5G security market will reach USD 24.89 billion by 2030
The 5G security market is projected to reach USD 24.89 billion by 2030 at a mammoth CAGR of 40.60%, according to P&S Intelligence.
This growth can be credited to the increasing worries for the security of the 5G network, because of the surging number of attacks on them, and the growing need for quick network connectivity.
Furthermore, the chances for growth are projected to rise with the requirement of corporate companies, the government, and the manufacturing sector for private 5G networks and the increasing operator expenditure on dynamic infrastructure.
MVNOs Concentrating on Shielding Carrier Networks
The sudden hike in the count of network attacks has forced several operators to concentrate more on safeguarding their carrier networks. For example, in 2017, O2 Telefonica of Spain employed 660 analysts and 1,100 other personnel to work at six security operation centers throughout the globe, in the wake of a bank heist.
Services Category Is Set To Grow at Faster Pace
In the coming few years, the services category is projected to grow faster, at a rate of approximately 41.2%. Among end users, service need has amplified with the advancing technological trends. The security of the 5G network needs to be managed at all stages of implementation and operation, as it is new to companies and telcos.
Security Need Is Higher for 5G NR Non-Standalone Architecture
In 2022, the 5G NR Non-standalone architecture category held the larger market share, of above 64.0%. The first few 5G networks rolled out are all non-standalone setups, which focus more on advancing the broadband, to offer better and steady connectivity and improved information transmission capability.
They also adhere to the 3GPP’s guideline that early 5G network and device rollouts be subject to NSA action. As a result, the existing 4G frame will support the 5G network.
Thus, as the acceptance of 5G surges, companies that are required to be the first to provide 5G connectivity will comply with the NSA’s mandates. Due to such factors, the 5G NR non-standalone architecture is cost-efficient, which is why companies are keener to spend on 5G security systems that utilize a non-standalone architecture.
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