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Unlocking the $400 Billion 5G Market in 2024: The Crucial Role of 5G Advancements and RedCap for Operators

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New research from Juniper Research, the foremost experts in telecommunications markets, found that operators will generate $400 billion in service revenue from 5G networks in 2024; an annual growth of 32% from 2023. However, the report anticipates that as 5G penetration rates become saturated amongst consumers, it will be imperative for operators to launch services over 5G networks that provide value to enterprise IoT users.

To accomplish this, the research identified two key emerging 5G technologies that will impact operators’ ability to attract high-spending IoT users:

  • 5G Advanced
  • 5G RedCap (Reduced Capacity)

5G Advanced and 5G RedCap will enable operators to provide services including extended coverage, increased network efficiency and device battery life to enterprise users.

The new report, Global Future 5G Strategies Market 2024-2028, offers the most reliable source of data for the market.

The report predicts the benefits of 5G Advanced and RedCap will be instrumental in the growth of IoT sectors, including automotive and mobile broadband. In turn, it forecasts there will be over 360 million 5G IoT devices using public networks by 2028, a substantial growth from 35 million devices in 2024. It identified FWA (Fixed Wireless Access) as the sector to benefit most from these services, given the large amounts of traffic generated. FWA leverages cellular networks to provide Internet connectivity to other devices, often through Wi-Fi.

Research co-author Sam Barker remarked, “FWA has always been positioned as a key service for 5G network monetisation, but the emergence of 5G Advanced and 5G RedCap will enable operators to offer similar network conditions as fixed network service providers. Operators must leverage their existing billing relationships with consumers to promote their FWA solutions.”

Prarthana Mary

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