At 58.9% CAGR, Asia Pacific 5G Services Market is Projected to be Worth US$ 15,20,412.67 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific 5G services market was valued at US$ 37,463.95 million in 2023 and is expected to reach US$ 15,20,412.67 million by 2031, registering a CAGR of 58.9% from 2023 to 2031. Emerging use cases for 5G and increase in adoption of IoT devices are among the critical factors attributed to drive the Asia Pacific 5G services market growth.

Emerging use cases for 5G are transforming a wide range of industries, unlocking new possibilities that were previously out of reach with earlier network technologies. One of the most promising areas is autonomous vehicles. 5 G's low latency and high-speed capabilities are significant for real-time communication among vehicles, infrastructure, and cloud systems. This enables vehicles to make split-second decisions, improving safety and driving efficiency. Applications such as V2X communication enable cars to communicate with traffic lights, pedestrians, and other vehicles for smoother and safer traffic management. Industrial automation, one of the key roles of smart factory 5G, shows how, in real-time, a machine may interact and communicate with optimized production processes. The precision control through URLLC capabilities can be applied over robots and sensors and will increase efficiency by reducing downtime operations. The healthcare industry is also witnessing a revolution, with 5G enabling remote surgeries and telemedicine. Surgeons can operate on patients from far away, leveraging robotic tools and relying on 5G's ultra-low latency to ensure accurate and immediate feedback. In the entertainment sector, 5G powers AR and VR to provide immersive gaming, real-time live-event streaming, and interactive experiences that were before not possible because of bandwidths and latency. These use cases illustrate the enormous potential of the 5G in redrawing different sectors.

On the contrary, high initial cost hampers the growth of Asia Pacific 5G services market.

By type, the Asia Pacific 5G services market is segmented into enhanced mobile broadband (eMBB), massive machine-type communications (mMTC), ultra-reliable low latency (uRLLC), and fixed wireless access (FWA). The enhanced mobile broadband (eMBB) segment held 39.4% share of Asia Pacific 5G services market share in 2023, amassing US$ 14,776.78 million. It is projected to garner US$ 5,75,090.38 million by 2031 to register 58.0% CAGR during 2023–2031.

In end user, the Asia Pacific 5G services market is bifurcated into enterprises and consumers. The enterprises segment held 75.2% share of Asia Pacific 5G services market share in 2023, amassing US$ 28,180.89 million. It is projected to garner US$ 11,66,858.23 million by 2031 to register 59.3% CAGR during 2023–2031.

Based on country, the Asia Pacific 5G services market is categorized into China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 40.4% share of Asia Pacific 5G services market in 2023. It was assessed at US$ 15,124.20 million in 2023 and is likely to hit US$ 6,73,993.17 million by 2031, registering a CAGR of 60.7% during 2023–2031.

Key players operating in the Asia Pacific 5G services market are China Mobile Limited, Deutsche Telekom AG, Huawei Technologies Co Ltd, Nokia Corp, Orange SA, Samsung Electronics Co Ltd, Telefonaktiebolaget LM Ericsson, Verizon Communications Inc, Vodafone Group Plc, and ZTE Corp, among others.

• In 2024: At 5.5G Industry Summit during MWC Barcelona 2024, the Global System for Mobile Communications Association (GSMA) launched an initiative called "Embracing a prosperous 5G-Advanced era". The GSMA 5G Futures Community has grown to include nearly 60 operators and industry partners. This shows that the 5.5G ecosystem is becoming more mature to take this technology to a new stage worldwide.

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