Global 5G Services Market is valued USD 5.29 Billion in 2019 and is projected is to exhibit 5.8% CAGR during the forecast period. The market is projected to be around USD 7.84 Billion by 2026. The market is driven by the rapid increase in the development of connected IoT devices.

5G is the fifth-generation wireless technology for digital cellular networks that promising much faster data downloads and uploads speeds, wider coverage, and more stable connections. As with previous standards, the covered areas are classified into regions called cells, serviced by individual antennas. Practically every major telecommunication service provider in the developed world is deploying antennas or aims to deploy them soon. The frequency spectrum of 5G is classified into millimeter waves, mid-band, and low-band.
5G Services Market Dynamics
The factors that drive the 5G services market are growing demand for reliable and ultra-low latency connectivity services, growing trends in the machine to machine communication, the rapid increase in the development of connected IoT devices, and continuous increase in data traffic. Additionally, growing development initiatives and increasing the use of cloud-based solutions are fuelling the growth of the market. High cost in the deployment of network services may hamper the growth of the market.

At the same time, the high cost involved in the deployment of network services may hamper the 5G services market. However, the infrastructural development initiatives such as smart cities and transition from on-premises legacy systems to cloud-based solutions provide lucrative opportunities for investors. The market has to face challenges like the vertical-focused business model, issues related to the global spectrum.
5G Services Market Insight
Based on the region, North America is expected to hold the highest market share in the 5G Services market during the forecast. In the US, Telcos have declared to roll-out 5G services much earlier as compared to that of other countries in a large number of states. On account of the growing adoption of modern technologies, such as IoT and smart cities, and the rising necessity for high-speed internet connectivity, telecom service providers have started trials and tests for 5G services.
5G Services Market Segmentation
The global 5G Services Market is segmented into Vertical, application, and region. On the basis of the Vertical the market is divided into smart cities, connected factories, smart buildings, connected vehicles, connected healthcare, connected retail, smart utilities, broadband, and voice. Based on application the market is segmented into mMTC and URLLC, eMBB, FWA. And based on the geography the market is further segregated into North America, Latin America, Europe and Asia Pacific.
5G Services Market Competitive Landscape
The key players in 5G Services Market are listed as AT&T, Airtel, BT Group, China Mobile, China Telecom, Deutsche Telecom, du, Korea Telecom, Sprint, Saudi Telecom Company, SK Telecom, Telstra, Vodafone, Verizon, and Other.