According to the latest report by IMARC Group, titled “5G Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global 5G services market is expected to exhibit a CAGR of 52% during 2022-2027. Fifth-generation (5G) services are wireless technology that provides high-speed network reliability and quicker downloads. It virtually connects people, objects, devices, and machines while offering ultra-low latency, uniform user experience, and high-speed data. It is a unified air interface that is specifically designed with an extended capacity for empowering new deployment models while delivering new services, and a next-generation user experience. With the advent of 5G services, the mobile ecosystem has evolved and expanded while enabling precision agriculture, remote healthcare, safer transportation, and digitized logistics. As a result, it aid in enhancing all the critical components of information technology (IT) and telecom, media and entertainment, manufacturing, automotive, energy, and utility industries.
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The growing mobile network traffic majorly drives the global market. This can be attributed to the increasing adoption of data-capable devices and high-bandwidth applications that require a latent-free connection. For instance, the rising popularity of 8K video streaming and augmented reality (AR) applications are propelling the demand for 5G services. Since they allow a fully mobile environment by enhancing the amount of data transmitted over a wireless system, this is escalating the demand for 5G subscriptions, thereby supporting the market growth. Due to its advantageous features, such as low latency and high security and video capabilities that enable smooth communication services, are other growth-inducing factors.
Along with this, the rising dependency on digital infrastructure and the 5G network across banking, energy, healthcare, and entertainment industries are impacting the market growth favorably. For instance, the widespread integration of 5G services with public transportation systems for information and entertainment purposes. Furthermore, the increasing utilization of 5G technology for augmented reality (AR) and virtual reality (VR)-based games, ultra-high definition (UHD) videos, and video and voice callings are creating a positive market outlook. Some other factors driving the market further include rapid urbanization and accelerating penetration of the Internet of Things (IoT) in day-to-day activities and the rising need for high-speed data connectivity for various applications.
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Global 5G Services Market 2022-2027 Analysis and Segmentation:
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