The study of Transparency Market Research has forecast that the sector is due to soar from £66.3 billion in 2022 to £736.6 billion by 2031.
The adoption of 5G services has risen significantly in recent years, with a focus on enhancing wireless communication infrastructure, the report found. Demand has been driven by key projects such as smart cities, intelligent buildings and advanced industrial applications that rely heavily on robust network connectivity. The proliferation of cloud-based applications has further fuelled the need for advanced network infrastructure, prompting governments to invest in fostering 5G deployment.
In the wake of the Covid-19 pandemic, organisations across various sectors have leveraged 5G capabilities to enable remote work, thus ensuring business continuity, the study stated. The pandemic therefore accelerated investments in 5G technology, with industries increasingly relying on its capabilities to enable seamless remote operations, enhance security measures and support emerging technologies such as IoT, AR/VR and autonomous systems.
The report found that the trajectory of 5G services remains poised for exponential growth. Key industry players are actively shaping this landscape, with a focus on innovation, strategic partnerships and technological advancements. This is manifested in everything from enabling enterprise private 5G network deployments to improving consumer experiences.
In summary, the report said that the journey of 5G services is marked by unprecedented growth, propelled by technological innovation and evolving consumer needs. The technology will unlock new possibilities and reshape industries, it concluded.