The 5G services market is segmented by vertical, application, and region. The vertical segment consists of smart cities, connected factories, smart buildings, connected vehicles, connected healthcare, connected retail, smart utilities, broadband services, and voice. MarketsandMarkets forecasts the global 5G services market to grow from USD 53.93 billion in 2020 to USD 123.27 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period.
5G or fifth generation is the next generation of mobile technology that is designed particularly to increase the speed and responsiveness of wireless networks. The 5G technology would deliver data with ultra-high low latency i.e., less than 1 millisecond of delay. Furthermore, it would provide the maximum download speed of 20 gigabits per second. It would be a key enabler for Internet of Things (IoT), which would provide a platform to connect a large number of sensors, devices, and actuators with strict energy and transmission constraints for connected devices.
The major factors expected to drive the 5G services market growth are the rising demand for reliable and ultra-low latency connectivity services, increasing use of connected IoT devices, and growing data traffic. Among verticals, the connected vehicles vertical is expected to grow at the highest CAGR during the forecast period as the prime focus area of 5G is augmented connectivity within autonomous vehicles to enable their smooth deployment.
The smart cities vertical is expected to grow at the fastest growth rate during the forecast period. This high growth is attributed to the growing need for smart parking and increasing number of vehicles each year.
The eMBB (enhanced Mobile Broadband) segment is expected to have the largest market share during the forecast period, owing to the increasing volume of data traffic due to the proliferation of smartphone and IoT connected devices.
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The 5G services market in Europe is expected to experience strong growth in the coming years. This is because the region is the early adopter of new technologies, such as IoT and smart cities, and the need for high-speed internet connectivity. Additionally, the region has its dominance via sustainable and well-established economies, which enable it to invest heavily in Research and Development (R&D) activities.
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