5G Services Market Report, Size, Trends, Analysis & Forecast 2030

As per their “Global 5G Services Market” report, the global market was valued at USD 98 billion in 2022, growing at a CAGR of 27% during the forecast period from 2023 - 2030 to reach USD 390 billion by 2030. 

Vertical Industries is undergoing a new wave of transformation due to numerous factors, such as societal changes, economic difficulties, and aging populations. Over the next 10 years, many industries will shift towards distributed production, connected goods, low energy processes, increased automation, collaborative robots, integrated manufacturing, and improved logistics. Taking advantage of the cost savings and optimizing operations by leveraging the most modern technologies in cellular, electronic, computer, and manufacturing fields, are the main drivers behind this transformation.

The Dire Need for the 5G Services

The development of renewables for new means of energy production, the evolution of traditional power grids into more flexible and robust smart grids that can support distributed generation and storage of power, and the dynamic routing of electricity flows using smart meters at homes, require the advancements in wireless technologies that can be provided by 5G. The entertainment and digital media sectors are undergoing a shift in focus towards content creation from both new commercial entrants and increased demand for user-generated content, ultra-high-definition media, and the confluence of broadcast and cable TV and digital media. Additionally, healthcare is making strides with regards to providing individualized healthcare that better utilizes connected technology and transitioning towards distributed patient-centred models of providing specialized care, both in person and remotely, by utilizing the latest cellular technologies.

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Media and Entertainment:

This vertical opportunity focuses on different types of multi-media services, including regular live/linear media, on-demand content, user-generated content, and gaming, to meet the demands of both stationary and mobile end users. Moreover, these end users are consuming media on an ever-increasing variety of devices, such as televisions, smartphones, tablets, wearables, and many other devices.

“5G and Intelligent Connectivity”: The combination of 5G, AI, and IoT will bring a whole new age of intelligent connectivity.

The development of 5G technology in parallel with the rapid advancements in the AI and IoT, this combination of flexible, high speed 5G networks with AI and IoT is developing new economy of new age connectivity powering highly contextualized and personalized experiences, delivering on demand. Furthermore, this combination will have prominent and positive impact on individuals, industries, society, and the economy transforming work, ways of communication and interactions, transformation, healthcare, almost every aspect of human lives. Artificial intelligence amalgamation with 5G will lead to existence of products and services such as personal assistance, robotics, speech image and video recognition, virtual augmented reality and computer vision, machine learning etc. and impact industries such as manufacturing, logistics, surgery and healthcare, gaming and multimedia, etc.

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Conclusion

The race for the next generation of connectivity is on, and the world is making strides towards faster and ultra-low latency era. With the advances in 5G technology, processes are becoming more efficient, achieving automations and equipment’s are becoming highly connected and smart. This is leading to an increasing internet traffic, and the world is on track to handle this seamlessly with their 5G networks infrastructure.

According to the UnivDatos, the surge in internet data traffic and the associated surge in automations, and the huge amount of media generations will drive the global scenario of the 5G Service.

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