5G is a next-generation technology in mobile broadband that will enable exponentially faster uploads and downloads. The global 5G services market is growing at a CAGR of 17.7% during the forecast year. The 5G service is primarily being adopted across industries due to the faster connectivity it offers, as compared to the current networks available. The Internet of Things (IoT), along with 5G, is used in smart cities, smart farming, smart homes, and others. The market for 5G services are rising due to the need for reduced latency in communication and increased reliability of the network.
The 5G service is expected to grow continuously due to increasing data traffic and the adoption of the service in IoT devices and various such uses. The use of 5G in infrastructural developments such as smart cities, smart homes, industrial IoT, and others, is rising due to the need for security and investments in this sector. The deployment of 5G services requires higher costs owing to its infrastructure requirements.
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The global 5G service market is segmented on the basis of services, technology, communication, and end-use industry. The communication type is categorized as mMTC, URLLC, eMBB, and FWA. The eMBB (enhanced Mobile Broadband) segment is dominating the market currently, owing to the increasing use of smartphones and the need for internet availability across the globe due to growing digitalization. eMBB which was initially an extension of 4G services helps save energy by 100 times and supports macro and small cells. In addition, eMBB requires high data rates providing a wide coverage area. This is the first phase of 5G and the second phase will make use of URLLC (Ultra Reliable Low Latency Communications) and mMTC (massive Machine Type Communications). It will enable 360° quality video streaming and will be used in AR and VR applications.
The market is segmented on the basis of region as North America, Europe, Asia Pacific, Latin America and Middle East Africa. North America and Europe are the initial adopters of the technology and North America is expected to hold a larger share in the market, owing to the development in the 5G infrastructure across the region. In addition to this, the Asia-Pacific region is expected to witness significant growth due to the emerging economies in the region and the availability of skilled workforce required in 5G services.
There are various key players in the market such as AT&T, Airtel, BT Group, Cisco Systems, Inc., Deutsche Telecom, Ericsson, Intel Corporation, Nokia Corporations, and others. Various strategies are being adopted by the market players such as joint ventures, mergers and acquisitions, partnerships and others, in order to gain a competitive advantage over their competitors. For instance, T-Mobile, an US-based wireless network operator merged with Sprint Corporation, other US-based Telecommunications Company, with a US$ 26.5 Bn deal that was aimed to develop 5G services.