Overview and Scope
5th generation (5G) enterprise refers to the use of 5G technology designed primarily for business and industrial applications in order to improve operational efficiency and open up opportunities for new companies across a wide range of industries. 5G networks offer significantly faster data speeds and lower latency compared to other generations. This high-speed connectivity enables businesses to access and transfer large amounts of data quickly and efficiently.
Sizing and Forecast
The 5th generation (5G) enterprise market size has grown exponentially in recent years. It will grow from $3.46 billion in 2023 to $4.62 billion in 2024 at a compound annual growth rate (CAGR) of 33.6%. The growth in the historic period can be attributed to the growing IoT adoption, demand for enhanced connectivity, industry-specific use cases, regulatory support and standards development, technological advancements.
The 5th generation (5G) enterprise market size is expected to see exponential growth in the next few years. It will grow to $14.78 billion in 2028 at a compound annual growth rate (CAGR) of 33.7%. The growth in the forecast period can be attributed to expansion of industry 4.0 initiatives, rise of edge computing, increased focus on cybersecurity, emergence of industry-specific solutions, economic recovery and digital transformation. Major trends in the forecast period include rapid adoption of private 5G networks, integration of AI and IoT with 5G, emergence of network slicing services, focus on green and sustainable 5G, expansion of cross-industry collaboration.
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Segmentation & Regional Insights
The 5th generation (5g) enterprise market covered in this report is segmented –
1) By Network Type: Hybrid Networks, Private Networks, Enterprise Network, Communication Service Provider (CSP) Network
2) By Frequency Band: Sub-6GHz, mmWave
3) By Infrastructure: Access Equipment, Small Cells, E-RAN Equipment (Service Node), Core Network, Software-Defined Networking (SDN), Network Function Virtualization (NFV)
4) By Application: Mobile Robots (AGV), Video Analytics, Drones, Augmented Reality (AR) Or Virtual Reality (VR), Communication, Other Applications
5) By Vertical: Banking, Financial Services, And Insurance (BFSI), Manufacturing, Energy And Utilities, Retail, Healthcare, Government And Public Safety, Transportation And Logistics, Aerospace And Defense, Media And Entertainment, Office Buildings
North America was the largest region in the 5th generation (5G) enterprise market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the 5th generation (5G) enterprise market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing adoption of IoT devices is expected to propel the growth of the 5G enterprise market going forward. IoT devices refer to physical objects embedded with sensors, software, and connectivity capabilities, allowing them to collect, exchange, and act on data without human intervention. The factors contributing to the increased demand for IoT (Internet of Things) devices are automation and efficiency, improved connectivity, and consumer demand. 5G provides ultra-fast speeds and low latency, enabling seamless connectivity for IoT devices, supporting real-time data transmission and massive deployments across diverse applications such as industrial automation and smart cities. For instance, in September 2023, according to a report published by Ericsson, a Sweden-based telecommunications company, global IoT connections reached 15.7 billion connections in 2023 and are expected to increase by 16% to 38.9 billion connections by 2029. Therefore, the growing adoption of IoT devices is driving the growth of the 5G enterprise market.
Key Industry Players
Major companies operating in the 5th generation (5G) enterprise market report are Samsung Electronics Co. Ltd.; Microsoft Corporation; Verizon Communications Inc.; AT&T Inc.; Huawei Technologies Co. Ltd.; Intel Corporation; Vodafone Group Plc; Cisco Systems Inc.; Qualcomm Incorporated; Oracle Corporation; NTT Docomo Inc.; Hewlett Packard Enterprise Company; Telefonaktiebolaget LM Ericsson; Nokia Corporation; NEC Corporation; ZTE Corporation; Telstra Corporation Limited; SK Telecom Co. Ltd.; CommScope Holding Company Inc.; Juniper Networks Inc.; Ciena Corporation; Fujitsu Limited; Mavenir plc
The 5th generation (5g) enterprise market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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