GVR Report cover 5G Services Market Size, Share & Trends Report

5G Services Market Size, Share & Trends Analysis Report By Communication Type (FWA, eMBB, uRLLC, mMTC), By Vertical (Manufacturing, IT & Telecom, BFSI), By Region (Asia Pacific, North America), And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-3-68038-435-2
  • Number of Pages: 125
  • Format: Electronic (PDF)
  • Historical Range: 2020 - 2021
  • Industry: Technology

Report Overview

Global 5G services market size was valued at USD 60.61 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 59.4% from 2023 to 2030. 5G wireless mobile services enable a fully mobile and connected environment by delivering a wide range of use cases and business models to consumers. Moreover, faster data speeds and extremely low latency offered by 5G technology would enhance the user experience while using 5G services for several use cases, such as Virtual Reality (VR) and Augmented Reality (AR) gaming, seamless video calling, and Ultra-High Definition (UHD) videos, among others. Growing demand for high-speed data connectivity for unified Internet of Things (IoT) applications, such as smart home energy management, is estimated to propel the adoption of these services over the forecast period.

North America 5G services market size by communication type, 2020 - 2030 (USD Billion)

Moreover, the rising focus on building partnerships by 5G system integration providers with telecom operators is estimated to augment the adoption of these services. Many industry verticals are focusing on technological transformations to improve their overall productivity and operational efficiency as part of efforts to sustain in a highly competitive environment. 5G wireless technology holds the potential to help in realizing remarkable transformations across all these verticals through reductions in overall costs and enhancement in productivity. Continued emphasis on improving energy monitoring and management, as well as gaining better control of the energy generation and distribution network, is also expected to boost market growth over the forecast period.

When it comes to healthcare, some of the largest economies, such as the U.S. and China, are expected to continue investing heavily in the provision of healthcare facilities. For instance, the National Health Expenditure Accounts (NHEA) of the U.S. expects overall healthcare spending in the country to reach more than USD 6.2 trillion by 2030, exhibiting a CAGR of nearly 7% from 2022 to 2030. Modern healthcare would particularly focus on administering technology-driven treatments to patients, thereby driving market growth over the forecast period. Apart from energy & utilities and healthcare, transportation & logistics is another industry vertical that can offer potential opportunities to this market.

For instance, the concept of Vehicle-to-anything (V2X) communication has paved the way for connected vehicles and autonomous driving. 5G services would play a crucial role in providing seamless Vehicle-to-Infrastructure (V2I) communication and Vehicle-to-Vehicle (V2V) communication to reduce the chances of accidents on roads. The growing emphasis on ensuring a safe and enhanced driving experience with connected vehicles is expected to drive market growth over the forecast period. Next-generation 5G technologies are increasingly being used in public transportation applications.

These technologies can provide broadband access for public transportation systems, such as buses and high-speed trains, to provide high-speed internet in transit for entertainment, information, and interaction with smart mobility components. This, in turn, is expected to fuel market growth. Moreover, the strong emphasis on providing reliable and robust communication during natural disasters, such as floods, hurricanes, and earthquakes, is further estimated to spur the adoption of 5G services. However, governments are quoting significantly high prices for service providers for procuring the 5G spectrum. Service providers would have no other option but to pass on these costs to the end-users.

Thus, high spectrum prices and the subsequent hike in 5G service subscription prices are expected to hinder market growth to some extent. As the market is in the introduction phase, several key service providers across the globe are investing in deploying modern network infrastructure to tap the maximum subscriber base in their region. However, the outbreak of COVID-19 has put the deployment of several 5G cores and base station infrastructures on hold across the globe. In addition, spectrum auctions for 5G services have been postponed by several federal governments across key countries, such as Spain, the U.S., and France, which will hinder market growth.

Market Dynamics

5G technology is the 5th generation of mobile networks. It is a global wireless standard that enables a new type of network, virtually connecting everything from people, machines, and objects to devices. 5G services deliver higher data speeds with more reliability, ultra-low latency, massive network capacity, increased availability, and a more consistent user experience. The higher performance and improved efficiency enabled by 5G services can empower new experiences and open opportunities for utilizing 5G services for new, innovative use cases across different industries and industry verticals. For instance, 5G services have a massive opportunity of transforming the manufacturing sector. According to a study published by Wipro, a technology & IT consulting Service Company, the benefits of 5G to the global manufacturing sector could amount to USD 740 billion by 2030. In addition to automation, AI/ML, AR/VR, and robotics, manufacturers can also use 5G services to enable IoT at their factories, which can significantly increase the visibility and efficiency of the manufacturing process & supply chain and operational productivity of the manufacturing plant.

