The publisher forecasts the global 5G security Market size is expected to grow USD 1.3 billion in 2022 to USD 7.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 41.6% during the forecast period, according to Research and Markets.
Digitalization has transformed the dynamics of a number of industries, such as manufacturing, energy and utilities, transportation, logistics, and healthcare. Cell phones have become commonplace, tablets have replaced spiral notebooks in schools, and companies are developing next-generation technologies, such as driverless cars and drones.
The evolution of mobile networks from 1G, 2G, 3G, 4G, and now 5G caters to consumers as well as businesses in terms of data connectivity. It would lead the next-generation communication technology industry. 5G is powering next-generation applications, such as tactical communication, Industrial Internet of Things (IIoT), connected cars, connected healthcare, driverless car, edge computing, and smart city use cases.
By Application, the Virtual and Augmented Reality segment to grow at the highest market share during the forecast period
Widespread deployment of 5G security could accelerate the adoption of augmented and augmented reality. Although more extensive availability is not the main prerequisite for VR and AR to thrive with 5G, convincing use cases are additionally required to make these technologies viable, despite the fact that the option of 5G gives developers a bigger canvas to plan design experiences. The AR and VR revolution is still in its initial stage. These innovations can possibly reform numerous businesses throughout the upcoming years. They will change how people interact with the surrounding scene, open new experiences, and increase productivity. However, the real-time intelligence of the extended reality (AR/VR) applications requires high bandwidth and ultra-low latency supported by the 5G networks.
By Organization Size, the Large Enterprises segment holds the larger market size during the forecast period
Organizations with more than 1,000 employees are considered large enterprises. The adoption of 5G security solutions in the coming years is expected to grow among large enterprises. Large enterprises are expected to use 5G security solutions for digitizing applications and services, communication security, identity management, privacy, and security assurance. They have begun investing in IT infrastructure and technical expertise to automate their various tasks.
This is in response to the increasing amount of data turn-off processes and tasks. 5G’s security architecture enables significant performance benefits and diversity of applications as it controls network slicing, cloud-based resources, virtualization, and other emerging technologies. Network slicing enables different networks and services to share the same infrastructure but are isolated and segregated from each other. Network slicing carves out specific types of network traffic to match various use cases. AI makes sure that data reaches the right user without getting intercepted by cybercriminals who may employ man-in-the-middle, spear phishing, ransomware, spyware, or any other cyberattacks.