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5th Generation (5G) Enterprise Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033
5th Generation (5G) Enterprise Market Growth Drivers, Strategic Analysis, Market
According to The Business Research Company's, The 5th generation (5G) enterprise market size has grown exponentially in recent years. It will grow from $3.46 billion in 2023 to $4.62 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to the growing IoT adoption, demand for enhanced connectivity, industry-specific use cases, regulatory support and standards development, technological advancements.
The 5th generation (5G) enterprise market size is expected to see exponential growth in the next few years. It will grow to $14.78 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to expansion of industry 4.0 initiatives, rise of edge computing, increased focus on cybersecurity, emergence of industry-specific solutions, economic recovery and digital transformation. Major trends in the forecast period include rapid adoption of private 5G networks, integration of AI and IoT with 5G, emergence of network slicing services, focus on green and sustainable 5G, expansion of cross-industry collaboration.
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Market Drivers and Trends:
The growing adoption of IoT devices is expected to propel the growth of the 5G enterprise market going forward. IoT devices refer to physical objects embedded with sensors, software, and connectivity capabilities, allowing them to collect, exchange, and act on data without human intervention. The factors contributing to the increased demand for IoT (Internet of Things) devices are automation and efficiency, improved connectivity, and consumer demand. 5G provides ultra-fast speeds and low latency, enabling seamless connectivity for IoT devices, supporting real-time data transmission and massive deployments across diverse applications such as industrial automation and smart cities. For instance, in September 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.9 billion connections by 2029. Therefore, the growing adoption of IoT devices is driving the growth of the 5G enterprise market.
Major companies in the 5G enterprise market are interested in deploying private networks, such as 5G wireless networks, to meet specific communication requirements. A 5G wireless network is the fifth generation of cellular network technology designed to provide significantly faster data speeds, lower latency, increased network capacity, and improved reliability compared to previous generations. For instance, in February 2024, Wipro Ltd., an India-based technology company, and Nokia Corporation, a Finland-based telecommunications company, launched a joint private 5G wireless solution for enterprises. This partnership seeks to propel businesses towards digital transformation and innovation, empowering them with enhanced connectivity and AI-driven capabilities. This partnership allows enterprises to scale their digital transformation, mitigate security risks, and optimize their operations effectively.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Intel Corporation, Vodafone Group Plc, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, NTT Docomo Inc., Hewlett Packard Enterprise Company, Telefonaktiebolaget LM Ericsson, Nokia Corporation, NEC Corporation, ZTE Corporation, Telstra Corporation Limited, SK Telecom Co. Ltd., CommScope Holding Company Inc., Juniper Networks Inc., Ciena Corporation, Fujitsu Limited, Mavenir plc
5th Generation (5G) Enterprise Market 2024 Key Insights:
• The 5th generation (5G) enterprise market size is expected to see exponential growth in the next few years. It will grow to $14.78 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%.
• IoT Adoption Fuels Expansion Of The 5G Enterprise Market
• Innovative Solutions Drive Competitive Advantages In The 5G Enterprise Sector
• North America was the largest region in the 5th generation (5G) enterprise market in 2023
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