5G Security Market
“The Business Research Company recently released a comprehensive report on the Global 5G Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The 5g security market size has grown rapidly in recent years. It will grow from $8.34 billion in 2023 to $9.86 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to identity and access management emphasis, virtualization and cloud-native infrastructure, zero trust security models, shift to edge computing.
The 5g security market size is expected to see rapid growth in the next few years. It will grow to $19.05 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%. The growth in the forecast period can be attributed to rapid 5g network expansion, growing iot integration, escalating cyber threats, regulatory emphasis on security, edge computing security demands. Major trends in the forecast period include development of identity and access management solutions, virtualization and cloud security, ai and ml-powered threat detection, zero trust security models, edge computing security.
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Market Drivers and Trends:
The rising number of internet users is expected to propel the growth of the 5G security market going forward. Internet users refer to individuals who have accessed the web in the previous three months. 5G security plays a critical role in safeguarding internet users by providing robust protection against cyber threats, ensuring the integrity and confidentiality of data transmissions, and facilitating secure connectivity. For instance, in July 2023, according to the Canadian Internet Use Survey 2022 by Statistics Canada, a Canada-based government agency for national statistics, internet usage among Canadians aged 15 and older increased from 92% in 2020 to 95% in 2022. Canadians 75 years of age and older experienced the biggest increase, going from 62% in 2020 to 72% in 2022. Therefore, the rising number of internet users is driving the growth of the 5G security market.
Technological advancements are a key trend gaining popularity in the 5G security Major companies operating in the 5G security market are focused on developing new technological solutions to strengthen their position. For instance, in February 2022, Palo Alto Networks, a US-based company operating in 5G security launched Cortex® XSIAM, the first AI-powered SOC platform deployed by security organizations. This will transform security operations by enabling organizations to build an intelligent data foundation and detect emerging threats across the entire security infrastructure. This collects granular data and alerts to drive machine learning for natively autonomous response actions for the detection of highly sophisticated, emerging threats.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Telefonaktiebolaget LM Ericsson, Palo Alto Networks Inc., Cisco Systems Inc., Allot Ltd., Huawei Technologies Co. Ltd., A10 Networks, Nokia Networks, F5 Networks Inc., Juniper Networks Inc., Spirent Communications plc, Fortinet Inc., Mobileum Inc., Trend Micro Inc., Radware Inc., Riscure B.V., G+D Mobile Security, China Mobile Ltd., Cloudflare Inc., DigitCert Inc., Infineon Technologies AG, ZTE Corporation, Akamai Technologies Inc., Colt Technology Services Group Limited, CLAVISTER, AT&T Inc., Avast Software s.r.o., Check Point Software Technologies Ltd., ForgeRock Inc., Positive Technologies, Thales Group, Symantec Enterprise, McAfee Corp.
5G Security Market 2024 Key Insights:
• The 5g security market size is expected to see rapid growth in the next few years. It will grow to $19.05 billion in 2028 at a compound annual growth rate (CAGR) of 17.9%.
• Cybersecurity Concerns Fuel Growth Of 5G Security Market
• AI-Powered Solutions Revolutionize 5G Security Landscape
• North America was the largest region in the 5G security market in 2023
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This release was published on openPR.
