NEW YORK , May 2, 2022 /PRNewswire/ — As per Market Research Store study, 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.
Key Industry Insights & Finding of the 5G in Tour and Travel Market Reports:
- As per the analysis shared by our research analyst, the 5G in Tour and Travel Market is expected to grow annually at a CAGR of around 4.8% (2021 – 2026).
- Through the primary research, it was established that the 5G in Tour and Travel Market was valued approximately USD 24,008 Million in 2020 and is projected to reach to roughly USD 32,600.5 Million by 2028.
- The United States is home to some of the largest telecom companies in the world, including AT&T, Verizon, Ericsson
Market Research Store published the latest report titled as “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.” into their research database.
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.
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5G in Tour and Travel Market: Growth Dynamics
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.
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List of Key Players of 5G in Tour and Travel Market:
- SK Telecom
- China Mobile
- Bell Canada
- Deutsche Telekom
- China Telecom
- Orange S.A.
- China Unicom
- LG U+.
Key questions answered in this report:
- What are the growth rate forecast and market size for 5G in Tour and Travel Market?
- What are the key driving factors propelling the 5G in Tour and Travel Market forward?
- What are the most important companies in the 5G in Tour and Travel Market Industry?
- What segments does the 5G in Tour and Travel Market cover?
- How can I receive a free copy of the 5G in Tour and Travel Market sample report and company profiles?
Market size value in 2020
USD 24,008 Million
Revenue forecast in 2028
USD 32,600.5 Million
CAGR of almost 4.8% 2021 – 2026
2016 – 2021
2021 – 2026
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
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+.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
- Demand for 5G services in the region over the projection period.
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 license acquisition, which will increase demand for 5G services in the region over the projection period.
Global 5G in Tour and Travel Market is segmented as follows:
5G in Tour and Travel Market: By Communication Type Outlook (2021 – 2026)
- Fixed Wireless Access
- Enhanced Mobile Broadband
- Ultra-Reliable and Low Latency Communication
- Massive machine Type Communication
- Online Channels
5G in Tour and Travel Market: By Region Outlook (2021 – 2026)
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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