5G Services: Introduction
- 5G is the fifth generation of mobile networks. It is a new worldwide wireless standard after 4G. It is expected to be one of the fastest and strongest technologies ever seen in the world.
- A 5G network is specially designed to reduce latency, increase speed, and improve the flexibility of the wireless network.
- 5G services help to improve the performance of business applications and other digital applications such as online gaming, video conferencing, and self-driving cars, due to low latency.
- The 5G services network is virtualized and software-driven, leveraging cloud technologies. 5G services also make mobility easier with open and transparent roaming abilities between cellular access and Wi-Fi.
- The new 5G services will also have a densely distributed access architecture and allow user to enable faster data processing.
- 5G services are expected to significantly increase the amount of data transmitted by the wireless system through wider bandwidth and state-of-the-art antenna technology.
- 5G services have higher frequencies and enhanced mobile broadband, and the 5G mobile network has the potential to be made up of low band, mid-band, and MM wave frequency.
- The global 5G services market is expected to grow during the forecast period due to rapid innovation in network visualization and increasing number of applications that require a latent-free connection.
Global 5G Services Market: Dynamics
Global 5G Services Market: Key Drivers
- Industries such as healthcare, retail, IT, telecom, media & entertainment, automotive, BFSI, and agriculture, have several types of service requirements including low power, high bandwidth, high speed, and ultra-low latency. Hence, 5G service adoption is increasing due to the increase in adoption of mobile broadband services, which would result in the growth of the 5G services market.
- Growing adoption of IoT, demand for high-speed networks, and continued progress of machine-to-machine communication networks are transforming diverse vertical sectors by connecting all types of devices, systems, services, and appliances. Hence, the global 5G services market is set to grow during the forecast period.
- The global 5G services market is also expected to grow during the forecast period due to increasing focus on safety and an improved driving experience with connected vehicles.
- In addition, the focus on providing reliable and robust communications during natural disasters such as earthquakes, floods, and hurricanes, is also estimated to boost the uptake of 5G services.
- However, the high cost of deployment of a 5G network restrains the global 5G services market.
Impact of COVID-19 on the Global 5G Services Market
- COVID-19 has a massive impact on small, medium, and large enterprises, and on various industries such as textiles, automotive, manufacturing, travel, hospitality, and transportation due to lockdowns at a country level across the globe.
- The telecommunications sector plays a key role globally to support a country’s digital infrastructure. Every individual and government in every state, local has been in constant touch with society to get information about COVID-19, resulting in huge scope for high-speed connectivity and a better service network, which is provided by the fastest network that is the 5G services network.
North America to Hold Major Share of the Global 5G Services Market
- The global 5G services market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is home to prominent regional players in the telecom industry who are continuously investing in building and advancing their infrastructure with technology. This is expected to increase the adoption of 5G services during the forecast period.
- The 5G services market is estimated to boost the growth of the Asia Pacific region over the forecast period due to the deployment of next-generation infrastructure for healthcare, media & entertainment, the manufacturing industry, etc. Additionally, demand for smartphones with high-speed data has resulted in 5G enabled smartphones across countries such as China, South Korea, Japan, and India.
Global 5G Services Market: Competition Landscape
- Various key players are active in the 5G services market such as AT&T Inc., Vodafone Group plc, and Nokia.
- In January 2021, AT&T launched 5G services in various areas of Tampa, U.S., such as the Tampa Airport, and in Channel District, providing the fastest data by connecting more devices and more people.
- In January 2021, T-Mobile with Ericsson and Nokia signed a multi-billion dollar agreement for delivering the fasted 5G services across countries.
Key players operating in the global 5G services market include:
- AT&T Inc.
- Vodafone Group plc
- BT Group plc
- China Mobile Ltd.
- Bharti Airtel Ltd.
- Deutsche Telekom AG
- KT Corporation
- China Telecommunications Corporation Ltd.
- Verizon Communications, Inc.
- NTT Docomo Inc.
- Sprint Corporation
- Reliance Jio Infocomm Ltd.
- Telenor Group
Global 5G Services Market: Research Scope
Global 5G Services Market, by Type
- Fixed Wireless Access (FWA)
- Ultra-reliable and Low Latency Communications (uRLLC)
- Enhanced Mobile Broadband (eMBB)
- Massive Machine-type Communications (mMTC)
Global 5G Services Market, by End-user
Global 5G Services Market, by Enterprise
- Energy and Utilities
- Media and Entertainment
- Transportation and Logistics
Global 5G Services Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.