India’s Bharti Airtel Limited, owners of Airtel Nigeria, has been listed among the top operators to drive 5G services market valuation to $792.7 billion by 2028.

Airtel’s local business unit, Airtel Nigeria, last year joined the league of operators with 5G licences in Nigeria, when the mobile network operator staked $273.6 million for the 3.5GHz spectrum for deployment of the fifth generation mobile network.

Meanwhile, HTF Market Intelligence has released a new research report that estimates that the 5G services market size is set to increase by $792.67 billion at a CAGR of 65.8% from 2023 to 2028, with the current market value of $5.13 billion.

Inside the 5G service market

The 5G services market includes services and applications built on the fifth generation of mobile networking technology that count enhanced mobile broadband, ultra-reliable and low-latency communication, and massive machine type communication.

According to the authors of the 150-page study, some of key global players that will drive market include Airtel (India), BT Group (United Kingdom), China Mobile (China), China Telecom (China), Deutsche Telecom (Germany), du (UAE), Korea Telecom (Korea), Sprint (United States), Saudi Telecom Company (Saudi Arabia), SK Telecom (South Korea), Telstra (Australia), Vodafone (United Kingdom), and Verizon (United States).

The 5G services market, the authors say, refers to commercial services and applications built on the fifth generation of mobile networking technology, known as 5G. This market includes various services such as enhanced mobile broadband (eMBB), ultra-reliable and low-latency communication (URLLC), and massive machine type communication (mMTC).

Some of the key market trends identified in the report include the development of connected IoT devices, while market drivers include the rapid increase in the number of connected IoT devices. It also highlights the transition from on-premise legacy systems to cloud-based solutions as a market opportunity.

The report states that the market is segmented by application (consumer, enterprises), by type (mMTC and URLLC, eMBB, FWA), by verticals (manufacturing, energy and utility, media and entertainment, IT and telecom, transportation and logistics, healthcare, retail, agriculture, oil and gas and mining, BFSI, construction, and real estate), and by geography (North America, South America, Europe, Asia Pacific, MEA).