Communication Type Insights

Enhanced Mobile Broadband (eMBB) segment dominated the market with a share of more than 40% in 2022 and is expected to grow considerably over the forecast period. The high share is attributed to the preliminary focus by 5G network operators on delivering enhanced broadband capabilities for applications, such as high-speed cloud-based gaming, AR/VR, UHD video, and uninterrupted video calls. The initial phase of the rollout is expected to focus on a 5G wireless non-standalone deployment model. eMBB provides extremely high data speeds for residential and commercial use.

Thus, eMBB is expected to cater to several use cases, such as in-vehicle infotainment, 4K video access, and virtual meetings, thereby driving the segment's growth. The massive Machine-Type Communications (mMTC) segment is expected to witness the fastest CAGR from 2023 to 2030. Massive machine-type communications are envisaged, catering to the growing need for a developed digital ecosystem. mMTC focuses on providing services for high connection density applications, such as smart buildings and smart cities. The growing need to ensure uninterrupted connectivity for all the IoT devices deployed in a network is anticipated to contribute to the growth of the mMTC segment over the forecast period.

Vertical Insights

The enterprise segment led the market in 2021 and held the largest revenue share of 94.0%. The segment is expected to continue its dominance over the forecast period due to significant investments by key players in the latest technologies for communication. The growing demand for higher data speeds for residential and commercial applications is estimated to drive the growth of the IT & telecom segment over the forecast period. 5G services are expected to deliver ubiquitous broadband access between homes and offices, which would encourage remote consultation with specialists and reduce business travel. The growing need for enhanced broadband capacity for virtual business meetings is anticipated to propel the segment growth during the forecast period.

Global 5G services market, by Vertical, 2022 (%)

The manufacturing sector has been digitalizing rapidly. As such, production lines are being automated continuously to enhance overall productivity. This has triggered the need for seamless wireless communication between the robots, sensors, actuators, and other devices installed in manufacturing facilities. Thus, the manufacturing segment is expected to exhibit the fastest CAGR over the forecast period. Moreover, key verticals, such as healthcare, are expected to see considerable adoption of services to provide enhanced telemedicine and healthcare emergency services during and post-pandemic.

The consumer segment is expected to grow at the highest CAGR of 71.4% during 2023–2030. This growth is attributed to the increasing commercialization of 5G services for consumer applications across various countries, including the U.S., China, Japan, Germany, and South Korea. The number of 5G subscribers is increasing at a faster rate since 5G provides lower latency, higher speed, and greater capacity as compared to 4G LTE networks.

Regional Insights

Asia Pacific led the market in 2022 with a share of over 40% and is estimated to expand further at the fastest CAGR during the forecast period. Key market players in APAC, such as China Telecom, China Mobile, SK Telecom, and KT Corp., are investing aggressively in rolling out 5G network infrastructure in China, Japan, and South Korea. Most of these investments are for the deployment of next-generation infrastructure for media & entertainment, transportation & logistics, healthcare, and manufacturing industry verticals. These investments are estimated to propel the growth of the Asia Pacific regional market over the forecast period. Moreover, the high demand for smartphones supporting higher data speeds has resulted in robust production of 5G-enabled smartphones across the region.

5G Services Market Trends by Region

5G services are expected to gain traction as key smartphone manufacturers in the region, such as Huawei Technologies Co. Ltd., Samsung Electronics Co., Ltd., and BBK Electronics Corp., continue to launch 5G-enabled smartphones in response to rising demand. North America was the second-largest regional market in 2022. Some of the most significant investments in deploying 5G network infrastructure are materializing in the U.S. For instance, according to GVR analysis, mobile operators based in the U.S. invested around USD 250 billion in mobile network infrastructure rollout between 2010 and 2017. The aggressive investments in the country in building smart homes, establishing smart industries, and rolling out smart city projects are expected to contribute to the growth of the regional market over the forecast period.

Key Companies & Market Share Insights

The global market is highly fragmented as several regional telecom service providers are investing in deploying next-generation infrastructure. This will help companies gain a huge customer base in the market. In addition, these market players are strategically focusing on mergers and acquisitions to strengthen their foothold in the global market. For instance, in September 2018, T-Mobile signed an agreement with Ericsson to support T-Mobile’s 5G deployment in the U.S.

