5g Services Market Is Expected to Grow at a Cagr of 55%

According to a report by Fact.MR, the global 5G services market was valued at US$ 42 billion in 2020 and is expected to reach US$ 414 billion by 2031, with a CAGR of 28.6% during the forecast period (2021-2031). The market growth can be attributed to the increasing demand for high-speed internet and the growing adoption of IoT devices.

The report suggests that the consumer segment dominated the market in 2020 and is expected to continue to hold a significant market share during the forecast period due to the increasing demand for high-speed internet and the growing adoption of smartphones and other connected devices. Regionally, North America is expected to hold the largest market share due to the early adoption of 5G technology and the presence of key players in the region.

The report also highlights some of the key players operating in the global 5G services market, including AT&T, Verizon Communications, Inc., Huawei Technologies Co., Ltd., Nokia Corporation, Ericsson, Deutsche Telekom AG, China Mobile Limited, SK Telecom Co., Ltd., Telstra Corporation Limited, and Vodafone Group Plc. These companies are focusing on product innovation, partnerships and collaborations, and mergers and acquisitions to expand their market presence and improve their product offerings.

Furthermore, the report suggests that the COVID-19 pandemic has had a mixed impact on the 5G services market. While the pandemic has led to a decline in the demand for some services, such as live events and sports streaming, the increasing demand for remote work and online education has led to an increase in the demand for high-speed internet, driving the growth of the global 5G services market. This trend is expected to continue during the forecast period, driving the growth of the global 5G services market

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