5G Services Market worth $249.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 5, 2021 /PRNewswire/ -- According to new market research report "5G Services Market by End User (Consumers and Enterprises), Enterprise (Manufacturing, Media and Entertainment, Transportation and Logistics, Government), Application, Communication Type (eMBB, MMTC, URLLC, and FWA), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the 5G Services Market size is expected to grow from USD 53.0 billion in 2020 to USD 249.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period.
The transformation to the 5G ecosystem is expected to witness 3–4 times faster growth rate than other connectivity transformations. This is primarily due to the rapid innovation in virtualization in the networking domain, coupled with the growing numbers of applications, which require a latent-free connection. The above factors have resulted to expect rapid adoption of 5G services, followed by a quick roll out of 5G services by other developing economies.
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Healthcare segment to grow at the highest CAGR during the forecast period
5G opportunities in healthcare rely on a combination of massive IoT and enhanced broadband to support telemedicine. 5G will help improve diagnoses requiring multiple connections at a remote site (patient dialysis at home or remote control of medical equipment). Telemedicine and connected equipment inside hospitals will be possible using 5G. For instance, massive IoT strides had already been taking place ahead of events in 2020. Consider Saratoga Hospital in Saratoga Springs, NY, US. The hospital found itself bogged down with administrative tasks, such as taking patients vital signs every few hours and manually logging the results. 5G services were dopted by the hospital to improve the service and healthcare during the pandemic.
URLLC segment is expected to grow at the highest CAGR during the forecast period
Ultra-reliable low-latency communication (URLLC) use cases such as autonomous systems and mission-critical control are going to gain traction, which increase the speed and quality ofservices in critical functions. The automotive industry has been an early adopter of various connectivity technologies. There has been a major impetus by car manufacturers to develop connection-ready cars, taking small steps forward within a long-term vision of autonomous vehicle control using URLLC. Service providers may decide to provide focused offerings end-to-end as the principle B2B services provider. So for example they may supply services, including high-definition cameras to a car manufacturer that requires 5G and URLLC on a production line.
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Asia Pacific (APAC) region to record the highest growing region in the 5G Services Market
APAC has several growing economies, such as China, South Korea, Australia and Japan, which are expected to register high growth in the 5G Services Market. These countries have always supported and promoted industrial and technological growth. In addition, they possess a developed technological infrastructure, which is promoting the adoption of 5G services solutions across all industry verticals. The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility. APAC is one of the biggest markets for connected devices.
Key and innovative vendors in 5G Services Market are AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (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), Reliance Jio (India), Rakuten (Japan), MTN ( South Africa), Airtel (India), and Telenor Group (Norway).
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