5G Services Global Market Report 2023: Increasing 5G Subscriptions and Demand for Connected Cars to Boost Growth
June 07, 2023 04:13 ET| Source: Research and MarketsFollow
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Dublin, June 07, 2023 (GLOBE NEWSWIRE) -- The "5G Services Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global 5G services market reached a value of nearly $118.75 billion in 2022, having grown at a compound annual growth rate (CAGR) of 63.34% since 2019. The market is expected to grow from $118.75 billion in 2022 to $781.72 billion in 2027 at a rate of 45.78%. The market is then expected to grow at a CAGR of 32.28% from 2027 and reach to $3,166.25 billion in 2032.
Growth in the historic period resulted from increasing number of internet users, strong economic growth in emerging markets, an increasing adoption of 5G networks and increasing wireless technology.
Going forward, increasing 5G subscriptions, a rise in demand for connected cars, increasing smart homes, an increasing internet penetration, government initiatives and growth in the number of IoT devices will drive the market growth. Factors that could hinder the growth of the 5G services market in the future include high costs to end consumers and a shortage of skilled professionals.