According to the market analysis report of Grand View Research, the IT and telecom segment led the market in 2020, holding the largest revenue share of over 20%. The segment is expected to continue its dominance from 2021 to 2028 due to the significant investments by key players in the latest communication technologies.
In particular, the growing demand for higher data speeds for residential and commercial applications is estimated to drive the growth of the IT and telecom segment. With numerous industry players opting for 5G services, seamless and prevalent broadband access between homes and offices is expected to be delivered.
Also, amid the COVID-19 pandemic, the growing need for enhanced broadband capacity for virtual business meetings is anticipated to propel the segment growth during the forecast period.
By 2028, the enhanced Mobile Broadband (eMBB) segment is anticipated to hold the largest market share, in terms of communication type. This can be attributed to the rising focus of key market players on rolling out high-speed and low-latency data networks for residential and commercial applications. These include innovative use cases such as video conferencing, virtual meeting, and virtual reality (VR), and augmented reality (AR) gaming.
The global 5G services market size is expected to reach up to $664.75 billion at a compound annual growth rate (CAGR) of 46.2%, from 2021 to 2028. By and large, 5G services boost the capability of a fully interconnected environment by delivering a wide range of use cases and business models to businesses and end-users.