Press release
Global Private 5G Network Market: Transforming Industry Connectivity in 2024
Global Private 5G Network Market
According to The Business Research Company's, The private 5G network market size has grown exponentially in recent years. It will grow from $2.30 billion in 2023 to $3.42 billion in 2024 at a compound annual growth rate (CAGR) of 48.7%. The growth in the historic period can be attributed to technological advancements, increasing demand for data security, industry-specific requirements, proliferation of internet of things (IoT), need for low latency communication.
The private 5G network market size is expected to see exponential growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 48.9%. The growth in the forecast period can be attributed to emergence of industry 4.0, expansion of smart cities initiatives, growth in edge computing applications, rise in remote working and telemedicine, adoption of augmented reality (AR) and virtual reality (VR) applications. Major trends in the forecast period include integration of artificial intelligence (AI), development of hybrid network models, focus on network slicing for customization, increasing the use of private 5G in industrial automation, expansion of private 5G networks in rural areas.
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Market Drivers and Trends:
The increasing adoption of the Internet of Things (IoT) is expected to propel the private 5G network market going forward. The Internet of Things (IoT) refers to the network of physical objects embedded with sensors, software, and other technologies that enable them to connect and exchange data with other devices and systems over the Internet. The increasing demand for IoT is due to efficiency and productivity, cost savings, data insights, automation and control, innovation, and competitive advantage. Private 5G networks leverage the capabilities of IoT to enable a wide range of applications, including providing a secure, reliable, low-latency, high-speed network that supports advanced technologies to improve serviceability and enable real-time deterministic use cases. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increasing demand for IoT is driving the growth of the private 5G network market.
Major companies operating in the private 5G network are focusing on developing advanced versions of 5G, such as 5.5G, to address the unique requirements of their use cases. 5.5G, also known as 5G advanced, is the next generation of 5G network technologies that promises to deliver speeds ten times faster than current 5G networks. For instance, in March 2024, Huawei Technologies Co. Ltd., a China-based provider of information and communications technology (ICT) infrastructure and smart devices, unveiled eight 5.5G innovation practices to help operators build such networks across all frequency bands. These practices cover key technology areas, including antenna evolutions, mmWave bandwidth, network intelligence in the RAN, and energy efficiency. This network can provide 10 Gbps downlink speeds, significantly improving over existing 5G networks.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd, Affirmed Networks, Verizon Communications Inc, AT&T Inc, Dell Inc., Huawei Technologies Co., Ltd., Vodafone Ltd., Cisco Systems, Inc., Qualcomm Technologies, Inc., Oracle, Fujitsu, Hewlett Packard Enterprise Development LP, Telefonaktiebolaget LM Ericsson, Deutsche Telekom AG, Nokia Corporation, NEC Corporation, BT Group plc, ZTE Corporation, SK Telecom Co. Ltd, VMware Inc., Commscope, Juniper Networks, Inc, T-Systems International GmbH, Ciena Corporation, Mavenir, Extreme Networks, Altiostar, Airspan Networks, Comba Telecom Systems Holdings Ltd., Celona Inc.
Private 5G Network Market 2024 Key Insights:
• The private 5G network market size is expected to see exponential growth in the next few years. It will grow to $6.83 billion in 2028 at a compound annual growth rate (CAGR) of 48.9%.
• IoT Demand Fuels Private 5G Network Growth
• Huawei Unveils 5.5G Innovations for Private 5G Networks
• North America was the largest region in the private 5G network market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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