5G Enterprise Market
Use of 5G enterprise solutions among the end users has increased in the last few years due to the adoption of new cutting-edge technologies in various organizations and rise in competition to create new milestones in the communication sector.
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 extensively analyzes changing market trends, top segments, top investment pockets, value chain, regional scenario, and competitive landscape.
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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.
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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Covid-19 Scenario:
1. The adoption of 5G enterprise solutions increased during the Covid-19 pandemic due to the “work from home” culture adopted by organizations. The usage of cloud infrastructure and remote workspace applications increased significantly.
2. Lockdown restrictions in many countries restricted the auction of 5G spectrum, which in turn, delayed the implementation of 5G enterprise. However, during the post-lockdown, communication service providers (CSPs) from regions such as Europe and North America, are expected to invest rapidly in the 5G enterprises, which will boost the market growth globally.
3. Organizations have been focusing on adoption of advanced technologies such as virtual reality, augmented reality, and the internet of things (IoT) to carry out contactless operations in several industries including manufacturing, energy and utility, and others. This led to increased adoption of 5G enterprise solutions across the globe.
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 frequency, the sub-6Ghz segment dominated the overall 5G enterprise market in 2020, and is expected to continue this trend during the forecast period. This is attributed to the adoption of 5G enterprise among enterprises to gain strategic and competitive advantage over their competitors. In addition, it provides wide coverage area and allow full network inside the close places such as house and offices, which drives the growth of the Market.
However, the mmWave frequency segment is expected to witness highest growth, as this mmWave 5G technology allows a large number of users to connect one access point which is useful in the dense populated area in metropolitan city. Adopting this technology speeds up new business implementation, maximizes the value of existing mobile and wearable resources by optimizing it, and minimizes the data cost, further fueling the 5G enterprise market growth.
Depending on spectrum, the licensed segment dominated the 5G enterprise market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to numerous benefits provided by this spectrum type such as high quality of connectivity, which results in lower costs if there is addition of new resources, high security, and others. However, the unlicensed/ shared segment is expected to witness highest growth in the 5G enterprise market owing to growing adoption of unlicensed infrastructure due to its cost-effective and standalone operation, that the operation of unlicensed spectrum is not depend on any communication operator service which notably contributes toward the growth of the global market..
On the basis of organization size, large scale organization dominated the 5G Enterprise market share and is expected to continue this growth during the forecast period. This growth is attributed to heavy investment of large scale organization in the 5G networks. Also, the growing requirement of high speed internet in large scale organizations drives the 5G enterprise market. However the small and medium scale organization recorded highest growing segment due to major shift of small and medium scale business toward digitization and adoption of internet of things in the regular operation, which drives the market globally.
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