Private 5G Network Market to Grow at a high CAGR until 2028
Rising implementation of
highly secured 5G network infrastructure across several industrial use cases along
with rising investments to implement private 5G network infrastructure to drive
for the Global Private 5G Network Market during the forecast period.
According to TechSci Research
report, “Private 5G Network
Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast. 2018–2028, the Global Private 5G Network
Market is anticipated to register a robust growth during the forecast period,
2024-2028.”
The Global Private 5G Network
Market is expected to grow with the rising pace of building smart cities in several
countries such as US,, China, India, etc. Moreover, surge in IoT devices’
deployment for several applications, including transport, public safety,
security, energy management, and so on is also likely to contribute to market
growth. Therefore, the demand for private networks in the countries is expected
to increase from the businesses that highly utilize the IoT ecosystem.
Additionally, by 2025, 5G
technology will support as much as USD 3.65 trillion worth of products and
services in industries such as retail, healthcare, education, transportation,
and entertainment, potentially sprouting new cottage industries driven by
start-ups and small businesses, which also effects the growth of Global Private
5G Network Market in the forthcoming period.
Many businesses in the
automotive, manufacturing and logistics sectors are supporting the
establishment of private 5G networks mostly in countries like United States.
Small- and medium-sized firms are still very slowly adopting 5G network. In
order to utilize private networks, businesses in outlying locations and
low-income markets must overcome obstacles such as limited financial resources
and the availability of alternative networks. Many small- and medium-sized
businesses in the US are unable to make the significant capital investments
necessary to create a reliable private connection infrastructure, which is expected
to pose difficulties for the market's steady expansion.
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Global
Private 5G Network Market is segmented into component,
frequency, spectrum, industry vertical,
region and competitive landscape. Based on the
spectrum, the global private 5G network market has been segmented into licensed
and unlicensed. The unlicensed spectrum segment is expected to dominate the
global market during the forecast period. Unlicensed spectrum can lead to
increased proliferation of 4G and 5G worldwide. Moreover, groups of new
entrants are expanding the market for hybrid networks, primarily in
partnerships with hyperscalers, public telecom operators, and technology
companies, and are taking advantage of technological advances, such as the
advent of choice of Wi-Fi 6 technologies, to take advantage of wider coverage
with from the unlicensed spectrum.
Based on
frequency, the private 5G network market has been segmented into mmWave and
Sub-6 GHz. Due to the reduced frequency range, speed limitations, and longer
range that make the Sub-6 GHz segment more suitable for usage in practical
applications, this market segment is predicted to dominate the entire world.
The older 4G-like frequencies used by Sub-6 GHz produce better coverage. This
is the fundamental justification for why manufacturers of chips and smartphone
brands typically provide compatibility for both or Sub-6 GHz networks in their
chips and devices.
Major
market players operating in the Global Private 5G Network Market are:
- Telefonaktiebolaget LM
Ericsson
- Nokia Corp.
- Samsung Electronics Co.,
Ltd.
- ZTE Corp.
- Deutsche Telekom AG
- Juniper Networks Inc
- AT&T Inc.
- Verizon Communications
Inc.
- Altiostar Networks India
Private Limited
- Huawei Technologies Co.,
Ltd.
- HRMavenir Systems, Inc.
- BT Group plc
- T-Systems International
GmbH
- Cisco Systems, Inc.
- Vodafone Ltd.
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“The fifth generation of
cellular wireless technology, or 5G, aims to boost network capacity, speed up
data transfer between connected devices, and lower latency. Along with
workplace Wi-Fi networks and current public mobile network services, businesses
can use 5G to improve their operations even though the widespread adoption of
autonomous vehicles and drones is still a way offi. Other industries where it
can be used include higher education,
manufacturing, and healthcare. Therefore, due to its widespread acceptance
across numerous industries the global Private 5G Network Market is expected to
grow in the forecast period.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Private 5G Network
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast
2018-2028 Segmented
By Component (Hardware, Software, Services), By Frequency (Sub-6 GHz, mmWave),
By Spectrum (Licensed, Unlicensed), By Industry Vertical (Manufacturing/Factories,
Energy & Utilities, Transportation & Logistics, Defense, Enterprises
& Campus, Mining, Healthcare/Hospitals, Oil & Gas, Retail, Agriculture,
Smart Cities, Others), By Region,” has evaluated the future growth potential of Global Private
5G Network Market and provides statistics & information on market size, structure,
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Private 5G Network
Market.
Contact
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