The global 5G services market size is expected to grow by USD 2,208.2 billion by 2030, expanding at a CAGR of 56.7% from 2022 to 2030. 5G wireless mobile services have facilitated a fully mobile and connected environment, which offers customers a variety of use cases and business models. Furthermore, the 5G technology's faster data rates and exceptionally low latency is expected to improve the user experience for a variety of use cases, such as Ultra-High Definition (UHD) graphics, virtual reality (VR), seamless video chatting, and augmented reality (AR) gaming.
The rising demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management is set to drive market demand during the forecast period. In addition, the increased emphasis on creating partnerships between 5G system integration providers and telecom operators will accelerate the uptake of these services. The industry players are keen on gaining a competitive edge by incorporating technological transformations to increase their overall productivity and operational efficiency.
5G wireless technology can enhance productivity and cut down on operational costs; thus, transforming several industry verticals. Moreover, the continuous focus on enhancing energy monitoring and management and improving control over the energy generation and distribution network will accelerate market expansion in the forthcoming years.
Some of the largest economies, including the U.S. and China, are anticipated to continue making massive investments in the healthcare sector. For instance, the National Health Expenditure Account (NHEA) estimated a 7% rise in national healthcare spending between 2022 and 2030 in the United States, totaling more than USD 6.2 trillion. Modern healthcare emphasizes rendering technologically advanced therapies, which would fuel 5G adoption in the healthcare industry.
Along with healthcare and energy & utilities, the logistics and transportation industry is likely to offer promising opportunities to this market. For instance, the Vehicle-to-Anything (V2X) communication concept has paved the way for autonomous vehicles and connected cars. 5G will play a vital role in lowering traffic accidents by providing uninterrupted vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) communication.
Research Support Specialist, USA
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