What Is The Definition Of The Global Private 5G Network Market?
A private 5G network refers to a local cellular network that operates independently of public mobile network operators. It utilizes the 5G (fifth generation) wireless technology to provide high-speed, low-latency connectivity within a specific area, such as a corporate campus, manufacturing facility, stadium, or campus. The private 5G networks offer organizations greater flexibility, control, and performance than traditional public cellular networks, allowing tailored connectivity solutions to the specific needs and use cases.
Private 5G Network Global Market Report 2024 provides data on the global private 5g network market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Private 5G Network market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Private 5G Network Market Size Expected To Expand, And At What Annual Growth Rate?
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 the internet of things (IoT), and the 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 the emergence of industry 4.0, expansion of smart cities initiatives, growth in edge computing applications, rise in remote working and telemedicine, and 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, and expansion of private 5G networks in rural areas.
What Are The Key Drivers Fueling Growth In The Private 5G Network Market?
The private 5G network market is set to expand with the rising adoption of the Internet of Things (IoT) for enhanced connectivity and operational efficiency. Akamai Technologies Inc. projected a rise in IoT connections from 15.1 billion in 2021 to 23.3 billion by 2025, driven by advancements in IoT applications across industries. Private 5G networks leverage IoT capabilities to provide secure, low-latency, and high-speed connectivity, catering to real-time data-driven operations. This infrastructure supports diverse applications, including industrial automation, smart cities, and healthcare, enhancing service reliability and performance. The demand for IoT-driven solutions drives the private 5G network market through 2023, 2024, and 2028, facilitating digital transformation and operational excellence.
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What Are The Principal Market Segments In The Global Private 5G Network Industry?
The private 5g network market covered in this report is segmented –
1) By Component: Hardware, Software, Services
2) By Deployment Type: On-Premise, Cloud
3) By Frequency Band: Sub-6 GHz, mmWave
4) By Spectrum: Licensed, Unlicensed Or Shared
5) By Vertical: Banking, Financial Services And Insurance (BFSI), Manufacturing, Energy And Utilities, Retail And E-commerce, Healthcare, Infrastructure, Transportation And Logistics, Aerospace And Defense, Media And Entertainment, Other Verticals
Which Emerging Market Trends Are Altering The Private 5G Network Sector?
Leading companies in the private 5G network sector are advancing the development of next-generation technologies like 5.5G to meet specific use case requirements. 5.5G, or 5G advanced, represents the forthcoming evolution of 5G networks, promising speeds up to ten times faster than current 5G networks. For example, in March 2024, Huawei Technologies Co. Ltd., a Chinese provider of ICT infrastructure and smart devices, introduced eight 5.5G innovation practices to assist operators in building such networks across all frequency bands. These practices focus on key technology areas such as antenna advancements, mmWave bandwidth, network intelligence in the RAN, and energy efficiency, aiming to deliver 10 Gbps downlink speeds and significantly enhance performance compared to existing 5G networks.
What Is The Leading Region In The Private 5G Network Market?
North America was the largest region in the private 5G network market in 2023. The regions covered in the private 5g network market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
