The global 5G services market size is estimated to reach USD 1.67 trillion by 2030, registering a CAGR of 52.0% from 2022 to 2030, according to Grand View Research, Inc. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is estimated to boost the market growth over the forecast period.
- The U.S. is anticipated to dominate the North America regional market from 2022 to 2030 owing to the rising demand for higher data speeds for several end-use applications including M2M communications, energy & utility management, and smart mobility management.
- The enhanced Mobile Broadband (eMBB) communication type segment is anticipated to hold the largest market share by 2030.
- This growth is credited to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications, such as video conferencing, virtual meeting, Virtual Reality (VR) & Augmented Reality (AR) gaming.
- The manufacturing vertical segment is expected to register the fastest CAGR over the forecast period due to the growing need for seamless connectivity to drive industrial devices including robots and actuators.
- Market incumbents are focusing on mergers and acquisitions for delivering 5G services to strengthen their presence and expand their product portfolios.
- However, due to the global COVID-19 pandemic, the governments across key countries have postponed the auction for 5G spectrums. This may hamper the market growth over the forecast period.