Northbrook, IL 60062 -- (SBWire) -- 12/20/2023 --The global private 5G market is expected to be valued at USD 2.0 billion in 2023 and is projected to reach USD 11.8 billion by 2028; it is expected to grow at a CAGR of 42.3% from 2023 to 2028.
The market growth is driven by the rising popularity of industrial automation, data security & control, customized network performance, demand for higher network capacity and bandwidth and the integration of IoT devices. The growth of the Private 5G market is driven by its ability to cater to the unique connectivity and data handling needs of various industries, offering enhanced performance, security, and customization compared to traditional networking solutions.
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Hardware component in private 5G market to account for the largest share during the forecast period. Private 5G networks require a robust physical infrastructure, including base stations, antennas, routers, and other hardware components. The initial establishment of this hardware foundation is a significant investment for businesses looking to deploy Private 5G networks. As a result, hardware components constitute a substantial portion of the market share. Hardware components play a crucial role in ensuring data privacy, network integrity, and consistent connectivity. Businesses may choose to invest more heavily in hardware to ensure a secure and reliable network foundation.
Licensed spectrum in private 5G market is projected to account for the largest share during the forecast period. Private 5G networks often handle sensitive data and proprietary information. Licensed spectrum offers an additional layer of security by minimizing the risk of unauthorized access and eavesdropping, making it more attractive to industries concerned about data security and privacy. Licensed spectrum typically offers better coverage and range compared to unlicensed/shared spectrum. This makes it more suitable for applications that require expansive coverage across large facilities or outdoor areas.
The private 5G market in North America accounted for the highest share in 2023. North America has been at the forefront of technology innovation and adoption. Many pioneering companies and industries are based in the region, and they are quick to embrace new technological advancements. This early adoption mentality has led to a more rapid uptake of Private 5G networks, which offer advanced connectivity and data handling capabilities. The demand for high-speed and reliable connectivity is particularly high in North America due to the prevalence of data-intensive applications and services. From streaming and gaming to IoT devices and smart cities initiatives, Private 5G networks can cater to the region's connectivity needs, driving their adoption.
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Major players operating in the private 5G market are Huawei Technologies Co., Ltd. (China), Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Samsung Electronics Co., Ltd. (South Korea), ZTE Corporation (China), NEC Corporation (Japan), Oracle (US), Cisco Systems, Inc. (US), Ciena Corporation (US), Juniper Networks, Inc. (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of reputable products, a robust market presence, and strong business strategies. Furthermore, these companies have a significant market share, products with wider applications, broader geographical use cases, and a larger product footprint.
Private 5G Market Accounted for the Largest Share During the Forecast Period