Top 5G Services Market Trends and Growth Opportunities to Watch in 2024
RELEASE DATE: Aug 2024 Author: Spherical Insights Request Free Sample
Overview
The goals of 5G wireless technology are to provide more users with more consistent user experiences, ultra-low latency, vast network capacity, faster multi-Gbps peak data speeds, and increased reliability. The Global 5G Services Market was valued at USD 101.04 billion in 2022 and is anticipated to reach USD 897.98 billion by 2032, growing at a CAGR of 24.4% during 2022-2032. Improved output and efficiency stimulate new user experiences and create links with new industries.
Advancement in 5G Services
The global market comprises some of the leading companies in the 5G services industry, such as Vodafone Group, Saudi Telecom Company, Bharti Airtel Limited, NTT Docomo, and Reliance Jio Infocomm. The market for 5G services will continue to grow as a result of major companies in the industry making significant R&D investments to extend their product ranges. For instance, in September 2022, Vodafone and Nokia said that an end-to-end Open RAN testing on Vodafone Italy's operational 5G standalone network has been successfully concluded.
Government Initiatives and Regional Market Expansion
- The consultation paper titled "Digital Transformation through 5G Ecosystem" was released by the Telecom Regulatory Authority of India (TRAI). This consultation paper's goal is to identify the policy challenges and recommend the best framework for accelerating the adoption and efficient use of new technologies for the all-encompassing and sustainable development of the 5G ecosystem-driven economy. India's economy and society are being drastically altered by the country's fast digital development. The government is using quick and dependable mobile communication technology to help the Digital India program achieve its goals.
- Asia Pacific led the world market for 5G services and is expected to continue leading the market for the duration of the forecast period. The need for these services has grown as a result of the rapid infrastructure construction occurring in nations like China, India, Japan, and others in an effort to improve connectivity. Additionally, the region's consistent supply of 5G-enabled devices has been made possible by the large number of internet users and the growing demand for smartphones with faster internet speeds. This is expected to increase demand for connected devices, which will likely drive the market for 5G services in the years to come.
Insights and Projections: Global 5G Services Market Analysis
The report provides a summary of the global top trends and future prospects for the global 5G services market based on historical data sets (current trends, industry statistics, and emerging trends shaping the 5G services’s future, preliminary estimates from 2020-2021, 2022, and 2023), as well as projections for the global 5G services trends and future prospects for global regions in 2024 and 2025. This data-driven research offers users an industry-wide view of emerging technologies and innovative insights to help them make critical business decisions.
Growth Factors and Emerging Trends in the 5G Services
- A greater dependence on communication between devices
The market for 5G services is also being driven by the growing amount of mobile data traffic and the growing dependence on machine-to-machine connectivity. By boosting the quantity of data carried through a wireless system based on high frequency and superior antenna technology, 5G services offer a fully mobile environment. The market for 5G services is expanding due to the rising demand for internet subscriptions and the expanding requirement for a wide-ranging, high-speed network. In addition, a 5G services market prediction has been made possible by the integration of 5G services with the internet of things into everyday activities, which has made high-speed data connections possible for applications including smart home energy management.
- Growth in data traffic on mobile networks
The entire amount of mobile data traffic is predicted to reach 329 EB per month by 2028 and is expected to reach roughly 93 Exabytes per month by the end of 2022, according to the Ericsson Mobility report from June 2023. There was approximately a 36% increase in mobile network data traffic from Q1 2022 to Q1 2023. Both the rise in smartphone subscriptions and the rise in average data volume per subscription which is mostly caused by an increase in the number of people watching video content are to blame for the traffic surge. Currently, 71% of all mobile data traffic is made up of video traffic; by 2028, that percentage is expected to rise to 80%. Globally, the number of people using mobile phones is rising quickly.
Opportunities and Future Prospects in the 5G Services
- Novel business prospects in cloud computing
Businesses across a range of industrial verticals can see the potential for growth with the rollout of 5G technology. With the launch of 5G services, it is projected that the use of AI and IoT in many corporate processes will increase, offering development prospects for all participants in the ecosystem. Organizations are turning to cloud computing due to the high expenses associated with developing and maintaining on-premise systems. Furthermore, the operation of cloud computing requires increased network connectivity. It is projected that integrating cloud technologies with 5G services will improve various businesses' functionality, operational capacity, and flexibility while allowing network operators to provide better, more proactive services.
List of Key Companies in the 5G Services
- Vodafone Group
- Saudi Telecom Company
- Bharti Airtel Limited
- NTT Docomo
- Reliance Jio Infocomm
- Deutsche Telekom
- SK Telecom
- AT&T
- Qualcomm
- HFCL Limited
Top 5 Players in the 5G Services
1. Vodafone Group Plc
Headquarters: Berkshire, United Kingdom
Vodafone Group Plc is a global telecommunications business based in the United Kingdom. Newbury, Berkshire, England serves as both the company's global headquarters and registered office. It primarily provides services across Oceania, Europe, Africa, and Asia. Vodafone owns and runs networks in 16 countries as of June 2024, and it has partnerships with networks in 44 more. Its Vodafone Global Enterprise segment offers business clients in 150 countries IT and telecom services. Vodafone Group Plc is a company that offers telecom services. It concentrates on carrier offerings, large, global companies, and small and medium-sized businesses. The company also plans to make investments in the internet of things, cloud and hosting, security, fixed connectivity, and communications all of which are growing industries.
