5G enterprise market to touch $16,846 million by 2028

The 5G enterprise market size was valued at USD 1,682 Million in 2020 and is projected to reach USD 16,846 Million by 2028, growing at a CAGR of 33.9% from 2021 to 2028, according to Valuates reports.

Major factors driving the growth of the 5G Enterprise Market
The advent of smart manufacturing operations, the development of telecom infrastructure, and the increasing use of smartphones and wearable devices will fuel the growth of the market.

The rising investments in mobile computing for low latency and higher bandwidth connections and pandemic-fueled work from policies will surge the growth of the market.

Operators are providing dedicated virtual networks to enable customer-specific functionality. 5G networks offer maximum production output without compromising sustainability, flexibility, and safety. A network of connected machines allows manufacturers to collect, analyze and distribute data in real-time. Workers receive a continuous feedback loop at greater speeds than before. Factories are gradually moving towards connected monitoring systems with the advent of AR, VR, and IoT thereby driving the growth of the 5G enterprise market. Earlier, troubleshooting and routine calibration of over 1000 high-precision parts was a time-consuming and labor-intensive procedure. However, tools are now fitted with real-time motion sensors and attached to NB-IoT modules. The data is then run over 5G supported IoT cellular networks for automatic calculation and intelligent analysis decreasing the need for manual labor.

The growing trend of BYOD and work-from-home policy adoption by many organizations due to covid 19 pandemic have led to the increasing use of smartphones, tablets, and devices to work, collaborate and communicate with each other. Industries are increasingly using smart devices to connect with employees. The deployment of 5G ensures that one can work from anywhere further bolstering the growth prospects of the 5G enterprise market. This leads to crisp, clear video conferences, instant file transfers, and the ability to work with people around the world.

The growing digitization and demand for continuous communication for industrial applications like automated guided vehicles, wireless cameras, and collaborative cloud robots are augmenting the expansion of 5G enabled telecom infrastructure in turn propelling the growth of the global 5G enterprise market. The capacity to provide uninterrupted connectivity with ultra-reliable frequency and low latency are crucial. In fact, government organizations and public authorities are relying on next-generation networking systems for faster communication with first responders in emergencies like the ongoing pandemic.

Fast data transfer is the basic premise of every cellular technology improvement. Countries around the world are investing exclusively in mobile computing and newer communication solutions for supporting connections of densely populated areas and devices. This will surge the growth of the 5G enterprise market. The fifth generation network enables multiple users to connect to a single tower thereby avoiding network congestion during mass gatherings and conventions. Tens of thousands of devices can operate smoothly without any issues in speed or latency. Several connections can coexist simultaneously for each square kilometer. This essentially means any number of smartphones, tablets, PCs, laptops, sensors, and other objects can capture and share information with each other.

Based on frequency, the sub-6 GHz segment will dominate the 5G enterprise market share due to increasing adoption in enterprises and the need for wide coverage in closed areas such as offices or homes. On the other hand, the mmWave frequency segment will grow the fastest as it allows a large number of users to connect to a single access point. This boost the implementation of business practices and lowers data transmission rates.

Based on the spectrum, the licensed segment will grow the highest in the 5G enterprise market share owing to benefits such as high quality and secure connectivity. The unlicensed segment will grow the fastest due to the rapid expansion of unlicensed infrastructure due to its standalone and cost-effective operation.

Based on organization size, large-scale organizations will be the most lucrative segment due to rising investments and the requirement for high-speed internet by big companies. However, small-scale organizations will grow the fastest due to the wide scale adoption of digitization and IoT.

Based on the network type, private networks will witness considerable growth as enterprises can gain full control of their network operations. It is customizable and allows separate data processing and storage.

Based on the industry vertical, manufacturing will hold a major share of the market as the implementation of IoT, AR, and VR technologies are underway for equipment maintenance and training.

Based on region, North America will grow significantly due to the proliferation of advanced technologies like AI and smart connected cars. The majority of businesses depend on high-speed internet along with the easy availability of 5G spectrums. While Asia-Pacific will be the fastest growing due to growing advancements in the telecom industry.

CT Bureau