G Services Market and Industrial 5G Market with Extrapolate's latest report. Discover the key players and drivers shaping the future of 5G, including AR/VR, connected cars, and IoT. Don't miss out on the projected CAGR of 29.90% for 5G Services and 31% for Industrial 5G. Get your PDF now!
Dubai, UAE, Jan. 24, 2023 (GLOBE NEWSWIRE) -- 5G Services Market - IT and Telecom Sector to Generate Highest Market Revenue
As per a recent report published by Extrapolate, the global 5G Services Market size was estimated at USD 66.71 billion in 2021 and is projected to reach a valuation of USD 41.63 billion by 2028, at a CAGR of 29.90% during the forecast period 2022-2028.
Extrapolate has recently released a report on the 5G services market. The report offers an analysis of the 5G ecosystem and key market players. It highlights that 5G will allow for new services and applications that were not previously possible, such as augmented reality, virtual reality, connected cars, and IoT. Some of the key players in the market include telecom operators, equipment vendors, chipset makers, device manufacturers, and content providers. The report highlights four major drivers that will shape the 5G market: the race to 5G, with all major telecom operators investing heavily and consolidating; emerging markets leading the way with India and South Korea taking the lead in deployment; the need for speed with 5G's faster speeds enabling new applications such as 4K streaming and online gaming.
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In addition, the 5G technology will enable the Internet of Things (IoT) devices to connect to the network, and this will enable many new business opportunities in the IoT sector, such as smart cities, autonomous vehicles, and Industry 4.0. Overall, the 5G services market presents a significant opportunity for businesses to innovate and create new revenue streams by offering new services and applications made possible by this technology.
Top Players in the Global 5G Services Market
Nokia and Ericsson are considered to be among the top players in the 5G services industry. Both companies have a strong presence in the telecommunications market and have been investing heavily in research and development for 5G technology. They are known for providing a wide range of 5G solutions, including equipment, software, and services to telecommunications operators worldwide. Recently, both companies signed a deal with an Indian telecom operator, Reliance Jio, to deploy 5G services across India by the end of 2023.
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Improved coverage: 5G services will have better coverage than 4G, meaning that more people will be able to access the service in rural areas and urban areas even with poor coverage.
Increased investment: There is a lot of investment pouring into the 5G services market from both the private sector and government initiatives. This is helping to drive the development of new technologies and infrastructure needed to support 5G services. Recently, Indian telecom operators spent over USD 19 billion in October 2022. Wherein, Reliance Jio emerged as the key buyer of the 5G spectrum.
New applications and use cases: The arrival of 5G services is opening up new possibilities for how the technology can be used. We are already seeing new applications such as connected cars and smart cities being developed, and this is projected to continue in the years to come as 5G services become more widespread.
5G Services Market Segmentation by:
eMBB (Enhance Mobile Broadband)
uRLLC (Ultra Reliable Low Latency Communications)
mMTC (Massive Machine Type Communications)
Media & Entertainment
Retail and Logistics
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Enhance Mobile Broadband Segment to Hold Over 40% Revenue Share of Global 5G Services Market:
Enhanced mobile broadband (eMBB) services are projected to generate $16.6 billion in revenue by 2028. This significant growth in revenue is driven by the increased demand for data that is enabled by the higher speeds and lower latency of 5G networks. According to the report, eMBB services will account for more than 60% of 5G data traffic by 2028, and a recent study from OpenSignal found that 5G users are already consuming twice as much data as 4G users. While 5G network deployment is still in its early stages, the report found that eMBB services are already generating significant revenues for operators in the US, South Korea, and Japan.
In addition to increased demand for data, eMBB services will benefit from the rollout of new applications and use cases that take advantage of the unique capabilities of 5G networks. These include virtual reality and augmented reality, which offers new opportunities for businesses in the media and entertainment, gaming, and e-commerce industries.
Apart from this, other services, such as fixed wireless access (FWA) and enterprise and industrial IoT services are also expected to generate significant revenue by 2028.
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IT and Telecom to Generate Over 90% Revenue of 5G Services Market:
The IT and telecom sector is expected to generate over 90% of the revenue for the 5G services market in the next seven years. This is because the industry is undergoing a massive digital transformation, with more enterprises adopting 5G-enabled services and applications. The benefits of 5G include higher speeds, lower latency, and improved capacity. These benefits are particularly important for businesses that rely on data-intensive applications, such as cloud computing, streaming video, and virtual reality.
The vast majority of this revenue will come from North America and Asia-Pacific, which are both home to major 5G adopters, such as the United States, China, India, Japan, and South Korea. Europe is also expected to generate a significant amount of revenue for the 5G services market.
IT and telecommunication sector is expected to play a major role in the growth of the 5G services market due to their significant investments in 5G infrastructure and ability to offer a wide range of 5G services to customers. The sector's ability to provide a high-speed, low-latency network and an array of service offerings will be a key driver of the 5G services market.
