According to a recent report published by Allied Market Research, titled, “5G Enterprise Market by Frequency, Spectrum, Network Type, Organization Size, Industry Vertical, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2028,” the 5G enterprise market size was valued at $1,682 million in 2020, and is projected to reach $16,846 million by 2028, growing at a CAGR of 33.9% from 2021 to 2028.
Use of 5G enterprise solutions among the end users has increased in the last few years due to adoption of new cutting edge technologies in various organizations and rise in competition to create new mile stone in communication sector. In addition, increase in demand for next generation telecommunication network service among enterprises fuels the growth of the market. Furthermore, increase in need for interactive, efficient and cost-effective communication and data service along with emerging technology such as internet of things and artificial intelligence are expected to provide lucrative opportunities for the expansion of the market during the forecast period.
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Covid-19 Scenario:
- The adoption of 5G enterprise solutions increased during the Covid-19 pandemic due to the “work from home” culture adopted by organizations. The usage of cloud infrastructure and remote workspace applications increased significantly.
- Lockdown restrictions in many countries restricted the auction of 5G spectrum, which in turn, delayed the implementation of 5G enterprise. However, during the post-lockdown, communication service providers (CSPs) from regions such as Europe and North America, are expected to invest rapidly in the 5G enterprises, which will boost the market growth globally.
- Organizations have been focusing on adoption of advanced technologies such as virtual reality, augmented reality, and the internet of things (IoT) to carry out contactless operations in several industries including manufacturing, energy and utility, and others. This led to increased adoption of 5G enterprise solutions across the globe.
5G Enterprise Market Segmentation:
The report provides detailed segmentation of the global 5G enterprise based on frequency, spectrum, network type, organization size, industry vertical, and region.
On the basis of frequency, the sub-6Ghz segment dominated the overall 5G enterprise market in 2020, and is expected to continue this trend during the forecast period. This is attributed to increase in adoption of 5G enterprise among enterprises to gain strategic as well as competitive advantage over their competitors. In addition, it provides wide coverage area and allows full network inside close places such as house and offices, which drives the growth of the Market.
However, the mmWave frequency segment is expected to witness highest growth, as this mmWave 5G technology allows the large number of users to connect one access point which is useful in the dense populated area in metropolitan city. The adoption of this technology speeds up new business implementation, maximizes the value of existing mobile and wearable resources by optimizing it, and minimizes the data cost, which further fuel the 5G enterprise market growth.
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Depending on spectrum, the licensed segment dominated the 5G enterprise market share in 2020, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to numerous benefits provided by this spectrum type such as high quality of connectivity, which results in lower costs if there is addition of new resources, high security, and others. However, the unlicensed/ shared segment is expected to witness highest growth in the 5G enterprise market owing to growing adoption of unlicensed infrastructure due to its cost-effective and standalone operation, that the operation of unlicensed spectrum is not depend on any communication operator service which notably contributes toward the growth of the global market..
Based on organization size, large-scale organizations dominated the 5G Enterprise market share and is expected to continue this growth during the forecast period. This growth is attributed to heavy investment of large scale organization in the 5G networks. Also, the growing requirement of high-speed internet in large scale organizations drives the 5G enterprise market. However the small and medium scale organization recorded highest growing segment due to major shift of small and medium scale business toward digitization and adoption of internet of things in regular operation, which drives the market globally.
Based on network type, the hybrid network segment held the largest market share in 2020, accounting for around two-fifths of the global 5G enterprise market, and is expected to continue its dominant share in terms of revenue during the forecast period. However, the private network segment is expected to portray the highest CAGR of 38.1% from 2021 to 2028.
Based on region, North America contributed to the highest market share in 2020, accounting for nearly half of the total share, and is estimated to maintain its leadership status by 2028. However, Asia-Pacific is projected to grow at the fastest CAGR of 37.6% during the forecast period.
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Leading players of the global 5G enterprise market analyzed in the research include AT&T, Huawei technologies co. Ltd., Ericsson, NEC corporation, Juniper Network, Samsung, Nokia Corporation, Verizon Communications Ltd., SK Telecom, and ZTE Corporation.
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