Industrial Automation Magazine India

5G services market worth $1,002.3 billion by 2028

Published on : Wednesday 06-12-2023

The innovative concept of network slicing in 5G represents a transformative leap in network customisation - Exclusive Report by MarketsandMarket™.

Chicago, December 4, 2023 – Expanding the network widely, adopting more devices, and concentrating on cutting edge use cases like augmented reality, virtual reality, and industrial applications are all necessary for the future of the 5G Services Market. Growing private 5G networks, edge computing and AI integration, improved cybersecurity protocols, and the application of 5G to sustainable projects and smart cities are some of the developments that are anticipated. 5G Services Market dynamics are anticipated to be shaped by ongoing efforts towards global standards, interoperability, and a wide range of industry applications.

The 5G Services Market is estimated at USD 121.8 billion in 2023 to USD 1,002.3 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 52.4%, according to a new report by MarketsandMarkets™. The innovative concept of network slicing in 5G represents a transformative leap in network customisation, offering virtual, dedicated slices tailored to the unique requirements of specific applications or services. This capability is a pivotal driver for the diverse range of use cases enabled by 5G technology. For massive IoT deployments, network slicing allows the creation of dedicated slices optimised for handling a vast number of connected devices with varying communication needs. Simultaneously, in ultra-reliable low-latency communication (URLLC) scenarios, such as mission-critical applications in healthcare or industrial automation, dedicated slices ensure the stringent demands for real-time responsiveness and reliability are met. Network slicing thus becomes a crucial proponent in the adaptability of 5G, fostering a flexible and efficient network infrastructure that can accommodate the varied and evolving demands of a multitude of applications and industries.

The promise of significantly faster data speeds with 5G stands as a pivotal market driver for Enhanced Mobile Broadband (eMBB), reshaping the landscape of user experiences. This accelerated speed is a transformative force, particularly for data-intensive applications that have become integral to contemporary lifestyles. The ability of 5G to deliver higher download and upload speeds serves as a cornerstone for the flourishing demand in areas such as high-definition video streaming, virtual reality, and augmented reality. In the realm of video streaming, 5G facilitates seamless, buffer-free streaming of high-quality content, enhancing the user's entertainment experience. Moreover, in the realm of immersive technologies like virtual and augmented reality, the faster data speeds of 5G contribute to reduced latency, ensuring a more responsive and realistic user experience. This heightened speed not only meets current consumer expectations but also unlocks the potential for novel applications and services, driving market growth as businesses and consumers alike seek the enhanced capabilities that 5G brings to the forefront.

The major vendors covered in the 5G Services Market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), China Telecom (China), Orange (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica S.A (Spain), KT Corporation (South Korea), Roger Communications (Canada), Bell Canada (Canada), Etisalat (UAE), Saudi Telecom Company (Saudi Arabia), LG Uplus  (South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), Dish Network (US), Reliance Jio Infocomm (India), Rakuten Group (Japan), MTN Group (South Africa), Bharti Airtel Limited (India), Telenor Group (Norway), JMA Wireless (US), Verana Networks (US), Celona (US), Mangata Networks (US), Airspan Networks (US), Edge Q (US), Omniflow (US), Aarna Networks (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the 5G Services Market.

 

Recent Developments

·In September 2023, Vodafone partnered with Nokia to introduce Open RAN in Italy through a pilot program. The carrier completed a series of 4G calls over a cluster of shared commercial network sites in Romania.

·In September 2023, China Mobile and Indosat Ooredoo Hutchison collaborated to develop strategies and expand their businesses into new and existing markets, as well as to monetize the 5G market.

·In July 2023, AT&T Boldyn Networks partnered to boost 5G mobile coverage for millions of San Francisco Municipal Transportation Agency riders.