The Global 5G Services Market Will Grow at 26.7% CAGR Through 2023 - TBRC Report Insights
LONDON, June 19, 2020 /PRNewswire/ -- The global 5G services market is expected to grow from $49.7 billion in 2019 to about $68.6 billion in 2020. Due to the coronavirus outbreak, more people are staying indoors to adhere to lockdown restrictions, and are spending time on the internet for work as well as leisure purposes. This has increased the demand for high-speed and better-quality data services. The 5G services market is expected to continue growing and reach $128.1 billion at a compound annual growth rate (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 new industries and new user experience. 5G delivers speeds as high as 20 Gbps, and 5G services are likely to refine a broad range of services in industries ranging from transportation to retail, education to entertainment, medical to automotive, and the internet of things (IoT).
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Growing Demand For IoT Will Boost Revenues For 5G Services
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. 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 will boost revenues for the 5G services market over the forthcoming years.
Introduction Of Artificial Intelligence (AI) In The 5G Services Market
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 augmented reality (AR) or virtual reality (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 will act as a major trend for the 5G services market.
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5G Services Market Segments
The 5G services market is segmented by communication type into fixed wireless access (FWA), enhanced mobile broadband (eMBB), ultra-reliable and low latency communications (uRLLC), and massive machine-type communications (mMTC). By end-user, the market is segmented into manufacturing, energy & utilities, media & entertainment, IT & telecom, transportation & logistics, and healthcare.
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