At 57.2% CAGR, Europe 5G Services Market is Projected to be Worth US$ 6,73,317.93 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe 5G services market was valued at US$ 18,038.44 million in 2023 and is expected to reach US$ 6,73,317.93 million by 2031, registering a CAGR of 57.2% from 2023 to 2031. Digital transformation and increase in adoption of IoT devices are among the critical factors attributed to drive the Europe 5G services market growth.

Organizations struggle to be competitive in a rapidly changing and dynamic market. Through digital transformation, businesses aim to increase their competitive advantage, improve business performance and processes, and achieve business growth. Digital transformation has become a new model for many organizations to gain competitive advantages in the intense and dynamic market competition. Moreover, the COVID-19 pandemic has boosted digital transformation activities by forcing organizations to increase their use of digital platforms for consumers and employees. 5G plays a pivotal role in this new era of global digital transformation with its incredibly low latency, huge traffic capacity, and superfast data rates. In such a massive digital revolution, 5G facilitates quick communication between IoT machines, sensors, and devices. 5G networks can carry data at peak rates of up to 20 Gbps, which is far faster than 4G networks. They have a high dependability of up to 99.9999% when sending data. Moreover, 5G offers faster and more reliable connectivity than previous generations of mobile technology. Businesses can use real-time data analytics and insights to optimize operations and improve customer experiences with 5G. As industries worldwide move toward an intelligent world defined by connectivity and digitalization, integrating technologies such as 5G within industries helps speed up digitalization for faster, more stable connectivity for applications such as cloud computing, virtual reality (VR), and video streaming. Thus, digital transformation across industries is likely to provide opportunities for the 5G services market.

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

By type, the Europe 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 39.1% share of Europe 5G services market share in 2023, amassing US$ 7,054.53 million. It is projected to garner US$ 2,54,009.35 million by 2031 to register 56.5% CAGR during 2023–2031.

In end user, the Europe 5G services market is bifurcated into enterprises and consumers. The enterprises segment held 76.6% share of Europe 5G services market share in 2023, amassing US$ 13,809.39 million. It is projected to garner US$ 5,25,182.55 million by 2031 to register 57.6% CAGR during 2023–2031.

Based on country, the Europe 5G services market is categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.4% share of Europe 5G services market in 2023. It was assessed at US$ 5,490.90 million in 2023 and is likely to hit US$ 2,29,312.36 million by 2031, registering a CAGR of 59.4% during 2023–2031.

Key players operating in the Europe 5G services market are 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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