Kings Research published a new report on 5G Services Market Global Industry Size, Share, Growth, Industry Trends & Forecast 2031, However, these market analyses help in understanding market growth at both global and regional levels

Market Definition

5G services refer to the wide range of applications and offerings enabled by 5G technology, providing enhanced connectivity solutions to consumers and businesses.

These services offer high-speed, low-latency, and massive connectivity capabilities of 5G networks, enabling high-definition video streaming, cloud gaming, and IoT connectivity. 5G services support industries with private networks, smart cities, autonomous vehicles, and remote healthcare, driving innovation across sectors.

5G Services Market Overview

Global 5G services market size was valued at USD 85.15 billion in 2023, which is estimated to be valued at USD 110.33 billion in 2024 and reach USD 819.75 billion by 2031, growing at a CAGR of 33.18% from 2024 to 2031.

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Recent Developments: 

In November 2024, China Telecom and ZTE Corporation worked together to launch the 5G-A Cluster DRS (Dynamic Radio Sharing) solution around Suzhou Yangcheng Lake. This new technology shifts the network's focus from individual cells to users, aiming to improve efficiency.

In July 2024, NTT DOCOMO, INC. announced plans to roll out New Radio-Dual Connectivity (NR-DC) across three frequency bands—Sub-6 (3.7GHz and 4.5GHz bands) and millimeter-wave (28GHz band). This technology allows for faster data transmission by connecting two 5G base stations, enabling simultaneous transmission and reception across multiple frequencies supported by these stations.

List of Key Companies:

  • China Mobile International Limited
  • Verizon
  • AT&T Inc.
  • China Telecom Corp. Ltd.
  • China Unicom Ltd.
  • NTT Communications Corporation (NTT Docomo)
  • SK Telecom Co., Ltd.
  • KT Corp.
  • Vodafone Group
  • Deutsche Telekom AG
  • Orange Business
  • Airtel India
  • Reliance Industries Limited (Reliance Jio Infocomm Ltd.)
  • Telstra Enterprise International
  • T‑Mobile USA, Inc.
  • Others

Challenges and Considerations:

Despite the promising outlook, the 5G services market faces challenges such as high spectrum costs and stringent government regulations, which may impede rapid deployment. Service providers are compelled to navigate these hurdles to capitalize on the burgeoning opportunities within the market.

Key Drivers of Market Expansion:

Escalating Demand for High-Speed Connectivity: The proliferation of data-intensive applications, including Ultra-High Definition (UHD) video streaming, Virtual Reality (VR), and Augmented Reality (AR) gaming, necessitates faster data speeds and minimal latency. 5G technology addresses these requirements, offering enhanced user experiences across various applications.

Surge in Internet of Things (IoT) Devices: The increasing adoption of IoT devices across sectors such as smart homes, healthcare, and industrial automation demands robust and reliable connectivity. 5G services provide the necessary infrastructure to support seamless communication among a vast array of connected devices.

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