According to the report published by the Market Research Store, global demand for the 5G in travel and tourism market was estimated at approximately USD 24,008 Million in 2020 and is expected to generate revenue of around USD 32,600.5 Million by end of 2026, growing at a CAGR of around 4.8% between 2021 and 2026.
Global 5G in Tour and Travel Market: Overview
The transformation to the 5G ecosystem is expected to witness a 3–4 times faster growth rate than other connectivity transformations. This is primarily due to the rapid advancement of networking virtualization, as well as the growing number of applications that require a latent-free connection. Faster data speeds and extremely low latency offered by the 5G technology would improve the user experience of Virtual Reality and Augmented Reality seamless video calling, and Ultra-High Definition (UHD) videos. More remote spots of a destination can be shared on social media with the addition of 5G and an improved connection for travelers, creating a more connected tourist experience and helping to spread the economic benefits of tourism around an area.
Because of the aforementioned considerations, rapid acceptance of 5G services is expected, followed by a rapid rollout of 5G services by other developing economies. The United States, the United Kingdom, South Korea, China, Japan, and Germany are among the countries anticipated to implement 5G services first. Early adopters are expected to be countries with a strong 4G infrastructure. Countries with flexible IoT connection platforms are expected to transition to 5G services fast.
| REPORT SNAPSHOT & REPORTING DATA TIMEFRAME | |
|---|---|
| Parameter | Details |
| Historical Date ( Actual Data) | 2016 - 2020 |
| Base Year Data | 2020 |
| Current Year Data | 2021 |
| Projected Data | 2021 - 2026 |
Global 5G in Tour and Travel Market: Growth Factors
5G networks give a 1 Gbps and 10ms enhanced internet experience, as well as a foundation for cloud and AI-based services. Various data-intensive applications, both personal and business-to-business, are gaining traction in the travel and tourism industry.
The growing popularity of IoT use cases in the industries that require connectivity over broad areas and the ability to handle many connections has fuelled demand for the 5G market. Massive IoT is quickly becoming a new focus for IoT connectivity technology. Massive IoT is an exciting possibility for 5G, but in the early stages of the technology, Telcos are still relying on current cellular IoT standards, such as NB-IoT. The massive spread of intelligent IoT nodes for a variety of situations is projected to be supported by 5G networks, becoming one of the reasons for large market growth.
Global 5G in Tour and Travel Market: Segmentation
The market can be segmented into communications. Considering communication types, it is categorized into Fixed Wireless Access, Enhanced Mobile Broadband, Ultra-Reliable and Low Latency Communication, Massive Machine Type Communication, and Online Channels. The segment expected to grow at the highest growth rate during the forecast period. The most significant value of 5G will not come from connecting people, but from its ability to provide seamless connectivity to infrastructures, machines, and things.
Global 5G in Tour and Travel Market: Regional Analysis
The United States is home to some of the largest telecom companies in the world, including AT&T, Verizon, Ericsson, and others, all of which are constantly investing in expanding and improving their infrastructure to keep up with technological breakthroughs. Over the projection period, this is projected to enhance the uptake of 5G services.
Moreover, Canadian service providers are expanding their investments in 5G licence acquisition, which will increase demand for 5G services in the region over the projection period.
Global 5G in Tour and Travel Market: Competitive Players
Major vendors in the global 5G services market include AT&T, SK Telecom, Verizon, China Mobile, BT, Bell Canada, Etisalat, STC, Deutsche Telekom, China Telecom, Orange S.A., Vodafone, China Unicom, T-Mobile, Telstra, Telefonica, KT, Rogers, and LG U+. These players have adopted various strategies to grow in the global 5G services market.
For Example, Verizon Communications Inc., is an American multinational telecommunications conglomerate and a corporate component of the Dow Jones Industrial Average. In 2020, Verizon collaborated with Apple to bring 5G connectivity to Apple's iPhone 12 line-ups.
The study includes an in-depth competitive analysis of these key players in the 5G services market with their company profiles, recent developments, and key market strategies.
Global 5G in Tour and Travel Market: By Communication Type
Global 5G in Tour and Travel Market: Regional Segmentation Analysis
Frequently Asked Questions
What are the key factors driving global 5G in travel and tourism expansion?
The growing popularity of IoT use cases in the industries that require connectivity over broad areas and the ability to handle many connections has fuelled demand for the 5G market. 5G networks give a 1 Gbps and 10ms enhanced internet experience, as well as a foundation for cloud and AI-based services thus gaining traction in the travel and tourism industry.
What will be the value of the 5G in travel and tourism during 2021- 2026?
The global demand for the 5G in travel and tourism market was estimated at approximately USD 24,008 Million in 2020 and is expected to generate revenue of around USD 32,600.5 Million by end of 2026, growing at a CAGR of around 4.8% between 2021 and 2026.
Which region will make notable contributions towards global 5G in travel and tourism revenue?
North America and Europe have a major contribution to the market.
What are the key players leveraging 5G in travel and tourism growth?
Major vendors in the global 5G services market include AT&T, SK Telecom, Verizon, China Mobile, BT, Bell Canada, Etisalat, STC, Deutsche Telekom, China Telecom, Orange S.A., Vodafone, China Unicom, T-Mobile, Telstra, Telefonica, KT, Rogers, LG U+. These players have adopted various strategies to grow in the global 5G services market.
5G in Travel and Tourism
5G in Travel and Tourism
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