New York, NY, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “5G Applications and Services Market By Communication Type (Enhanced Mobile Broadband, Fixed Wireless Access, Ultra-Reliable Low Latency Communications, and Massive Machine Type Communications), By End-Users (Residential, Industrial, and Commercial), and By Industry Vertical (Telecommunications, Energy & Utilities, Automotive, Banking, Media & Entertainment, Government, and Consumer Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2027”.

According to the research study, the global 5G Applications and Services Market was estimated at USD 132,840 million in 2020 and is expected to reach USD 663,960 million by 2027. The global 5G Applications and Services Market is expected to grow at a compound annual growth rate (CAGR) of 25.8% from 2020 to 2027.

5G or fifth generation is the term 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. Apparently, the International Telecommunications Union has reported that the speed of the 5G network is predicted to have a data rate of 20 GB/second for downlinking and 10GB/ second for unlinking. Furthermore, 5G provides new features including network slicing that assist the operators to generate many virtual networks in a sole 5G network.

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Top Players in 5G Applications and Services Market:

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Massive need for 5G infrastructure facility to drive the market trends

High demand for 5G infrastructure including low latency, high speed, and high bandwidth is likely to steer the expansion of 5G applications and services industry over the forecast timeline. Moreover, the increase in the 5G-driven consumer electronic items will contribute substantially towards the industry expansion during the forecast timeline. Apparently, many of the reputed firms like Samsung, Fujitsu, and Huawei are trying to invest massively for building strong 5G infrastructure, thereby driving the market growth.

Furthermore, an increase in the acceptance of the internet of things will further catapult the progress of the industry over the forecast timespan. Nonetheless, the escalating need for high initial investments will elevate the growth of the market during the period from 2019 to 2027. Additionally, the rise in hacking activities & growing Cybersecurity concerns is likely to pose a major challenge towards the market surge during the forecast timeline.

Also Read, 5G Wireless Ecosystem Market, [2020-2026]

A commercial segment to dominate the end-users landscape by 2027

The growth of the segment will be due to the massive use of 5G technologies in retail, transportation & logistics, BFSI, and media & entertainment sectors.

Automotive sector to contribute majorly towards the overall regional market revenue share by 2027

The growth of the segment is predicted to be owing to the wide use of 5G technology in cars with the 5G network set to play a major part in autonomous cars. Moreover, the 5G technology is predicted to help autonomous cars safe to drive.

The rise in the use of 5G technology for smart transportation due to the high demand for an increase in the network speed of the internet will further proliferate the market expansion. In addition to this, high acceptance of 5G in AR and VR technologies with the burgeoning need for high throughput, high data transfer speed, and increasing efficacy will drive the growth of the industry during the period from 2019 to 2027.

Global 5G Applications and Services Market: By Communication Type Segment Analysis

Global 5G Applications and Services Market: By End-Users Segment Analysis

Global 5G Applications and Services Market: By Industry Vertical Segment Analysis

Browse the full “5G Applications and Services Market By Communication Type (Enhanced Mobile Broadband, Fixed Wireless Access, Ultra-Reliable Low Latency Communications, and Massive Machine Type Communications), By End-Users (Residential, Industrial, and Commercial), and By Industry Vertical (Telecommunications, Energy & Utilities, Automotive, Banking, Media & Entertainment, Government, and Consumer Electronics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2027" report at https://www.fnfresearch.com/5g-applications-and-services-market-by-communication-type-95

The Asia Pacific to dominate the overall market growth during the forecast period

The growth of the regional market during the forecast period is projected to be due to a rise in the funding of smart city projects in countries like India and China. The 5G applications and services industry in the Asia Pacific is set to register the highest CAGR of nearly 26% during the period from 2019 to 2027.

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Key Features of 5G Applications and Services Report:

Browse More Related Reports:

5G Wireless Ecosystem Market: https://www.fnfresearch.com/5g-wireless-ecosystem-market-by-components-chipsets-small

5G Fixed Wireless Access (FWA): https://www.fnfresearch.com/global-5g-fixed-wireless-access-fwa-market-by  

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