5G Enterprise Market worth $10.9 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 1, 2021 /PRNewswire/ -- According to the new market research report "5G Enterprise Market by Network Type (Hybrid Network, Private Network), Operator Model, Infrastructure, Spectrum, Frequency Band, Organization Size, Application, Vertical, Region - Global Forecast to 2027", published by MarketsandMarkets™, the market is expected to grow from USD 2.1 billion in 2021 to USD 10.9 billion by 2027, at a CAGR of 31.8%. A few major factors driving the growth of this market are the emergence of Industry 4.0 paving the way for mMTC, the development of smart infrastructure, and the delivery of differentiated 5G services using network slicing technique. The critical challenge faced by the market players is the requirement of the high spending capability of carriers to set up a 5G infrastructure. Similarly, the adoption of Wi-Fi communication technology by enterprises and security concerns in the 5G core network are the major factors hindering the market growth. Low latency connectivity with uRLLC and increasing demand for private networks from various enterprises and government organizations for mission-critical applications. Despite the market being in the infancy stage, a lot of research is being conducted in the market.
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Hybrid network segment is attributed to hold the largest share of the 5G enterprise market
Hybrid network is expected to hold a major market share owing to the growing number of users because of the high speed and time-share connectivity offered by 5G technology.
Private networks to witness the highest growth in 5G enterprise market in coming years
Private enterprises are expected to witness a higher CAGR in the coming years. Adopting technologies such as private 5G networks and small cells by enterprises for business-critical applications is increasing. Since it provides the enterprises with reliability and coverage, enterprises adopt 5G core network technologies by deploying standalone solutions.
Access equipment accounted for a larger share of the 5G enterprise market
Access equipment accounted for a larger share of the 5G enterprise market owing to the constantly increasing demand for better network connectivity and high-speed data transfer rate, which is fulfilled by 5G enterprise networks.
Unlicensed/shared spectrum is expected to gain traction during the forecast period
Unlicensed/shared spectrum is expected to gain traction in the coming years as it permits the use of spectrum with approved equipment without a license from the Federal Communications Commission (FCC). Also, users need not have to coordinated among themselves while using the network. 2.4 GHz Industrial, Scientific, and Medical (ISM) and 5 GHz Unlicensed National Information Infrastructure (UNII) are the well-known standards through which Wi-Fi typically operates. This spectrum can provide significant capacity boosts for commercial networks without the need for wireless service providers (WSPs) to acquire licenses by themselves.
Sub-6 GHz is attributed to hold major share of 5G enterprise market during the forecast period
Sub-6 GHz held a larger market share in 2020 as it an amalgamation of coverage and capacity benefits to 5G users. The Sub-6 GHz spectrum is needed for extensive coverage of offers high-speed 5G mobile broadband across urban, suburban, and rural areas, as well as help support IoT services. It is essential that regulators assign as much coherent spectrum as possible in the 3.3–3.8 GHz range and consider the 4.5–5 GHz and 3.8–4.2 GHz ranges for mobile use.
Small and medium-sized enterprises are projected to witness highest CAGR for the forecasted period
Small and medium-sized enterprises are projected to witness highest CAGR for the forecasted period as they are intended to adopt 5G enterprise networks at a larger scale in coming years to enhance their business functionality by having a unified solution that would allow the management (provisioning, monitoring, and control) of the entire distributed set of networks with limited resources.
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116 – Tables
85 – Figures
268 – Pages
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Communication applications held the largest market size in 2020
Communication applications held the largest market size owing to the successful commercialization of 5G networks worldwide and the growing adoption of the 5G network owing to its dynamic features such as high data rates and low latency.
Healthcare is expected to witness the highest CAGR during the forecast period
Healthcare is expected to witness the highest CAGR during the forecast period owing to the surging number of use cases and applications of 5G networks in the telemedicine market. For the healthcare sector, the 5G network infrastructure facilitates HD video calls and images. 5G network works at high speed; in other words, it has low latency time, which is an essential requirement of healthcare institutions, hospitals, and life science research centers for multiple applications and use cases, such as connected health devices, mHealth, and telemedicine, thereby enabling interaction between patients, doctors, medical experts, and scientists that are present at remote locations, as well as share digital images wirelessly from any site.
APAC is attributed to hold major share of 5G enterprise market throughout the forecast period
APAC is a diversified region with its countries transitioning toward their digital transformation. The region is set to dominate 5G, edge computing, blockchain, and 5G core technologies owing to its size and diversity, as well as due to strategic lead taken by countries, including Singapore, South Korea, China, Australia, and Japan. Japan and China are the largest manufacturing economies that produce automobiles, IT products, and electronic products in APAC. The manufacturing paradigm has changed considerably in APAC, with industries adopting advanced technologies, such as robotics and big data analytics. South Korea, China, and Japan are the prime countries in the region that have started several 5G-related activities.
The 5G enterprise market was dominated by Huawei (China), Ericsson (Sweden), Nokia Networks (Finland), Samsung (South Korea), and ZTE (China).
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