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5G Services Market Growing at a CAGR 29.4% | Key Player AT&T, China Mobile, SK Telecom, Verizon, BT Group

5G Services Market Growing at a CAGR 29.4% | Key Player AT&T, China Mobile, SK Telecom, Verizon, BT Group

“AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada (Canada), Etisalat( UAE), STC (KSA).”
5G Services Market by End User (Consumers and Enterprises), Enterprise (Manufacturing, Media and Entertainment, Transportation and Logistics, Government), Application, Communication Type (eMBB, MMTC, URLLC, and FWA), and Region – Global Forecast to 2026

MarketsandMarkets forecasts the global 5G services market size to grow from USD 53.0 billion in 2020 to USD 249.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 29.4% during the forecast period. A large number of developed countries have successfully laid the test beds for 5G services and are expected to roll out 5G services within one year. The monetization of 5G services is expected to take a couple of years more, as the offloading to 5G connectivity platforms is expected to take some more time. The transformation from 2G to 3G was mainly to offer better internet connectivity to mobile users, followed by better audio call routing. On the other hand, the transformation from 3G to 4G was primarily concerned with offering better Voice over Internet Protocol (VoIP) and Voice over Long-Term Evolution (VoLTE) services to end users. The transformation to 5G connectivity is considered to be a revolution in the connectivity industry. Machine-to-Machine (M2M) communication and latent-free services are the prime objectives of 5G services.

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Healthcare segment to grow at the highest CAGR during the forecast period

5G opportunities in healthcare rely on a combination of massive IoT and enhanced broadband to support telemedicine. 5G will help improve diagnoses requiring multiple connections at a remote site (patient dialysis at home or remote control of medical equipment). Telemedicine and connected equipment inside hospitals will be possible using 5G. For instance, massive IoT strides had already been taking place ahead of events in 2020. Consider Saratoga Hospital in Saratoga Springs, NY, US. The hospital found itself bogged down with administrative tasks, such as taking patients vital signs every few hours and manually logging the results. 5G services were dopted by the hospital to improve the service and healthcare during the pandemic.

uRLLC segment  is expected to grow at the highest CAGR during the forecast period

Ultra-reliable low-latency communication (URLLC) use cases such as autonomous systems and mission-critical control are going to gain traction, which increase the speed and quality of services in critical functions. The automotive industry has been an early adopter of various connectivity technologies. There has been a major impetus by car manufacturers to develop connection-ready cars, taking small steps forward within a long-term vision of autonomous vehicle control using URLLC. Service providers may decide to provide focussed offerings end-to-end as the principle B2B services provider. So for example they may supply services, including high-definition cameras to a car manufacturer that requires 5G and URLLC on a production line.

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The key and emerging market players in the 5G services market include  AT&T (US), China Mobile (China), SK Telecom (South Korea), Verizon (US), BT Group (UK), Deutsche Telekom (Germany), T-Mobile (US), China Telecom (China), Orange S.A (France), Vodafone (UK), China Unicom (China), Telstra (Australia), Telefonica (Spain), KT (South Korea), Rogers (Canada), Bell Canada(Canada), Etisalat( UAE), STC (KSA), LG U+( South Korea), NTT Docomo (Japan), KDDI (Japan), Telus (Canada), Swisscom (Switzerland), DISH (US), Reliance Jio(India), Rakuten (Japan), MTN ( South Africa), Airtel (India),and  Telenor Group (Norway). These players have adopted various strategies to grow in the global 5G services market.

China Mobile is focusing on customer, home, and business and new markets, referring it as the CHBN strategy. The firm is directed toward empowering China in terms of cyber power, digital nation, and smart society to implement the 5G+ plans, since June 2019, thus connecting all industries and enterprises. The firm had launched exclusive plans for 5G customers and feature services, such as ultra-high definition videos, cloud-based games, and full-screen video connecting tones. As of the end of February 2020, the 5G plans had attracted 15.40 million package customers. In terms of vertical sector, the firm combined 5G with AICDE capabilities, to facilitate 5G smart manufacturing, 5G remote medical services, and 5G automated mining. China Mobile recorded operating revenue up by 1.2% compared to last year with the telecommunications services revenue, registering a growth of 0.5% year-on-year.

SK Telecom launched 5G NSA (5G-LTE composite standard, non-standalone) in December 2018, with 5G and LTE networks for data transmission and reception. In 2019, it was launched at a broad scale and within nine months of the launch, 5G subscribers surpassed two million for the first time in the country, and provided a platform for new growth and global partnerships based on advanced 5G technical competencies and services, along with 5G roaming service, as one of the first in the world. In April 2019, SK Telecom introduced advancement into the hyper-generation of 5G with the launch of 5G memberships. SK Telecom’s 5G services leadership is actuated with partnerships with global companies for new services and products, such as cloud gaming, real-life experience services, and eSports. The firm is also focused on offering hyper-experience with the 5G infrastructure with the establishment of 5G-based wired and wireless network infrastructure, constituting 5G clusters, and innovating customer value by offering AR/VR services.

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