Report ID: 10352413 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
Global 5G Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global 5G market is estimated to garner a notable by the end of 2031 by growing at a CAGR of ~48% over the forecast period, i.e., 2022 – 2031. Further, the market generated a significant revenue in the year 2021. The growth of the market can be attributed to the increase in data consumption. For instance, the total number of data created, copied, and consumed across the globe accounted for more than 60 zettabytes in the year 2020.
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5G refers to the fifth generation of mobile networks and it is a new global wireless standard after 1G, 2G, 3G, and 4G networks. Moreover, 5G enables a new type of network capable of connecting virtually everyone and everything, including machines, objects, and devices. With the rapid innovation in virtualization, there has been an increase in the number of internet users around the world. As per the World Bank, the percentage of individuals using the internet has been increased to 60 percent in 2020 from 46 percent in 2017
Individuals Using Internet (% of Population), 2017-2020, Worldwide
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Global 5G Market: Growth Drivers and Challenges
Growth Drivers
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Reduction in the Energy Consumption – The high-speed of 5G services reduces energy consumption and it is expected to drive the growth of the global 5G market. The global renewable energy consumption has increased to more than 40 EJ worldwide in the year 2021
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Increase in the Demand for IOT Devices – Advancement in the form of more IOT device connections is projected to surge the growth of the global 5G market. As per the Mobile Economy Report 2019 published by the GSM Association, the total number of IOT connections worldwide will be approximately 25 Billion
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Rise in the Number of Smartphones– The rise in the number of smartphones will increase the number of 5G network subscribers and it is expected to upsurge the growth of the global 5G market. There were more than 3 billion smartphone users across the globe in the year 2020.
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Surging Investment by Government– There have been increasing initiatives taken by the government in order to deploy 5G networks across the globe. Therefore, it is anticipated to drive the growth of the global 5G market. As per the Federal Communications Commission, 9 Billion fund has been set up for deploying 5G wireless mobile services in rural America in October 2020
Challenges
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High Cost of the 5G Infrastructure
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Lack of Skilled Workers for Operating 5G
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Slow Adoption of 5G Services Among the People
The global 5G market is segmented and analyzed for demand and supply by applications into healthcare, automotive, consumer electronics, manufacturing & utilities, retail, and others. Out of these, the manufacturing & utilities segment is anticipated to hold the largest share over the forecast period owing to the growing trend among manufacturing utilities to automate their operations through the Internet of Things, artificial intelligence, and cloud computing. For instance, the sale of industrial robots has been increased by triple growth in the year 2018, representing approximately more than 420, 000 units across the globe.
Global 5G Market Regional Synopsis
Regionally, the global 5G market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of growing high-speed networks among consumer electronic devices, manufacturing units, and others. Moreover, there has been a huge deployment of 5G networks across the region followed by the advancement in the technologies. In the year 2019, the 5G service subscription was nearly 1.0 Million in the United States.
Market Segmentation
Our in-depth analysis of the global 5G market includes the following segments:
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By Applications |
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By Component |
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By Offerings |
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Key Companies Dominating the Global 5G Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global 5G market that are included in our report are LM Ericsson, Vodafone Group Plc., AT & T Intellectual Property, Verizon, ALE International, NTT DOCOMO, Huawei Technologies Co., Ltd., Telefonica S.A., Bharti Airtel Limited, Orange SA, and others.
Global 5G Market: Latest Developments
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July, 2022: LM Ericsson announced the acquisition of Vonage Holdings Corp for supporting the Ericsson strategy in order to grow its mobile network business and expand into enterprise.
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July, 2022: Orange SA, announced its agreement with MASMOVIL that will provide significant efficiency gains through rising investments in 5G and FTTH to benefit SPAIN customers.
Key Reasons to Buy Our Report
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The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
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The report includes detailed company profiles of the major players dominating the market.
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We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
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We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.
Frequently Asked Question
The market is segmented by applications, offerings, component, and by region.
The manufacturing & utilities segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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Report ID: 10352413 |
Published Date: 21 Mar 2025 |
Report Format: |
Delivery Timeline: 48-72 Business Hours
