In this article, we will be taking a look at the most advanced place in 5G technology. If you want to learn about more countries, head straight to 15 Most Advanced Countries in 5G Technology.
Global 5G Surge: Market Leaders, Economic Impact, and Future Prospects
According to the search results, the global 5G services market size was valued at around $101.04 billion in 2022 and is expected to reach $897.98 billion by 2032, growing at a CAGR of 24.4% during the forecast period of 2022-2032. South Korea and the United States are among the frontrunners in 5G deployment, with South Korea boasting the highest download speeds globally, averaging 129.7 Mbps at the end of 2021.
In Europe, countries like Finland, Switzerland, the UK, and the UAE have seen significant improvements in download speeds due to the availability of ample new 5G spectrum. However, markets where 5G arrived later or where wireless spectrum capacity for exclusive 5G usage is limited, such as Malaysia, New Zealand, Czech Republic, and Singapore, have fallen behind in download speed rankings.
5G is poised to revolutionize the healthcare industry by enabling advanced applications like remote surgery, telemedicine, and real-time health monitoring. According to PwC’s analysis, healthcare applications could contribute $530 billion to global GDP by 2030, making it the largest sector benefiting from 5G. According to PwC’s analysis, the cumulative impact of 5G across these sectors could reach $1.3 trillion in global GDP by 2030. Similarly, a report by Oxford Economics commissioned by Qualcomm found that 5G integration using mmWave spectrum has the potential to boost global productivity by 1.7% of global GDP in 2030, equivalent to 10% of global GDP growth in this period.
US 5G Market Growth: Verizon, AT&T, and T-Mobile Lead the Charge Towards a $385 Billion Future
The United States has been at the forefront of 5G deployment, with major telecom operators like Verizon Communications Inc. (NYSE:VZ), AT&T Inc. (NYSE:T), and T-Mobile US, Inc. (NASDAQ:TMUS) leading the charge. According to the search results, the U.S. 5G technology market is projected to reach a substantial value of US$ 385.1 billion by 2033, with an absolute dollar growth of US$ 378.9 billion.
Verizon Communications Inc. (NYSE:VZ)’s wireless division, Verizon Wireless, is one of the largest wireless carriers in the United States. The company has invested heavily in building and maintaining a robust nationwide network, offering 4G LTE and 5G coverage to millions of customers across the country. As of the first quarter of 2024, Verizon’s 5G Ultra-Wideband network covered more than 95 million people across the United States. The company has also been expanding its 5G Home Internet service, which provides high-speed broadband internet access to households using 5G technology. In Q1 2024, Verizon Communications Inc. (NYSE:VZ) reported its best quarterly result for fixed wireless net additions, with 151,000 new subscribers. In the first quarter of 2024, the company reported a modest 0.2% year-over-year increase in total revenue, reaching approximately $33 billion. Despite the revenue growth, Verizon’s adjusted earnings per share (EPS) declined slightly to $1.15 in Q1 2024, compared to $1.20 in the same quarter of the previous year
Similarly, AT&T Inc. (NYSE:T) is a leading telecommunications company in the United States. AT&T was the first U.S. company to introduce standards-based mobile 5G service in parts of 12 cities in December 2018, including Atlanta, Dallas, Houston, and San Antonio. The company has since expanded its 5G footprint, reaching 200 million people with faster midband 5G in 2023. Additionally, AT&T Inc. (NYSE:T) has partnered with organizations like the Lawrence J. Ellison Institute to explore the potential of 5G and edge computing in areas such as 3D tumor imaging and personalized patient experiences. AT&T has passed 20 million locations with fiber internet and plans to reach 30 million by 2025. The company reported revenues of $30.0 billion in Q1 2024, down 0.4% year-over-year.
Lastly, T-Mobile US, Inc. (NASDAQ:TMUS) has the strongest 5G signals. T-Mobile’s low-band 5G network provides broad coverage, reaching over 330 million people or 98% of the US population. It offers faster speeds than 4G LTE and better indoor penetration. T-Mobile US, Inc. (NASDAQ:TMUS) added 1.8 million total net customer additions in Q3 2023, including 1.1 million postpaid net customer additions. In Q1 2034, they reported net income of $2.4 billion, up 22% year-over-year.
A professional technician using specialized tools to maintain a modern 5G cell tower.
Our Methodology
For our methodology, we have ranked the most advanced countries in 5G technology based on 5G availability in these countries in 2023. For data accuracy, we relied on Opensignal Limited.
Please note that the criteria of this article is to show how practically advanced countries are in the implementation of 5G technology. It does not factor R&D in 5G technology.
The Most Advanced Country in 5G Technology
1. Puerto Rico
5G Availability: 48.4%
Puerto Rico tops the list for being the most advanced place in 5G technology, even though its not a country in the traditional sense.. In February 2024, T-Mobile announced the expansion of its 5G Home Internet service to Puerto Rico, offering customers high-speed internet access through its 5G network The service is available for $50 per month with AutoPay and a qualifying voice line, with no added taxes, monthly fees, or equipment costs. To further incentivize adoption, T-Mobile is offering a 15-day worry-free trial and will pay up to $750 to cover any early termination fees from other internet service providers.
If you are curious to know which other countries have the title of being the most advanced in 5G technology, check out our full list on 15 Most Advanced Countries in 5G Technology.
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Disclosure. None: The 15 Most Advanced Countries in 5G Technology is originally published on Insider Monkey.