2. Saudi Telecommunication
Headquarters: Riyadh, Saudi Arabia
ICT services are offered by Saudi Telecommunication Company in Europe and the Middle East in addition to the Kingdom of Saudi Arabia. Saudi Telecom Co. is a telecom provider in Saudi Arabia. It creates, oversees, runs, and maintains infrastructure, systems, and networks for fixed and mobile telecommunications. The company's headquarters are in Riyadh, Saudi Arabia, and it was established on April 21, 1998. Moreover, STC runs the Arab Submarine Cables Company, an African submarine communications cable network that links Saudi Arabia and Sudan. Saudi Arabia is the source of the lion's share of its sales. Saudi Arabia, Europe, Asia, and Africa may all be connected and reached globally due to the company's infrastructure. Saudi Arabia, Europe, Asia, and Africa may all be connected and reached globally due to the company's infrastructure.
3. Bharti Airtel Limited
Headquarters: New Delhi, India
The global Indian provider of telecommunications services, Bharti Airtel Limited, has its headquarters in New Delhi. It works in the Channel Islands and eighteen other countries in South Asia and Africa. Airtel currently covers all of India with 5G, 4G, and LTE Advanced services. Depending on the operating nation, fixed-line internet and voice services are now provided. Additionally, Airtel had implemented Voice over LTE (VoLTE) technology in all Indian telecom circles. Mobile Services South Asia includes activities in Bangladesh and Sri Lanka. The company's activities in Africa are managed by Mobile Services Africa. Serving as a single point of contact for all telecommunication needs spanning data and voice, network integration, and managed services, the Airtel Business segment provides large Indian and international organizations with end-to-end telecom solutions.
4. NTT DOCOMO
Headquarters: Tokyo, Japan
The biggest telecom business in Japan, NTT DOCOMO, was founded in 1922. It offers cutting-edge, practical, and safe mobile services that let users live wiser lives. Using cutting-edge wireless networks, including one of the most modern LTE-modern networks in the world and a countrywide LTE network, the company provides advanced wireless services to over 88 million subscribers in Japan. Numerous telecommunication services, including satellite telecommunications, mobile devices, and wireless networks, are offered by NTT DOCOMO Inc. (NTT DOCOMO), a division of Nippon Telegraph and Telephone Corporation. Outside of Japan, the company supports the international standardization of emerging mobile technologies by offering technical and operational know-how to mobile operators and other partner businesses. In addition to spearheading innovations in developing IoT solutions, NFC infrastructure and services, and numerous other mobile-related projects, the company is a global leader in 5G network development.
5. Jio Infocomm Limited
Headquarters: Maharashtra, India
The parent company of Jio Platforms, Jio Infocomm Limited (d/b/a Jio) is an Indian telecommunications corporation with its headquarters located in Navi Mumbai, Maharashtra. It runs a nationwide LTE network that spans all 22 telecom circles. Jio provides 4G, 5G, and 4G+ services throughout India. Jio went live in beta for partners and staff on December 27, 2015, and on September 5, 2016, it was made available to the general public. With more than 46.72 crore (467.2 million) members, it is the biggest mobile network operator in India and the third largest worldwide.
Recent Development
- In May 2024, NTT DOCOMO, INC. revealed that it will form a new subsidiary, NTT DOCOMO GLOBAL, Inc., to expand DOCOMO's global presence and growth by leveraging cutting-edge mobile technologies to create new lifestyles throughout the globe in July.
- In May 2023, Bridgepointe Technologies ("Bridgepointe" or the "Company") and Bharti Airtel ("Airtel"), two of the top telecom service providers in India, have announced a strategic alliance. This tech consulting firm assists large and midmarket businesses in closing the gap between technology expenditures and financial gains.
- In October 2023, the largest-ever 5G network expansion has been announced by the STC Group. Over 75 Saudi Arabian cities and governorates will be covered by the network as it is developed and expanded.
- In September 2023, the new "Campus Network Smart" solution from Deutsche Telekom has been launched. These exclusive 5G networks, sometimes referred to as 5G campus networks, will be provided in association with Microsoft. The launch comes after a fruitful pilot program with a top German pharmaceutical business.
- In June 2023, in connection with the integration of their UK telecommunications operations, Vodafone UK and Three UK, respectively, Vodafone Group Plc and CK Hutchison Group Telecom Holdings Limited (CKHGT) have signed into legally binding agreements. CKHGT will control 49% of the combined company, while Vodafone will own 51%.
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
CONTACT US:
For More Information on Your Target Market, Please Contact Us Below:
Phone: +1 303 800 4326 (the U.S.)
Phone: +91 90289 24100 (APAC)
Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com
Contact Us: https://www.sphericalinsights.com/contact-us