5G Applications and Services Market Size, Share, Growth Report 2032

5G Applications and Services Market: Size

The global 5G Applications and Services market size was worth around USD 71.85 billion in 2023 and is predicted to grow to around USD 761.88 billion by 2032 with a compound annual growth rate (CAGR) of roughly 30% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the 5G Applications and Services market on a global and regional level.

Request Free Sample

5G Applications and Services Market: Overview

Technically advanced features offered by the overall 5G infrastructure, such as low latency, high bandwidth, and supreme speed, have contributed to the development of the 5G applications and services market globally. 5G infrastructure is designed in such a way that they offer the lowest latency, i.e., of 1 MS or below. This not only increases the speed but also drastically reduces the response time of data or information transfer. Furthermore, the rising number of 5G-enabled consumer electronics devices is likely to act as an add-on to the market growth over the forecast time period. Companies like Samsung, Huawei, and Fujitsu are focusing on investing in 5G technology. In 2018, Samsung announced investments worth USD 22 billion to be utilized over the next three years in technologies like 5G, Artificial Intelligence (AI), etc. Thus, it is expected that the demand for 5G applications and services will drive the 5G applications and services market in the future.

5G is designed to be the prime network for “Internet of Things” (IoT) use to support a large number of devices that require a long battery life, which will utilize two narrowband technologies to reduce network complexities. The increasing adoption of smart devices in the IoT network is fueling the global 5G applications and services market. The overall IoT market size in 2020 is likely to be worth USD 195 billion. IoT is being adopted in various sectors, such as healthcare, automotive, IT and telecom, consumer electronics, BFSI, etc. It is expected that the 5G network will play a key role in IoT development, owing to its technological benefits over 4G networks, such as high speed and reliable connection. This is expected to attract numerous customers from different sectors to subscribe to 5G in the future. This, in turn, will further boost the 5G applications and services market globally in the years ahead.

Request Free Sample

5G Applications and Services Market: Segmentation

The study provides a crucial view of the 5G applications and services market based on communication type, end-user, industry vertical, and region. All the market segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

On the basis of communication type, the 5G applications and services market includes enhanced mobile broadband, ultra-reliable low latency communications, massive machine type communications, fixed wireless access, and others. The fixed wireless access segment is expected to hold the largest market share, whereas massive machine type communications will show the highest growth rate over the forecast time period.

Based on end-user, the 5G applications and services market includes residential, commercial, and industrial.

By industry vertical, the market includes telecommunications, automotive, government, media and entertainment, consumer electronics, banking, energy and utilities, and others.

5G Applications and Services Market: Report Scope

5G Applications and Services Market: Regional Analysis

The regional segment comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe.

By region, North America is expected to grow considerably in the years ahead, owing to the presence of developed economies like the U.S. and Canada. The U.S. is projected to make significant contributions to the growth of the North American 5G applications and services market. The European 5G applications and services market is likely to be driven by the increasing demand for 5G in Germany and the UK in the future.

5G Applications and Services Market: Competitive Players

Some noticeable players of the global 5G applications and services market include:

• Airtel India
• AT&T Intellectual Property
• China Mobile Limited
• Cisco
• Deutsche Telekom AG
• EITC
• Intel Corporation
• KT Corp.
• Nokia
• NTT Docomo
• Samsung
• Ericsson
• Telefónica S.A.
• Telstra Wholesale
• Verizon Wireless
• Vodafone Limited

The Global 5G Applications and Services Market is segmented as follows:

Global 5G Applications and Services Market: By Communication Type

• Enhanced Mobile Broadband
• Ultra-Reliable Low Latency Communications
• Massive Machine Type Communications
• Fixed Wireless Access
• Others

Global 5G Applications and Services Market: By End-User

• Residential
• Commercial
• Industrial

Global 5G Applications and Services Market: By Industry Vertical

• Telecommunications
• Automotive
• Government
• Media and Entertainment
• Consumer Electronics
• Banking
• Energy and Utilities
• Others

Global 5G Applications and Services Market: By Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa