At 55.9% CAGR, North America 5G Services Market is Projected to be Worth US$ 8,87,334.55 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America 5G services market was valued at US$ 25,375.03 million in 2023 and is expected to reach US$ 8,87,334.55 million by 2031, registering a CAGR of 55.9% from 2023 to 2031. Standalone 5G network infrastructure and increase in adoption of IoT devices are among the critical factors attributed to drive the North America 5G services market growth.

A standalone network infrastructure refers to a 5G network that does not rely on LTE networks and has a cloud-native network core that connects to the New Radio (NR). These networks leverage 5G infrastructure across both the radio access network (RAN) and the core network, coupled with cloud-native principles such as virtualization, containers, and microservices. 5G standalone infrastructures are more flexible, scalable, and efficient in their use of network resources. They provide a better end-user experience and lower costs for wireless carriers. Besides enhancing bandwidth, it supports URLCC, which is crucial for applications such as autonomous vehicles, precision robotics, machine vision, and massive IoT. Standalone 5G also provides the ability to slice the network into customized virtual pieces to suit the specific needs of businesses while maximizing operational efficiency. Thus, network carriers are expected to move toward standalone infrastructures from no standalone 5G network infrastructure in the coming years.

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

By type, the North America 5G services market is segmented into enhanced mobile broadband (eMBB), massive machine-type communications (mMTC), ultra-reliable low latency (uRLLC), fixed wireless access (FWA). The enhanced mobile broadband (eMBB) segment held 40.0% share of North America 5G services market share in 2023, amassing US$ 10,160.66 million. It is projected to garner US$ 3,39,789.70 million by 2031 to register 55.1% CAGR during 2023-2031.

In end user, the North America 5G services market is bifurcated into enterprises and consumers. The enterprises segment held 73.8% share of North America 5G services market share in 2023, amassing US$ 18,728.00 million. It is projected to garner US$ 6,70,324.88 million by 2031 to register 56.4% CAGR during 2023-2031.

Based on country, the North America 5G services market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 87.4% share of North America 5G services market in 2023. It was assessed at US$ 22,165.09 million in 2023 and is likely to hit US$ 7,86,580.06 million by 2031, registering a CAGR of 56.2% during 2023-2031.

Key players operating in the North America 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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