According to new market research report on "5G Services Market by End User(Consumers and Enterprises), Enterprise (Manufacturing, Media andEntertainment, Transportation and Logistics, Government), Application,Communication Type (eMBB, MMTC, URLLC, and FWA), and Region - Global Forecastto 2026", published by MarketsandMarkets™, the 5G Services Market size is expected togrow from USD 53.0 billion in 2020 to USD 249.2 billion by 2026, at a CompoundAnnual Growth Rate (CAGR) of 29.4% during the forecast period.
The transformationto the 5G ecosystem is expected to witness 3–4 times faster growth rate thanother connectivity transformations. This is primarily due to the rapidinnovation in virtualization in the networking domain, coupled with the growingnumbers of applications, which require a latent-free connection. The abovefactors have resulted to expect rapid adoption of 5G services, followed by aquick roll out of 5G services by other developing economies.
Browse andin-depth TOC on “5G Services Market”
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Healthcare segment to grow at the highest CAGR during theforecast period
5G opportunities inhealthcare rely on a combination of massive IoT and enhanced broadband tosupport telemedicine. 5G will help improve diagnoses requiring multipleconnections at a remote site (patient dialysis at home or remote control ofmedical equipment). Telemedicine and connected equipment inside hospitals willbe possible using 5G. For instance, massive IoT strides had already been takingplace ahead of events in 2020. Consider Saratoga Hospital in Saratoga Springs,NY, US. The hospital found itself bogged down with administrative tasks, suchas taking patients vital signs every few hours and manually logging theresults. 5G services were dopted by the hospital to improve the service andhealthcare during the pandemic.
uRLLC segment isexpected to grow at the highest CAGR during the forecast period
Ultra-reliable low-latency communication (URLLC) use casessuch as autonomous systems and mission-critical control are going to gaintraction, which increase the speed and quality of services in critical functions.The automotive industry has been an early adopter of various connectivitytechnologies. There has been a major impetus by car manufacturers to developconnection-ready cars, taking small steps forward within a long-term vision ofautonomous vehicle control using URLLC. Service providers may decide to providefocused offerings end-to-end as the principle B2B services provider. So forexample they may supply services, including high-definition cameras to a carmanufacturer that requires 5G and URLLC on a production line.
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Asia Pacific (APAC) region to record the highest growingregion in the 5G Services Market
APAC has several growingeconomies, such as China, South Korea, Australia and Japan, whichare expected to register high growth in the 5G Services Market. These countrieshave always supported and promoted industrial and technological growth. Inaddition, they possess a developed technological infrastructure, which ispromoting the adoption of 5G services solutions across all industry verticals.The network market in APAC is driven by the growing acceptance of cloud-basedsolutions, emerging technologies such as the IoT, and big data analytics andmobility. APAC is one of the biggest markets for connected devices
Key and innovativevendors in 5G Services Market areAT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BTGroup (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China),Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia),Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada),Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI(Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), RelianceJio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and Telenor Group (Norway).
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