01-Sep-2021 | Market Research Store
The recently published report “5G in Travel and Tourism Market By Communication Type (Fixed Wireless Access, Enhanced Mobile Broadband, Ultra-Reliable and Low Latency Communication, Massive Machine Type Communication, and Online Channels): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021–2026” states that the global demand for the 5G in tour and travel market in 2020 was approximately USD 24,008 Million. The market is projected to grow at a CAGR of 4.8% and is projected to reach around USD 32,600.5 Million by 2026.
The transformation to the 5G ecosystem is probably to witness a 3–4 times rapid growth rate than other connectivity transformations. This is mainly due to the rapid progress of networking virtualization, as well as the increasing number of applications that need a latent-free connection. Faster data speeds and extremely low latency offered by the 5G technology would advance the user experience of Virtual Reality and Augmented Reality seamless video calling, and Ultra-High Definition (UHD) videos. 5G networks give a 1 Gbps and 10ms improved internet experience along with the foundation for cloud and AI-based services. Several data-intensive applications that involve both personal and business-to-business are gaining traction in the travel and tourism market. More distant spots of a destination can be shared on social media with the addition of 5G and an enhanced connection for travelers making a more connected tourist understanding and helping to spread the economic advantage of tourism around the region.
The rising popularity of IoT usage cases in the manufacturing industries that involve connectivity over broad areas and the skill to handle the high amount of connections has been driving the demand for the 5G market. Moreover, immense IoT is rapidly becoming brand-new attention for IoT connectivity technology as IoT is a stimulating 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 huge spread of intelligent IoT nodes for a variety of situations is anticipated to be supported by 5G networks, becoming one of the reasons for a large growth of the market.
The United States, the United Kingdom, South Korea, China, Japan, and Germany are among the countries that are likely to implement 5G services initially. Early adopters are projected to be countries with a strong 4G infrastructure. Countries with flexible IoT connection platforms are likely to transition to 5G services quickly.
Globally, the United States is home to some of the largest telecom companies in the world, including AT&T, Verizon, Ericsson, and others where all are continuously investing in growing and improving their infrastructure to keep up with technological advancement. This is expected to boost the uptake of 5G services. Also, the Canadian service providers are escalating their investments in 5G licence acquisition, which is likely to increase the demand for 5G services in the region during the forecast period.
Major key players in the global 5G services market are AT&T, Rogers, LG U+, Verizon, China Mobile, BT, Bell Canada, Etisalat, STC, Deutsche Telekom, China Telecom, Orange S.A., Vodafone, China Unicom, T-Mobile, Telstra, Telefonica, KT, and SK Telecom. These players have adopted many strategies to develop in the global 5G services market.
For example, T-Mobile is the brand name used by the mobile communications subsidiaries of the German telecommunications company Deutsche Telekom AG. In late 2007, it was confirmed that the merger of the high-speed 3G and HSDPA networks operated by T-Mobile UK and 3 (UK) was to take place starting January 2008.
Browse the full “5G in Travel and Tourism Market By Communication Type (Fixed Wireless Access, Enhanced Mobile Broadband, Ultra-Reliable and Low Latency Communication, Massive Machine Type Communication, and Online Channels): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026.” Report at https://www.marketresearchstore.com/market-insights/5g-in-travel-and-tourism-market-828624
This report segments the 5G in tour and travel market as follows:
Global 5G in Tour and Travel Market: By Communication
Global 5G in Tour and Travel Market: Regional Segmentation Analysis
Market Research Store is a single destination for all types of industries, global, and regional reports. We feature large repository of latest industry reports and market statistics published by reputed private publishers and public organizations. Market Research Store is the comprehensive collection of market intelligence products and services available. Our vast database of reports enables our clients to benefit from expert insights on global industries, products, and market trends.
Market Research Store
244 Fifth Avenue, Suite N202
New York, 10001, United States
US OFFICE NO +1-386-310-3803
US/CAN TOLL FREE +1-855-465-4651