According to Acumen Research & Consulting, the global private 5G network market size is estimated to grow a CAGR above 42.4% over the forecast timeframe and reach a market value of around USD 31,589 million by 2030.
The concept of private 5G networks is familiar, but the emergence of the internet of things (IoT) and connected assets is prompting an increasing number of businesses to investigate the opportunities that private 5G networks may provide. Businesses now have the option of building and running their individual private 5G network or outsourcing it to a systems integrator (SI) or mobile network operator (MNO), opening up a new world of opportunities for businesses across the board, from retail, healthcare, and entertainment to manufacturing, transportation, and education.
According to Verizon's latest statistics, 700 business technology decision-makers speculated on 5G, with the majority saying that it will bring new opportunities for their firm (80%), their function (79%), and their industry (79%). In addition to that, seven out of ten people believe 5G will assist their company deals with the consequences of the COVID-19 outbreak.
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Impact of COVID-19 pandemic on Global Private 5G Network Market
The global COVID-19 pandemic has drastically affected businesses across the world. Due to the disruptions in future trials and testing required to certify the stability and processing performance of 5G standalone networks, the Covid-19 epidemic is projected to delay the introduction of expanded private 5G infrastructure. Remote sensing, improved video quality, reduced latency, and high bandwidth are all advantages of private 5G, which may be used efficiently in remote working for practically all verticals. Yet, the market witnessed a significant downturn in 2020 but will come back to its normal growth in the coming years.
Global Private 5G Network Market Growth Aspects
The number of internet users is rapidly expanding with increased investments, advancements in technology infrastructure, and lower data plans. Many sectors are adopting Industry 4.0 on a wide scale in order to increase productivity and efficiency. Industry 4.0 necessitates the integration of several sensors and connected devices, as well as the generation of massive amounts of data. With the advent of industry 4.0 various key industrial operators, such as ABB Ltd., Mercedes-Benz AG, and Siemens AG have made substantial use of sensor-based technology and industrial robotics to achieve greater operational efficiency and productivity.
There are many advantages to the private 5G network for organizations that will see a surge in use over the coming years. Some of them include security, wireless, oversight, decreased latency, network slicing, enhanced bandwidth, and unobstructed connectivity. However, the market is held back by the high upfront cost and the COVID-19 pandemic. Moreover, the increasing demand from private networks and the surge in government funding for 5G infrastructures are some of the factors that are likely to create numerous growth opportunities for the market in the coming timeframe.
The global private 5G network market has been segmented into component, frequency, spectrum, and vertical. Based on the component, the market is divided into hardware (core network, radio access network, and backhaul & transport), software, and service (data services, installation & integration, and support & maintenance). The hardware segment is leading the component market, while the software segment is expected to expand at a significant rate during the forecasted years from 2022 to 2030.
The frequency segment is split into Sub-6 GHz and mmWave. Licensed and unlicensed/shared are the bifurcations of the spectrum segment. The unlicensed/share segment occupied a considerable market share in 2021.
Furthermore, the vertical segment is categorized into manufacturing/factories (automotive, clothing & accessories, food & beverages, electrical & electronics, heavy machinery, pharmaceuticals, and others), enterprises & campus, mining, defense, retail, healthcare/hospitals, agriculture, transportation & logistics, oil & gas, energy & utilities, smart cities, and others. Among them, the manufacturing/factories segment generated the largest revenue due to the increasing adoption of private 5G networks for a safe and secure environment.
North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa are the regional classification of the global private 5G network market. In 2021, North America conquered the majority of the regional market share. This can be attributed to the presence of 5G, AI, IoT, and many other technologically developed companies. However, the Asia-Pacific region is expected to witness the fastest growth rate during the projected years. Some of the factors that are driving the Asia-Pacific private 5G network market are growing investments in the 5G infrastructure, growing automation across numerous industries, and high growth potential from several planned smart cities.
Some key players covered globally include AT&T Inc., BT Group, Cisco Systems, Inc., Deutsche Telekom, Huawei Technologies Co., Ltd., Juniper Networks, Nokia Corp., Samsung, Telefonaktiebolaget LM Ericsson, T-Systems International GmbH, Verizon Communications, Vodafone Ltd., and ZTE Corp.
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Acumen Research and Consulting is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.
Mr. Frank Wilson
Acumen Research and Consulting