The latest report from ResearchAndMarkets estimates that the global 5G services market size will reach USD 664.75 billion by 2028, registering a CAGR of 46.2% from 2021 to 2028. The rapidly rising demand for ultra-reliable and low-latency data networks capable of providing enhanced mobile connectivity is expected to boost the market growth over the forecast period. The potential adoption of 5G services for remote patient monitoring and remote surgery applications is also anticipated to propel market growth from 2021 to 2028.
The 5G wireless technology is expected to completely transform the transportation and logistics industry by providing seamless Vehicle-to-Vehicle (V2V) and Vehicle-to-Infrastructure (V2I) connectivity. As such, the need to ensure strong, seamless, and uninterrupted connectivity with autonomous vehicles is estimated to drive the adoption of 5G services.
Furthermore, robust deployment of 5G network infrastructure is estimated to improve the operational efficiencies in several IoT use cases, including smart homes, smart cities, and industry 4.0. Hence, the rising need for high bandwidth to provide reliable communication to IoT devices is expected to elevate the overall market growth over the forecast period.
In some countries, such as the U.S., China, and Japan, the trend of monitoring energy systems of buildings remotely is rising gradually. This is expected to open new opportunities for rolling out 5G services over the forecast period. As such, the growing need for remote asset monitoring, drone control, and coordination, and smart grid control is anticipated to fuel the growth of the ultra-Reliable Low-Latency Communications (uRLLC) segment over the forecast period.