The use of 5G network will considerably decrease the time required for communication over wireless network. It is a cellular wireless technology, which is similar to that of 2G, 3G, and 4G. The speed of the network and technology are the differences among all these networks. The 5G service operates in various bands that are licensed and unlicensed, and range between 26 to 60 GHz, and offers a speed as high as 20 Gbps. The connectivity required by the Internet of Things (IoT) is provided by the 5G network. The service makes use of the beamforming technique for eliminating friction in the network and millimetre wavelength.

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The global 5G service market is expected to grow with a CAGR of 17.7 % during the forecast period. The market demand for 5G services is rising owing to the need for reliability and lesser delay in the communication network. The use of 5G in IoT and increasing demand for IoT in various applications such as wearables, smartphones, digital healthcare, and others, are accelerating the global 5G service market across the globe. 5G services are primarily being used in various applications such as entertainment and multimedia, IoT, smart homes, high speed mobile network, and others. The collaboration of IoT and 5G is also used in logistics and shipping for fleet management, real-time delivery, tracking of goods, staff scheduling, and others.

The global 5G market is segmented on the basis of services, technology, communication, type, and end-use industry. The communication segment is categorized as mMTC (massive Machine Type Communications), URLLC (Ultra Reliable Low Latency Communications), eMBB (enhanced Mobile Broadband), and FWA (Fixed Wireless Access). The mMTC supports long range, high density, low data rate, larger battery life, and other such benefits. Moreover, URLLC provides less air interference delay, high speed, low data rates, and others. The 5G service is witnessing growth across North America and Europe due to the advantages of a highly developed infrastructure and investments in R&D that is accelerating the investment in 5G services. The Asia-Pacific region is expected to witness significant growth in the global 5G service market, owing to growing investments in communication network and the availability of technically skilled workforce required in the 5G service market.

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