North America to Remain Second Largest Revenue Contributor to Global 5G services Market:
North America is expected to remain the second-largest revenue generator in the 5G services industry until 2028. This is due to several factors, including a strong economy, a high penetration of smartphones and other mobile devices, and a high demand for high-speed internet and data services. Additionally, the region is home to many leading technology companies, such as AT&T, Verizon, and T-Mobile, which are investing heavily in the development and rollout of 5G networks. Furthermore, these operators have the financial resources and technological expertise to build and maintain large-scale 5G networks, which will help to ensure that the region remains at the forefront of the global 5G market.
As a result, businesses operating in the telecommunications and technology sectors in North America are well-positioned to benefit from the growth of the 5G market in the region.
Part II: Industrial 5G Market: Revenue Forecast and Market Analysis
As per a recent report published by Extrapolate, the global Industrial 5G Market size was estimated at USD 19.61 billion in 2021, and is projected to reach USD 129.83 billion by 2028, exhibiting a CAGR of 31% during the forecast period.
Industrial 5G networks provide faster and more reliable connectivity compared to previous generations of cellular technology, allowing for the implementation of advanced technologies such as automation, robotics, and the Internet of Things (IoT) in industrial settings. This increased connectivity and automation can result in improved efficiency, increased productivity, and reduced costs for businesses operating in industries such as manufacturing, logistics, and energy.
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Additionally, the use of 5G in industrial settings can also enable the development of new products and services, such as remote monitoring and control of industrial equipment, and the creation of new business models, such as the delivery of machine-as-a-service offerings. As a result, telecom operators and network equipment providers can benefit from the growth of the industrial 5G market by offering specialized 5G services and products designed for industrial use, such as private 5G networks, and providing support for the deployment and maintenance of these networks. On the other hand, industrial companies can benefit from the adoption of 5G by improving their operations and creating new revenue streams through the development of new products and services.
Top Players in Industrial 5G Market
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Process Industry to Witness Strong Demand in Global Industrial 5G Market:
The deployment of industrial 5G is still in its early stages, but the technology is already starting to see some real-world applications. A recent study by Extrapolate found that factory automation will be the biggest application in the process industry, followed by transportation and logistics. One of the main attractions of industrial 5G is its potential to enable very high levels of automation. With 5G, factories will be able to communicate with a large number of machines and devices at very high speeds, allowing for a much higher level of coordination and control. This could lead to a significant increase in productivity and efficiency.
5G also has the potential to improve safety in factories. By providing real-time data about the positions of machines and workers, collisions and other accidents can be avoided. In addition, 5G can provide data that can be used to improve the flow of materials and products through factories.
Industrial 5G Market to Witness Strong Revenue Inflow Through Hardware Segment:
From a business perspective, the high demand for hardware to deploy industrial 5G is driven by the increased connectivity and automation capabilities that 5G networks can provide in industrial settings. As industrial companies look to improve efficiency, increase productivity, and reduce costs, they are investing in the deployment of 5G networks and the necessary hardware to support these networks.
The hardware required for the deployment of industrial 5G networks includes base stations, routers, gateways, and other networking equipment that can support the high-speed, low-latency, and high-reliability requirements of industrial applications. Additionally, industrial companies may also require specialized equipment such as sensors, cameras, and other IoT devices that can be connected to the 5G network to enable the monitoring and control of industrial processes.
Companies that manufacture and supply this hardware can benefit from the high demand for these products by increasing their sales and revenue. Network equipment providers such as Ericsson, Huawei, and Nokia, are well-positioned to benefit from this trend as they are major players in the 5G market.
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Asia Pacific and North America to Remain the Forefront of Generating Highest Revenue in the Industrial 5G Market:
The market for Industrial 5G is expected to grow at a rapid pace in the next few years. Asia Pacific and North America are expected to be the major contributors to this growth. The demand for high-speed and low-latency data connections is increasing in industries such as automotive, manufacturing, energy, and healthcare. 5G technology is expected to offer several benefits over existing 4G networks, including higher data rates, lower latency, and improved reliability.
Asia Pacific is expected to be the largest market for Industrial 5G due to the presence of a large number of manufacturing and automotive companies in the region. China is expected to be a major contributor to the growth of the Asia Pacific Industrial 5G market. North America is also expected to be a key market for Industrial 5G due to the presence of leading players such as Verizon and AT&T.
Major Points from Table of Content:
Research Methodology and Statistical Scope
Industrial 5G Market Overview
Industrial 5G Market Competitive Landscape
Industrial 5G Industry Chain Analysis
The Development and Dynamics of Industrial 5G Market5.1 Key Development Trends
Industrial 5G Market Segmentation by Type
Industrial 5G Market Segmentation by Application
Industrial 5G Market Segmentation by Region
Key Companies Profiled
Industrial 5G Market Forecast by Region
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