Research report points out: By 2027, the 5G service market will exceed US$250.3 billion

Recently, Acumen Research and Consulting, a global market research organization, released a report titled "5G Services Market - Global Industry Analysis, Market Size, Opportunities and Forecasts, 2020-2027". The report shows that from 2020 to 2027, the global 5G services market is expected to grow at a compound annual growth rate of about 29.7%, and the market size will exceed US$250.3 billion by 2027.

The report points out that the Asia-Pacific region is expected to grow rapidly. The region is undergoing a transformation in the adoption of new technologies in different sectors. The expansion of infrastructure in the Asia-Pacific region, especially in countries such as China, South Korea, Japan, and Singapore, is increasing the deployment of 4G and 5G networks, creating huge opportunities for the implementation of 5G services. In addition, due to the large base of mobile users, enterprises in the region are becoming more competitive and focusing on providing better customer service.

5G networks provide an enhanced broadband experience with speeds up to 1 Gbps, latency of 10ms, and a cloud- and AI-based service platform. IT and telecommunications, retail, healthcare, automotive, media and entertainment, finance, and agriculture all have different service requirements, such as high bandwidth, low power consumption, ultra-low latency, and high speed. In order to meet the growing demand for mobile broadband services, new spectrum must be used to increase network capacity, which will lead to the widespread adoption of 5G core and the deployment of 5G technology to enhance mobile broadband services.