The Business Research Company’s 5G Services Global Market Report 2021: COVID-19 Growth And Change To 2030
TPG Telecom, the second-largest telecommunications company listed on the Australian Securities Exchange, has agreed to acquire mid-band 5G spectrum holdings from Dense Air. The deal will involve the acquisition of all the shares of an Australian subsidiary of Dense Air Limited, which holds the spectrum licenses, by a wholly-owned subsidiary of TPG Telecom. Besides, another transaction will involve the acquisition of 2.6 GHz spectrum licenses of TPG Telecom By Dense Air Limited. All these transactions are expected to be complete by September 2021. TPG has been making efforts to consolidate its mobile telecom spectrum license holdings – it teamed up with Telstra to restack two bands in their combined radio spectrum holdings. These arrangements from telecom industry players are apparent, given the significant growth forecasts for the 5G services market according to the latest report by The Business Research Company.
As per data on the Global Market Model, the 5G services market is expected to grow from $69.39 billion in 2020 to $83.24 billion in 2021 at a compound annual growth rate (CAGR) of 20%. The 5G services market is expected to reach $188 billion in 2025 at a CAGR of 23%.
The rising digital economy is expected to be a major driver for the 5G market. There is an increase in broadband and internet penetration, consumption of premium content digitally, exponential growth in data absorption, government’s focus on digitalization in developing and developed nations, and an increasing trend of technology adoption across industries. The evolution in the digital economy will require significant performance in terms of speed and will pave way for the increase in the demand for 5G services. As a result, companies in the telecom industry are expanding their capabilities in the 5G space. For instance, AT&T is making instant connectivity and higher speeds possible for its customers to consume premium content by expanding their fiber network and enhancing wireless networks through 5G deployment.
The Internet of Things (IoT) that has been transforming businesses and peoples’ lives is continuing to ignite innovations. IoT represents one of the key growth opportunities for 5G telecommunication service providers. A number of factors, including increased demand from consumers and enterprises and the availability of more affordable devices, are driving the adoption of the Internet of Things, which in turn is expected to drive the 5G market. 5G will be driven largely by IoT applications including remote healthcare, traffic safety and control, smart grid automation, industrial application and control, and remote manufacturing, training, surgery, and education. Growth in IoT technology will drive significant operator investment in 5G technology, spectrum, and infrastructure.
The introduction of AI-powered services is a major trend shaping the growth of the 5G services market. The commercial usage of 5G services is expanding rapidly. The growth in the number of connections and cloud-based AR or VR is generating higher demand for 5G services with greater bandwidth, wide coverage, and low latency networks. Huawei started applying AI to technical work and business processes to serve its customers and as of 2019, Huawei provided more than 5,80,000 cases of technical support on more than 1,700 networks across the globe. Therefore, the introduction of AI in 5G services to increase accuracy and agility is expected to act as a major trend for the 5G services market.
The 5G Services Global Market Report is one of a series of new reports from The Business Research Company that provides 5G services market overviews, analyzes and forecasts 5G services market size, share, 5G services market players, 5G services market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.
About The Author
Moïn has over a decade of experience in market research, analysis, and consulting. He has worked with some prominent market intelligence firms in India including Progressive Digital Media, Ovum, and GlobalData. At TBRC, he is involved in reporting insights on technology and media sectors, along with market data and trend analysis, and understanding competition dynamics. His project experience includes a market strategy study for an AI-based marketing software for telecom companies. He has worked for several clients including Amazon, Sony, Flytxt, Fujitsu, and several tech companies. He has a bachelor’s degree in Biotechnology and a postgraduate degree in management from IMI Belgium.
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