5G Edge Cloud Network and Services Market Size

5G Edge Cloud Network and Services Market size was over USD 5.32 billion in 2023 and is anticipated to reach USD 32 billion by 2036, growing at around 14.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of 5G edge cloud network and services is estimated at USD 5.95 billion.The growth of the market can be attributed to the growing need to manage mobile devices, applications and communication among enterprises to maintain seamless connectivity across geographies. Along with this, increasing number of smartphones in use is also expected to encourage consumers and businesses to procure 5G technology, which in turn is predicted to drive significant market growth in the upcoming years. In 2019, more than 5.5 billion people in the world used smartphones, which increased up to approximately 6 billion by the end of 2020. By 2025, about 7.2 billion people globally are calculated to be smartphone users. Furthermore, rising demand for advanced 5G applications in autonomous driving, AR/VR, artificial intelligence and internet of things (IoT) is projected to offer ample growth opportunities to the 5G edge cloud network and services market in the near future.