A new report published unveils the promising growth prospects of the private 5G network market, projecting a compound annual growth rate (CAGR) of 47% during the period 2023-2029. The comprehensive report provides valuable insights into market values, report scope, research methodology, drivers, restraints, and regional trends, offering a comprehensive overview of the industry.
Market Scope and Research Methodology:
Private 5G networks are gaining traction across various sectors, including manufacturing, transportation, healthcare, and more, owing to their ability to deliver higher data transfer speeds, lower latency, and enhanced security compared to traditional networks. These networks are expected to play a pivotal role in the development of smart factories, autonomous vehicles, and other Industry 4.0 technologies.
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The report also highlights notable industry news, such as the selection of Ericsson and Nokia by US-based utility company Ameren to deploy private 5G networks at two energy centers. Similarly, AT&T and Cisco have joined forces to offer private 5G networks to businesses in the United States, providing dedicated networks with high data transfer speeds, low latency, and improved security.
Market Segmentation :
Component Outlook:
In the report, the private 5G network market is segmented based on components into hardware, software, and services. The hardware segment includes radio access network, core network, and backhaul & transport. The software segment includes installation & integration, data services, and support & maintenance.
Frequency Outlook:
The private 5G network market is also be segmented based on frequency into sub-6 GHz and mm Wave. Sub-6 GHz frequency is expected to hold a significant share of the market due to its ability to cover larger areas and provide reliable connectivity. Mm Wave frequency, on the other hand, offers high data transfer rates and low latency, making it suitable for applications such as virtual reality and autonomous vehicles.
by Industry Outlook
• Manufacturing Industry
• Healthcare Industry
• Energy and Utilities
• Transport and Logistics
• Public Sector
by Component Outlook
• Hardware
• Software
• Service
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Key Players :
• Ericsson (Sweden)
• Nokia (Finland)
• Huawei (China)
• Samsung (South Korea)
• Cisco (US)
• NEC Corporation (Japan)
• ZTE Corporation (China)
• Mavenir (US)
• CommScope (US)
• Athonet (Italy)
Private 5G Network Market Regional Insights:
The private 5G network market is experiencing significant growth worldwide, with North America, Europe and Asia-Pacific being the major regions driving the market growth. North America and Europe are currently leading the market, with increasing adoption of private 5G networks driven by the growing demand for high-speed connectivity, advancements in IoT, and the need for secure and reliable communication.
According to the report, the Asia Pacific region is anticipated to exhibit the highest CAGR during the forecast period, driven by the increasing adoption of private 5G networks by various industries in the region.
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