5G Enterprise Market Size is Predicted to be Worth USD 16.84 Billion by 2028

According to the report published by Allied Market Research, the global 5G enterprise market generated $1.68 billion in 2020, and is estimated to garner $16.84 billion by 2028, witnessing a CAGR of 33.9% from 2021 to 2028. The report provides an extensive analysis of changing market trends, top segments, top investment pockets, value chain, regional scenario, and competitive landscape.

Increase in usage of network slicing for offering various 5G services and rise in smartphone and wearable devices penetration drive the growth of the global 5G enterprise market. In addition, development of smart telecommunication infrastructure worldwide supplements the market growth. However, high initial cost for 5G enterprise solution and security concerns related to 5G core networks hinder the market growth. Contrarily, increase in investments in mobile computing and communication solutions in various countries and rise in need for low latency connectivity would offer new opportunities in the coming years.

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Key Trends in 5G Enterprise Market:

• Expansion of 5G networks: With the increasing availability of 5G networks, more businesses are looking to take advantage of the higher speeds and lower latency provided by 5G. This is leading to a growing demand for 5G enterprise services.

• Adoption of IoT and edge computing: 5G networks are expected to play a key role in the adoption of IoT and edge computing. As businesses look to take advantage of these technologies, there is a growing demand for 5G enterprise services that can support IoT and edge computing applications.

• Emphasis on security: As businesses adopt 5G networks, there is a growing emphasis on security. 5G enterprise service providers are increasingly offering security services to help businesses protect their networks and data.

• Increased use of AI and machine learning: 5G networks are expected to play a key role in the adoption of AI and machine learning. As businesses look to take advantage of these technologies, there is a growing demand for 5G enterprise services that can support AI and machine learning applications.

• Development of new business models: The capabilities provided by 5G networks are expected to lead to the development of new business models. 5G enterprise service providers are increasingly offering new services and business models to help businesses take advantage of the new capabilities provided by 5G.

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Based on frequency, the sub-6GHz segment accounted for the largest market share, contributing to nearly two-thirds of the total share in 2020, and is expected to maintain its lead throughout the forecast period. However, the mmWave segment is expected to manifest the largest CAGR of 36.0% from 2021 to 2028.

Based on network type, the hybrid network segment held the largest market share in 2020, accounting for around two-fifths of the global 5G enterprise market, and is expected to continue its dominant share in terms of revenue during the forecast period. However, the private network segment is expected to portray the highest CAGR of 38.1% from 2021 to 2028.

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Based on region, North America contributed to the highest market share in 2020, accounting for nearly half of the total share, and is estimated to maintain its leadership status by 2028. However, Asia-Pacific is projected to grow at the fastest CAGR of 37.6% during the forecast period.

Leading players of the global 5G enterprise market analyzed in the research include AT&T, Huawei technologies co. Ltd., Ericsson, NEC corporation, Juniper Network, Samsung, Nokia Corporation, Verizon Communications Ltd., SK Telecom, and ZTE Corporation.

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