Global 5th Generation 5G Enterprise Market Share 2024, Forecast To 2033
25 Jul, 2024
The 5th generation (5G) enterprise market has seen exponential growth, rising from $3.46 billion in 2023 to $4.62 billion in 2024, achieving a remarkable compound annual growth rate (CAGR) of 33.6%. This surge in demand is attributed to the increasing adoption of IoT, the need for enhanced connectivity, industry-specific applications, and supportive regulatory frameworks. Looking forward, the market is expected to grow to $14.78 billion by 2028, with a CAGR of 33.7%. The forecast period will witness expanded adoption in Industry 4.0 initiatives, advancements in edge computing, heightened emphasis on cybersecurity, emergence of industry-specific solutions, economic recovery efforts, and ongoing digital transformations. Major trends include the rapid deployment of private 5G networks, integration of AI and IoT with 5G networks, development of network slicing services, focus on sustainable and green 5G technologies, and increased cross-industry collaborations.
Major Driver In The 5th Generation 5G Enterprise Market
The 5G enterprise market is set to grow due to the extensive adoption of IoT devices, which use sensors, software, and connectivity to collect and act on data autonomously. This adoption is driven by automation, improved connectivity, and consumer demand. 5G technology supports these devices with high-speed, low-latency connectivity, crucial for applications in industrial automation and smart cities. Ericsson's September 2023 report indicates global IoT connections reached 15.7 billion and are expected to grow to 38.9 billion by 2029. This trend underscores the growth of the 5G enterprise market, with market sizes of $X billion in 2023, $Y billion in 2024, and projected growth to $Z billion by 2028.
Request A Free Sample Of The Global 5th Generation 5G Enterprise Market Report5th Generation 5G Enterprise Market Competitive Landscape
Samsung Electronics Co. Ltd., Microsoft Corporation, Verizon Communications Inc., AT&T Inc., Huawei Technologies Co. Ltd., Intel Corporation, Vodafone Group Plc, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, NTT Docomo Inc., Hewlett Packard Enterprise Company, Telefonaktiebolaget LM Ericsson, Nokia Corporation, NEC Corporation, ZTE Corporation, Telstra Corporation Limited, SK Telecom Co. Ltd., CommScope Holding Company Inc., Juniper Networks Inc., Ciena Corporation, Fujitsu Limited, Mavenir plc
Key 5th Generation 5G Enterprise Market Trend
Major companies in the 5G enterprise market are deploying private networks, such as 5G wireless networks, to meet specific communication needs. A 5G wireless network represents the fifth generation of cellular network technology, offering faster data speeds, lower latency, increased network capacity, and enhanced reliability compared to previous generations. For example, in February 2024, Wipro Ltd., an India-based technology company, and Nokia Corporation, a Finland-based telecommunications company, launched a joint private 5G wireless solution for enterprises. This partnership aims to drive digital transformation and innovation, empowering businesses with improved connectivity and AI-driven capabilities, allowing for effective scaling of digital transformation, security risk mitigation, and operational optimization.
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The 5th generation (5g) enterprise market covered in this report is segmented –
1) By Network Type: Hybrid Networks, Private Networks, Enterprise Network, Communication Service Provider (CSP) Network
2) By Frequency Band: Sub-6GHz, mmWave
3) By Infrastructure: Access Equipment, Small Cells, E-RAN Equipment (Service Node), Core Network, Software-Defined Networking (SDN), Network Function Virtualization (NFV)
4) By Application: Mobile Robots (AGV), Video Analytics, Drones, Augmented Reality (AR) Or Virtual Reality (VR), Communication, Other Applications
5) By Vertical: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Energy And Utilities, Retail, Healthcare, Government And Public Safety, Transportation And Logistics, Aerospace And Defense, Media And Entertainment, Office Buildings
By Geography:The regions covered in the 5th generation (5G) enterprise market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the 5th generation (5G) enterprise market in 2023.
The 5th Generation (5G) Enterprise Global Market Report 2024 furnishes information about the global 5th generation (5G) enterprise market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.