According to recent study by Research Nester, the Private 5G Network Market revenue is projected to surpass USD 500 billion by 2036, growing at a CAGR of over 44% between 2023 and 2036, on account of the rising development of smart infrastructure and high demand for fast networks.
Rising Digitalization Across Enterprises and Rising Demand in IoT to Promote Global Market Share of Private 5G Network Market
The global private 5G network market is anticipated to grow majorly on account of the increased digitalization across enterprises’ network market growth. It has been estimated that almost 97.2% of businesses use the Internet for numerous purposes such as marketing, communication, and sales. The enterprise digitalization has increased the demand for solutions in the private 5G network market. Currently, businesses are becoming more digitalized, and they require reliable, faster, and more secure connectivity to support operations.
The inculcation of private 5G networks can meet these types of needs by rendering dedicated bandwidth, high QoS, and low latency. Various vendors are offering controlled private 5G services, which allow businesses to manage and deploy solutions in the private 5G services market excluding the requirement to invest in their infrastructure. Other than this, metropolitan cities can ensure reliable interconnectivity and reliable communication between numerous IoT devices, enabling streamlined data exchange and impeccable decision-making. It has been witnessed that there are currently over 141 smart cities in the world. One of the prominent factors of smart cities is having robust IT connectivity. This is expected to bolster the global private 5G network market growth during the forecasted period.
Some of the major growth factors and challenges that are associated with the growth of the global private 5G network market are:
Growth Drivers:
- Rising Development of Smart Infrastructure
- Increasing Demand for High-Speed Network
Challenges:
Stability integration in Wi-Fi communication technology, lack of standardization, and limitations in integrating legacy systems are some of the major factors anticipated to hamper the global market size of the global private 5G network market.
By component, the global private 5G network market is segmented into hardware and software. Out of this, the hardware segment is projected to dominate the market accounting for a growth of almost 60% by the end of year 2036. The hardware for network management and monitoring helps to ensure optimal performance, maintain security, and troubleshoot issues.
By region, the Europe private 5G network market is to generate the highest revenue by the end of 2036. The market garnered USD 1,136 million in the year 2022 and is projected to reach almost USD 3,200 million by the year 2036. The growth of the market in the region can be attributed to the rising adoption of Industry 4.0, the increasing number of connected devices, and the emergence of 5G.
Top companies include in the global private 5G network market are Telefonaktiebolaget LM Ericsson, Nokia Corp, Samsung, ZTE Corp., Deutsche Telekom, Juniper Networks, AT & T Inc., Verizon Communication, Huawei Technologies Co., Ltd., Altiostar, SoftBank Corp, Sumitomo Electric Industries, and others.
Source – https://www.researchnester.com/reports/private-5g-network-market/5654
