Global 5G Security Market Share Estimated to Reach USD 21.11 Billion by 2030, with a CAGR of 41.4%: Polaris Market Research
NEW YORK, Nov. 1, 2022 /PRNewswire/ -- Polaris Market Research recently published a research report on "5G Security Market Share, Size, Trends, Industry Analysis Report, By Component (Solution, Services); By Deployment (On-premises, Cloud); By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the research report, the global 5G security market size & share increases from USD 1.10 billion in 2021 to reach USD 21.11 Billion by 2030, growing at a CAGR of 41.4% during the forecast period.
What is 5G Security? How is the 5G security market share expected to grow in coming years?
5G security is a technology designed to address many threats that occur while using today's 4G/3G/2G networks. 5G enhances mobile connectivity and provides a refined mobile broadband experience to businesses and industries. High speeds and low latency are the two most beneficial advantages of 5G security. Other benefits include decreased traffic visibility, increased IoT usage, and supply chain and software vulnerabilities.
The fifth-generation technology offers secure access to various applications and provides user protection for network operations. It also delivers much lower network latencies than 4G for resource-constrained devices. All these benefits of 5G security act as a driving factor for the 5G security market demand. Also, the outbreak of COVID-19, which led to strict and partial lockdown across the world, has had a massive impact on the market. People started working from home, and therefore the demand for 5G increased.
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Better network slicing and substantial security expansion than 4G and LTE are one of the prominent factors driving the growth of the 5G security market size. Fifth-generation technology has high-security capabilities that prioritize the data privacy of organizations and individuals. Due to these improvements, the attacker fails to decrypt the information or cause any threat. Also, the data is directed through virtual hubs and switches, which makes it rapidly accessible. Therefore, the growing adoption of 5G security is expected to fuel market growth.
A surge in a number of initiatives by governments across the world which has led to increasing demand for 5G deployments, is further anticipated to propel the demand for 5G security over the forecast period. Rising security concerns in the 5G network and growing demand for network connections are increasing the requirement for establishing real-time and rapid connections between connected devices. These factors are creating significant opportunities in the 5G security market for various players.
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In December 2021, Ericsson launched the Authentication Security Module solution to boost its security for user privacy. This module will provide end-user data privacy to developers and consumers, whoever is involved in this ecosystem.
Based on component, the 5G security market segmentation is classified into solutions and services. The services segment is anticipated to account for the fastest growth during the forecast period. The fifth-generation network system is becoming popular due to its comprehensiveness, non-traditional structure, flexibility, and scalability. The 5G services provide customers with the Internet of Things (IoT) enabled applications, extreme real-time communications (RTC), ultra-reliable communications, and broadcast-like services.
On the basis of deployment, the market is classified into on-premises and cloud deployment. The cloud segment recorded the largest 5G security market share in 2021 and is likely to continue its dominance over the projected period. This growth can be attributed to the growing adoption of fifth-generation technology services for Internet of Things (IoT) devices. Also, a surge in the use of 5G security applications such as network slicing, cloud-based resources, virtualization, and other developing technologies is boosting the segment's growth.
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Report Scope: 5G Security Market
Depending on geography, Asia Pacific is expected to lead the 5G security industry with significant growth over the foreseen period. The key factors fueling this growth include the rise in the adoption of next-gen technologies such as artificial intelligence (AI), cloud computing, and robotics across the Asia-Pacific region. Also, changing real-time automation and the growing use of cloud computing applications positively influence the demand for 5G security. Thus, augmenting the growth of the 5G security market.
Furthermore, rising urbanization in the Asia-Pacific region which has led to producing IT, automobiles, networking, and electronic products, is accelerating the development of the 5G security market forecasts. In addition, increasing adoption of emerging technologies such as cloud, big data, IoT, and digital transformation is expected to propel the 5G security industry growth during the projected period.
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Polaris Market Research has segmented the 5G security market report based on form, product, application, and region:
By Component Outlook
By Deployment Outlook
By Region Outlook
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