According to the recent research report titled ‘5G Services Market Share, Size, Trends, Industry Analysis Report, By Communication Type; By End-Use; By Industry Vertical; By Region ; Segment Forecast, 2021 – 2027’, available with Market Study Report, global 5G services market valuation is expected to reach USD 498.3 billion by the year 2027.
 

As per the report findings, increasing integration of AV/VR technology across different sectors like retail, medical, automotive, and aerospace & defense is projected to drive the growth of global 5G services market in the ensuing years. Further, rising inclination towards on-demand content consumption among youth, facilitated by growing accessibility to a wide range of OTT services like Disney+, Hulu, Prime, Amazon, and Netflix is positively impacting the business landscape.
 

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Notably, 5G, a next-gen cellular technology, can provide download speeds up to 100 times faster than 4G LTE networks with better consistency and low latency. At present, the commercialization of this technology is steadily gaining traction across various parts of the world, with China leading the race, thereby  rendering a positive outlook on global 5G services industry size.
 

Moreover, collaboration between telecommunication providers & chipset providers, and smartphone manufacturers will further accelerate the deployment of 5G technologies. Therefore, the availability and use of 5G component in a cost-effective manner is likely to enhance the growth prospects of global 5G services market in the coming years.
 

Based on communication type, worldwide 5G services market is divided into mMTC, uRLLC, eMBB, and FWA. Speaking of end-use scope, the industry is bifurcated into connected healthcare, smart utilities, smart buildings, connected factories, connected vehicles, connected workers, and smart cities. In terms of industry vertical, the market is split into real estate, construction, BFSI, Oil &gas and mining, agriculture, retail, healthcare, transportation & logistics, IT & telecom, media & entertainment, and energy & utility.
 

Major players influencing global 5G services market trends are Vodafone Group plc, Verizon Communications Inc., Telstra Corporation Limited, Telecom Italia S.p.A., Sprint Corporation, SK Telecom Co., Ltd., Reliance Jio Infocomm Limited, NTT Docomo Inc., KT Corporation, Deutsche Telekom AG, China Telecom Corporation Limited, China Mobile Ltd., BT Group plc, Bharti Airtel Limited, and AT&T Inc.