5G Security Market to be Worth $27.59 Billion by 2030 at CAGR of 39.6%: Grand View Research, Inc.
SAN FRANCISCO, Jan. 17, 2023 /PRNewswire/ -- The global 5G security market size is expected to reach USD 27.59 billion by 2030, registering CAGR of 39.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing attacks on key infrastructure, rising ransomware attacks on IoT devices, and growing security concerns in the 5G network are the factors driving growth of the 5G security industry. Network slicing and considerable security improvements over 4G and LTE are also likely to drive increased demand for the 5G security solutions.
Key Industry Insights & Findings from the report:
Read 140-page full market research report, "5G Security Market Size, Share & Trends Analysis Report By Component, By Deployment, By Architecture, By Network Security, By End-user, By Industry, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
5G Security Market Growth & Trends
The technological advancements made in the 5G security market, including cloud-based security solutions, are expected to surge the market growth during the forecast period. 5G security is a technique developed to handle many dangers that arise when utilizing today's 4G/3G/2G networks. 5G improves mobile connection and offers companies and industries a more sophisticated mobile broadband experience. The two most important benefits of 5G security are high throughput and low latency. Other advantages include increasing IoT usage, less traffic visibility, and supply chain plus software vulnerabilities.
One of the major elements driving rise of the 5G security market size is improved network slicing and significant security expansion over 4G and LTE. Fifth-generation technology provides high-security capabilities that prioritize organizational and individual data privacy. Because of these advancements, the attacker is unable to decipher the information or pose any harm. Furthermore, the data is routed through virtua hubs and switches, making it easily accessible. As a result, the increasing usage of 5G security is likely to drive market development.
During the forecast period, the COVID-19 had a negative impact on the growth of the 5G security industry. The ongoing outbreak has also forced telecom regulatory officials to delay their plans for the 5G spectrum auction, which has hampered industry growth. However, significant gains in performance across applications such as cloud-based resources, network slicing, virtualization, and other future technologies are just a few of the benefits that 5G security provides. Such benefits are expected to create growth opportunities for the market during the coming years.
5G Security Market Segmentation
Grand View Research has segmented the global 5G security market based on the component, deployment, architecture, network security, end-user, industries and region.
5G Security Market - Component Outlook (Revenue, USD Million; 2020 - 2030)
5G Security Market - Deployment Outlook (Revenue, USD Million, 2020 - 2030)
5G Security Market - Architecture Outlook (Revenue, USD Million, 2020 - 2030)
5G Security Market - Network Security Outlook (Revenue, USD Million, 2020 - 2030)
5G Security Market - End-user Outlook (Revenue, USD Million, 2020 - 2030)
5G Security Market - Industries Outlook (Revenue, USD Million, 2020 - 2030)
5G Security Market - Regional Outlook (Revenue, USD Million, 2020 - 2030)
List of key companies in 5G Security Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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