5G Services Market Size

Statistics for the 2023 & 2024 5G Services market size, created by Mordor Intelligence™ Industry Reports. 5G Services size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of 5G Services Industry

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Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 25.30 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration High

Major Players

5G Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

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5G Services Market Analysis

The 5G Services Market is expected to register at a CAGR of 25.3% over the forecast period. 5G is anticipated to support various services and associated service requirements across multiple scenarios. Network slicing is one way to efficiently address different use cases while improving the 5G network architecture.

  • The market for 5G services is expected to revolutionize the domain of various broadband services and empower connectivity across different end-user verticals. The main drivers responsible for increasing the market share are an increase in mobile subscriptions, online streaming of video content, strengthening 5G infrastructure, and various IoT applications utilizing 5G.
  • IoT in industrial automation is expected to derive maximum benefit from 5G services. The functionality to support this segment is currently being defined in 3GPP, influenced by Industry 4.0 initiatives and industry bodies, such as 5G-ACIA. It will likely be a 5G-specific segment, valid for local area use cases and private network deployments.
  • The use of more effective cloud solutions that rely on low latency improves firm efficiency and innovation through increased download speeds of broadband services, which also, in turn, leads the carriers and original equipment manufacturers (OEMs), such as cellular device manufacturers and in-building distributed antenna systems (DAS) providers to follow the 5G New Radio (5G NR) rules to enable such offerings.
  • The capital costs of installing the required 5G infrastructure and software upgrades are considerably high, considering the high density of BTS units needed to provide uninterrupted 5G services.
  • Moreover, with extensive reliance on virtual space increasing during the COVID-19 pandemic, the need to deploy advanced 5G infrastructure has become paramount. Increased migration frequency of business operations to the cloud and other virtual spaces has prompted investments in robust connectivity platforms.

5G Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)