Global 5G Services Market to Grow at a CAGR of 49.6% Between 2024 and 2032, Driven by the Rapid Network Infrastructure Development Market

The market for 5G services is being supported by rapid network infrastructural development and the increasing investments to expand 5G connectivity by various governments and network operators. For instance, in July 2021, three South Korean operators, KT, SK Telecom, and LG Uplus, announced an investment of USD 22 billion to enhance 5G infrastructure across the country. The rising adoption of standalone (SA) networks, which operate on 5G signal and station base equipment, is likely to provide lucrative growth opportunities to the market for 5G services.

The surging deployment of Industry 4.0 in various industries is anticipated to aid the market growth of 5G services. With the increasing demand for immersive experiences, autonomous vehicles, and smart technologies, the adoption of the 5G network is likely to rise further in the coming year.

Moreover, the growing demand for 5G services to enhance monetisation opportunities with advanced mobile capabilities, high-performance video experiences, and responsive cloud computing in the media and entertainment industry is expected to propel the market growth.

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Nokia Corporation (NYSE: NOK), one of the leading companies in the market, in June 2022 announced that its 5G Standalone Core was selected by LMT. This would aid the Latvian communication service powder to deliver advanced 5G services in Latvia. Under the agreement, Nokia 5G SA Core would provide LMT with enhanced speed, scale, and intelligence to enable it to cost-effectively manage its network, while delivering 5G services. The solution would also enable LMT to build capacities within the network and launch low-latency applications for Enterprise customers.

Further, the company would deploy the Nokia 7220 Interconnect Router for data centre fabric and facilitate enhanced predictable network management for LMT.

Market Analysis by End User Industry and Region:

• The market, on the basis of end user industry, can be divided into IT and telecom, media and entertainment, automotive, energy and utility, aerospace and defence, among others.

• The regional markets for 5G services include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report: 

• The increasing demand for 5G services to boost users’ video calling, augmented reality (AR), virtual reality (VR), and ultra-high definition (UHD) video experiences is propelling the market growth.

• The surging adoption of smart technologies is enhancing the requirement for low-latency and seamless network connectivity, which is bolstering the market for 5G services.

• The market growth can be attributed to technological advancements and innovations, the increasing utilisation of 5G technology in healthcare, and the growing popularity of autonomous driving.

• Factors like the rising demand for 5G services in commercial enterprise applications like vehicle-to-vehicle (V2V) connectivity, robotic surgeries, and the industry 4.0 factories are invigorating the market growth.

Key Offerings of the Report: 

• The EMR report gives an overview of the global market for 5G services for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the end user industries and major regions of 5G services.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global 5G services market are Nokia Corporation, Huawei Technologies Co Ltd., AT&T Inc., Deutsche Telekom AG, Telefonaktiebolaget LM Ericsson, and Vodafone Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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