The report from the market research firm revealed that the global 5G services market's value reached $28.9 billion last year and is forecast to skyrocket to $250.2 billion by 2032, a remarkable compound annual growth rate of 26.5 percent.

The information technology and telecom sectors reigned supreme in the market in 2022, claiming a substantial 35 percent share, closely trailed by the banking and healthcare industries. Projections indicate that the IT and telecom sector will maintain its dominance through 2032, as per the report.

Technological advancements have paved the way for innovative services like autonomous driving, augmented reality, and virtual reality, all of which rely heavily on network efficiency enhancements and drive the demand for robust 5G infrastructure, according to the report.