The market of fifth-generation network services in South Korea will reach some 35 trillion won ($31 billion) in 2025, as the faster network technology is anticipated to be used in many areas from mobile phone networks to smart homes and connected cars, industry data showed Sunday.

According to the data compiled by Digieco, a research center run by South Korea's mobile carrier KT Corp., the country's 5G network technology market is expected to hit 3.1 trillion won in 2020 but swell to 34.7 trillion won in 2025.

The 5G network services are anticipated to hit the market in 2019 and gradually expand around the globe to reach many countries down the road.

The global market of 5G services is expected to hit $791 billion in 2025 from $37.8 billion in 2020, the data showed.

The 5G network technology allows data transmission speeds that are 40-50 times faster than existing long-term evolution networks.

In South Korea, SK Telecom Co. and its smaller rival KT Corp. have been competing to release the country's first commercialized 5G network service in 2019.

Market tracker IHS earlier predicted that 5G service-related output will reach 136 trillion won in 2035.

In line with the explosive growth of 5G services, local mobile carriers' capital spending will soar as well, according to NH Investment & Securities.

The brokerage house said local mobile carriers will mainly focus on artificial intelligence and Internet of Things-related services.

Already, SK Telecom Co., the No. 1 mobile carrier, and LG Uplus Corp., the third-largest telecommunication service provider, have joined hands with local construction companies to launch smart home care services. (Yonhap)