The global 5G Security Market size is expected to grow from 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 Markets and Markets.
Manufacturing segment to grow at the highest market share during the forecast period
Organizations are harnessing a new generation of M2M systems, mobile apps, and hosting services in the manufacturing vertical. Furthermore, the manufacturing companies majorly rely on software to automate processes, manage supply chains, facilitate R&D, and digitalize processes and products. Cyberattacks hamper data confidentiality in the form of data loss and system breakdowns, ultimately delaying the manufacturing speed. Hence, the manufacturing industry vertical needs to protect its entire manufacturing process and network infrastructure from the evolving volumetric cyberattacks with the help of 5G security solutions.
5G NR Standalone segment is expected to grow at a highest market share during the forecast period
The 5G NR standalone network is a completely new radio network for the 5G network. It mainly comprises 5G RAN and 5G core networks. 5G NR standalone solutions are expected to be more effective than 5G NR non-standalone solutions. The 5G NR standalone solutions would have various new in-built capabilities. Some of the new in-built capabilities include network slicing, ultra-low latency, Control and User Plane Separation (CUPS), multi-Gbps support, and virtualization. In the 5G NR standalone segment, the 5G security solutions deployment is at a nascent stage. The segment is expected to grow exponentially during the forecast period.
Europe region to record the second highest CAGR in the 5G Security Market
Europe has been the frontrunner in 5G trials and projects that are currently being implemented in various regions of the world. Various industries are identifying the best context to launch 5G services across Europe by 2020, including enhanced mobile broadband, massive machine-type communications, and ultra-reliable and low-latency communication. Such commercial 5G launches require substantial investments for the new infrastructure; a large amount of spectrum; new capabilities and close collaboration between the telecom players, network enablers, and government authorities. To facilitate the adoption of 5G technologies, the European Commission and the Member States encourage cross-sector innovations through adequate policies and support for the cross-sector hubs for experiments, trials, and large-scale pilot programs. For instance, in 2016, the UK government announced its intention to invest in the 5G testbed initiatives program. This initiative helped Brighton, Basingstoke, and the Northeast to start 5G test research programs. In 2016, the Federal Government of Germany launched its 5G Initiative, which represents a plan to support the deployment of 5G networks. This will be done with a complete 5G core and the development of 5G applications, at an early stage across multiple industries. The 5G strategy broadly elaborates on the context and fields of action regarding the rollout of 5G networks in Germany in 2025. All the above-mentioned developments of the 5G network are expected to drive the growth of 5G security solutions to maintain more secure access to the network.