5G Security Global Market to Reach $7.2 Billion by 2027
DUBLIN, Aug. 18, 2022 /PRNewswire/ -- The "5G Security Market with Covid-19 Impact Analysis by Component, Deployment Mode, Organization Size, End User, Network Component Security (RAN and Core Security), Architecture, Application, Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The publisher forecasts the global 5G security Market size is expected to grow 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.
Digitalization has transformed the dynamics of a number of industries, such as manufacturing, energy and utilities, transportation, logistics, and healthcare. Cell phones have become commonplace, tablets have replaced spiral notebooks in schools, and companies are developing next-generation technologies, such as driverless cars and drones.
The evolution of mobile networks from 1G, 2G, 3G, 4G, and now 5G caters to consumers as well as businesses in terms of data connectivity. It would lead the next-generation communication technology industry. 5G is powering next-generation applications, such as tactical communication, Industrial Internet of Things (IIoT), connected cars, connected healthcare, driverless car, edge computing, and smart city use cases.
By Organization Size, the Large Enterprises segment holds the larger market size during the forecast period
Organizations with more than 1,000 employees are considered large enterprises. The adoption of 5G security solutions in the coming years is expected to grow among large enterprises. Large enterprises are expected to use 5G security solutions for digitizing applications and services, communication security, identity management, privacy, and security assurance. They have begun investing in IT infrastructure and technical expertise to automate their various tasks.
This is in response to the increasing amount of data turn-off processes and tasks. 5G's security architecture enables significant performance benefits and diversity of applications as it controls network slicing, cloud-based resources, virtualization, and other emerging technologies. Network slicing enables different networks and services to share the same infrastructure but are isolated and segregated from each other. Network slicing carves out specific types of network traffic to match various use cases. AI makes sure that data reaches the right user without getting intercepted by cybercriminals who may employ man-in-the-middle, spear phishing, ransomware, spyware, or any other cyberattacks.
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