Moreover, key market players are also investing heavy amounts in acquiring the necessary spectrum. Having an adequate spectrum would allow companies to strengthen their overall portfolios and increase their subscriber base across various countries. For instance, in April 2018, BT Group plc’s Enterprise (EE) segment acquired 40 MHz of 3.4 GHz spectrum (3540 - 3580 MHz spectrum frequencies) for around USD 426.5 million. The company plans to utilize the spectrum to provide next-generation improved internet services in the U.K. Key players in the global 5G services market include:

  • AT&T, Inc.

  • BT Group plc

  • China Mobile Ltd.

  • China Telecom Corporation Ltd.

  • Bharti Airtel Ltd.

  • NTT Docomo

  • KT Corp.

  • Saudi Telecom Company

  • Vodafone Group

  • Deutsche Telekom AG

  • SK Telecom Co., Ltd.

  • Verizon Communications, Inc.

  • T-Mobile USA, Inc.

  • Rakuten Mobile Inc.

Recent Developments

  • In June 2023, Vodafone UK merged with Three UK for creating one of Europe’s best in class 5G network service with reliability, great coverage, and high-speed data connectivity.

  • In June 2023, T-Mobile USA Inc. collaborated with the City of Bellevue to jointly launch a network-based Cellular Vehicle-to-Everything (C-V2X) technology. This technology along with T-Mobiles’s 5G network service will provide real-time communication between traffic infrastructure, vulnerable road users, and cars.

  • In June 2023, BT Group Plc partnered with Lyca Mobile for providing customers of Lyca with cost-effective mobile connectivity of 4G and 5G radio access network.

  • In April 2023, AT&T, Inc. initiated plans to expand 5G standalone technology service by including MIMO, and carrier aggregation technologies for improving data rates, signal quality, and overall performance.

  • In March 2023, SK Telecom Co., Ltd. Collaborated with Dell Technologies for the launch of a 5G mobile edge computing (MEC) solution. MEC is a significant technology for 5G services including immersive media, autonomous driving, and smart factories.

  • In March 2023, Bharti Airtel Ltd. Launched unlimited 5G data services for its customers with the purpose of making them experience the power of Airtel 5G Plus network service.

  • In February 2023, Saudi Telecom Company signed an agreement with SKYFive Arabia to introduce broadband inflight connectivity to airlines in Saudi Arabia, and in the MENA region. The purpose is to offer a reliable and faster 5G internet connection for international and local flights.

  • In February 2023, NTT Docomo developed a RAN Intelligent Controller (RIC) to enable multivendor interoperability for open radio access networks in the current era of 5G services.

5G Services Market Report Scope

Report Attribute


Market size value in 2023

USD 84.31 billion

Revenue forecast in 2030

USD 2,208.2 billion

Growth rate

CAGR of 59.4% from 2023 to 2030

Base year for estimation


Historical data

2020 - 2021

Forecast period

2023 - 2030

Quantitative units

Revenue in USD billion/trillion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Communication type, vertical, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Russia China; Japan; India; South Korea; Brazil; Mexico

Key companies profiled

AT&T, Inc.; BT Group plc; China Mobile Ltd.; China Telecom Corporation Ltd.; Bharti Airtel Ltd.; NTT Docomo

KT Corp.; Saudi Telecom Company; Vodafone Group; Deutsche Telekom AG; SK Telecom Co., Ltd.; Verizon Communications, Inc.; T-Mobile USA Inc.; Rakuten Mobile Inc.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Global 5G Services Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2023 to 2030. For the purpose of this study, Grand View Research has segmented the global 5G services market report based on communication type, vertical, and region:

Global 5G Services Market Segmentation

  • Communication Type Outlook (Revenue, USD Billion, 2020 - 2030)

    • FWA

    • eMBB

    • uRLLC

    • mMTC

  • Vertical Outlook (Revenue, USD Billion, 2020 - 2030)

    • Consumer

    • Enterprises

      • Manufacturing

      • Public Safety

      • Healthcare & Social Work

      • Media & Entertainment

      • Energy & Utility

      • IT & Telecom

      • Transportation & Logistics

      • Aerosapce & Defense

      • BFSI

      • Government

      • Retail

      • Mining

      • Oil & Gas

      • Agriculture

      • Construction

      • Real Estate

  • Regional Outlook (Revenue, USD Billion, 2020 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Russia

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

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