5G Services Market to grow at a CAGR of 31.13% from 2022 to 2027, Growing R&D and deployment of 5G network to boost growth - Technavio
NEW YORK, March 1, 2023 /PRNewswire/ -- The 5G services market size is estimated to grow by USD 311.93 billion during 2022-2027, progressing at a CAGR of 31.13% during the forecast period, according to Technavio. There is rapid growth in research and development as well as deployment of the 5G hardware, driving the growth of the global market. The market is also witnessing growth in the innovation of trend-setting items boosting the market. For instance, in January 2020, Chinese vendor Huawei completed 5G New Radio testing using a 2.6 GHz spectrum in the 5G trial organized by the IMT-2020 (5G) promotion group. The company's dominating position in test completion and newly acquired results further accelerate the progress of 5G technology R&D and help in forming a set of unified global standards to impressively conclude China's second phase of the 5G test. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) –Request a sample report.
5G Services Market 2023-2027: Segmentation
The consumer segment is estimated to be significant for the growth of the market during the forecast period. Enhanced mobile broadband services (eMBB), which have elevated the 4G LTE mobile broadband experiences drive commercial deployments in the market. Consumers' concerns regarding the overall reliability, speed, and cost of internet services will be the factors driving the market growth during the forecast period.
North America is estimated to contribute to 42% of the growth of the global 5G services market during the forecast period. Factors like the penetration of technologies like online payments and video streaming have boosted the demand for IoT solutions in the region. As the smartphone mobile segment progresses, the subsectors within the telecommunication industry including network infrastructure and 5G services are growing alongside.
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5G Services Market 2023-2027: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our 5G services market report covers the following areas:
5G Services Market 2023-2027: Vendor Analysis
The market is fragmented with the presence of many vendors. AT and T Inc., Bell Canada, Bharti Airtel Ltd., BT Group Plc, China Mobile Ltd., Deutsche Telekom AG, Etisalat, kt corp., MTN Group Ltd., Nippon Telegraph and Telephone Corp., Orange SA, Reliance Industries Ltd., Rogers Communications Inc., Saudi Telecom Co., SK Telecom Co. Ltd., T Mobile US Inc., Telefonica SA, Telstra Corp. Ltd., Verizon Communications Inc., and Vodafone Group Plc are some of the major market participants.
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5G Services Market 2023-2027: Key Highlights
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The 5G testing equipment market is estimated to grow at a CAGR of 7.84% and the size of the market is forecast to increase by USD 515.76 million between 2022 and 2027. The increasing demand for improved network capacity to access connected services is notably driving the wireless testing market growth.
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Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Communication Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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