5G Applications and Services Market Scope
5G is the fifth-generation wireless technology that is used for describing the next-gen of mobile network and is more advanced as compared to the LTE mobile network. Moreover, the launching of this new technology will help in raising the speed of the wireless network. Beyond speed improvement, 5G is expected to unleash a massive IoT ecosystem where networks can serve communication needs for billions of connected devices, with the right trade-offs between speed, latency, and cost. Furthermore, 5G provides new features including network slicing that assist the operators to generate many virtual networks in a sole 5G network.
According to AMA, the Global 5G Applications and Services market is expected to see growth rate of 23.5%5G Applications and Services market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global 5G Applications and Services market throughout the predicted period.
AT&T (United States), Cisco Systems Inc. (United States), Intel (United States), Nokia (Finland), Samsung (South Korea), Vodafone Limited (United Kingdom), Ericsson (Sweden), Verizon Wireless (United States), Deutsche Telekom AG (Germany) and Airtel (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are China Mobile (China), EITC (United States), KT Corp (South Korea), NTT Docomo (Japan) and Telstra Wholesale (Australia).
Segmentation Overview
The study have segmented the market of Global 5G Applications and Services market by Type (Enhanced Mobile Broadband (eMBB), Ultra-Reliable Low Latency Communications (URLLC), Massive Machine Type Communications (mMTC) and Others), by Application (Mobile, eHealth, Autonomous Vehicles, Smart Cities, Smart Homes, Industrial IoT and Others) and Region with country level break-up.
On the basis of geography, the market of 5G Applications and Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Reduce Inequality by Increasing Access and Lowering the Cost of Essential Services and Rapid increase in the development of connected IoT devices
Market Growth Drivers:
High Demand For 5G Infrastructure Including Low Latency, High Speed, and High Bandwidth, Rise In Demand for Reliable and Ultra-Low Latency Connectivity Services, Increase in the 5G-Driven Consumer Electronic Items and Huge Investments by Reputed Firms and Stakeholders
Challenges:
Spectrum Allocation Is a Critical Regulatory and Technical Issue, Requirement of Stable and Transparent Ecosystem and Growing Cybersecurity Concerns & Hacking
Restraints:
High Initial Cost involved in the Deployment of Network Services
Opportunities:
Latest Technologies Enabled Applications such as Autonomous Cars and Smart Cities, Transition from On-Premises Legacy Systems to Cloud-Based Solutions and Private Networks with Applications in Industrial IoT, Enterprise Networking, and Critical Communications
In November 2020, Cisco launched the 5G Showcase to accelerate 5G adoption in Japan. 5G In next-generation communication method that accelerates the digital transformation of society and brings innovation to businesses of all industries
The first standards supporting the deployment of non-standalone and standalone 5G and the first applications. 3GPP is leading the standardization of 5G. As 5G involves operators, equipment vendors, and industry stakeholders, broad-based cooperation is needed to create consensus.
Key Target Audience
5G Application & Service Providers, Technical Developers & Engineers, Telecom Operators & Service Providers, Electronic & Communication Devices Manufacturers, Investors & Stakeholders, End-Use Industries and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.