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The rising demand for high-speed data and voice connectivity for the internet of things (IoT) applications is projected to drive the adoption of 5G services. Besides, low latency and faster data speeds offered by the 5G technology would likely enhance the adoption of 5G services in near future. The growing proliferation of augmented reality (AR) gaming, virtual reality (VR), seamless video calling, and ultra-high definition (UHD) videos would be likely to drive the 5G service market. Thus, improvements in connected internet of things (IoT) devices will produce a significant demand for 5G services. Significant investments by various government and private entities for advanced network infrastructure services would fuel the growth of the 5G service market
5G system integration providers are increasingly focusing on building partnerships with the telecommunication operators to enhance the adoption of 5G services.
Smart infrastructure projects such as smart energy grids, smart buildings, smart cities, and others demand robust network connectivity. Also, the growing proliferation of cloud-based applications further escalated the demand for advanced network infrastructure. Moreover, the government's significant investments and supportive initiatives are further supporting 5G wireless service market growth.
Key Market Driver -
• Growing demand for high speed data and uninteruupted voice service would be likely to drive the 5G service market • Developing smart infrastructure projects would likely to accelerate demand for 5G service demand
Key Market Restraint -
• High initial costs and complex infratstructure to limit the adoption
The global 5G service market is operated by numerous, well-established, global market players. These well-known companies are coming up with various organic and inorganic business strategies to stay competitive in the global market. Prominent market players are focusing on strategic associations and collaborations with telecom network service providers. New product launches and product enhancements help vendors to strengthen their market position. Several market players are putting in research and development activities to develop 5G supportive products and solutions.
The key players operating the global 5G Services market include AT&T Inc., BT Group plc, China Mobile Ltd., China Telecom Corporation Limited, Bharti Airtel Limited, KT Corporation, Saudi Telecom Company, Vodafone Group, Deutsche Telekom AG, SK Telecom Co., Ltd., Verizon Communications Inc., NTT Docomo, Telecom Italia, Sprint Corporation, and among others.
North America is anticipated to hold a significant share in the global 5G service market owing to significant network infrastructure developments. North America has been an early adapter of the 5G network service. According to the report entitled ‘Mobile Economic North America 2020’, publicized by GSMA Intelligence, over half of the total mobile connections in North America will be running on 5G network service in the coming years. Several telecommunication vendors have already planned to roll-out 5G services across the region, supporting substantial market growth. North America is forefront in adopting smart infrastructure projects and the internet of things (IoT) based applications. In April 2019, the United States-based telecom operators launched 5G services for smartphone users, witnessing substantial development of 5G services across the region.
Europe is also expected to contribute significantly to the global 5G service market, and its growth is mainly attributed to rigorous research and development activities in the region. The European Union has adopted a 5G action plan to start launching 5G services in Europe. The significant demand for an uninterrupted 5G coverage in the European urban areas supports the market growth. Europe countries such as United Kingdom, France, and Germany are representing strong demand for broadband network services, which are also likely to contribute to the 5G service market growth positively
Te Asia Pacific is anticipated to be the fastest growing market for 5G service during the forecast period. The government across the region is investing significantly to develop advanced network infrastructure. Numerous market players are demonstrating substantial investments to roll out the 5G services across the Asia Pacific. Thus, the high investments for improving network connectivity can catalyze the 5G service market growth in the Asia Pacific.
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