5G Services market to Flourish with an Impressive CAGR During 2022-2032
As per the analysis, the global 5G services market is expected to secure a market value of US$ 3,827.64 Bn by 2032 while expanding at a CAGR of 55% from 2022 to 2032. The 5G service is estimated to hold a market value of USD 58 Bn by 2022. The rapid development in virtualization in the networking domain is expected to be the key factor propelling the market in the forecast period.
The services are likely to witness significant demand in the field of VR, AR, and Ultra-High Definition videos. The increasing demand for the 5G technology in IoT is projected to provide a significant boost to the market in the forecast period. Furthermore, the rising demand for services in the residential and commercial sector is another factor that can fuel the market significantly in the coming time.
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On the contrary, the high cost associated with the 5G network mobile phone subscription is likely to hinder the market growth in the coming time. Also, the outbreak of COVID-19 had brought a temporary halt in the spectrum auctions, thereby hindering market growth.
Key Takeaways from the Market Study
- The global 5G services market size to hold a value of USD 3,927.64 Bn by 2032
- The global 5Gservices to procure US$ 58 Bn in 2022
- The market to expand at a CAGR of 52.43% from 2022 to 2032
- APAC to have secured 38% of the market share in 2021
- IT & Telecom Segment to have dominated the market in 2021 and secure about 20% of the global revenue
“The growing demand from the IoT sector is expected to provide significant opportunities to the key players in the coming time.” – says an analyst at Fact. MR.
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Competitive Landscape
The key players of the market opt for various methods to secure their position in the market. Adoption of strategies such as; partnership, acquisition, and collaboration are some of the methods. The players also make a significant investment to enhance their global reach. Some of the recent developments among the key players are:
- In January 2022, KT, a renowned global player, and Japanese Company Fujitsu concluded the verification at KT Research and Development Center in South Korea. The two companies leveraged Fujitsu’s Open RAN-based 5G base station equipment to examine call connections for open fronthaul. NTT Docomo, the Japanese player will impart technical support to Fujitsu during the project. With the advent of this new facility, KT is focused to fasten the introduction of O-RAN technology to the 5G network in Korea.
- In January 2021, T-Mobile with Ericsson and Nokia inked an agreement to deliver 5G technologies across various countries. It was a multi-billion dollar agreement.
- In February 2022, AT&T disclosed that they would own 71% of the new WarnerBros.Discovery Company. The company will also get 0.24 shares of Warner Bros. Discovery for every AT&T share.
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