5G Security Market to Reach $37.8 Billion, Globally, by 2031 at 40.5% CAGR: Allied Market Research
Growing digitalization and internet penetration around the world are positively impacting the growth of the 5G security market.
PORTLAND, Ore., March 16, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "5G Security Market by Component (Solution and Service), Deployment Mode (On-premises and Cloud), Organization Size (Small & Medium-sized Enterprises and Large Enterprises), Network Component Security (Radio Access Network Security and Core Security), Architecture (5G NR Standalone and 5G NR Non-standalone), and Industry Vertical (Manufacturing, IT & Telecom, Healthcare, Retail, Energy & Utilities, Automotive, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031." According to the report, the global 5G Security industry generated $1.3 billion in 2021, and is projected to reach $37.8 billion by 2031, growing at a CAGR of 40.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The global 5G security market is experiencing growth due to increasing digitalization and internet usage worldwide. The adoption of 5G technology in enterprises is also contributing to this growth by improving productivity and operations. Additionally, there are promising growth opportunities in the market with the increasing adoption of IoT, AI, big data, and cloud technology. However, the market's progress is hindered by security concerns and the high initial investment costs required.
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The on-premises segment to rule the roost
By deployment mode, the on-premises segment contributed to more than three-fifths of the global 5G Security market share in 2021 and is projected to rule the roost by 2031. This is attributed to the numerous advantages offered by on-premise deployments such as a high level of data security and safety. The cloud segment, on the other hand, would display the fastest CAGR of 41.6% throughout the forecast period. This is due to the rise in the adoption of cloud-based 5G security solutions.
The large enterprises segment to dominate by 2031
By organization size, the large enterprises segment held the major share in 2031, holding more than two-thirds of the global 5G Security market revenue. Surge in adoptionof 5G security solutions in large businesses open numerous opportunities for the growth of the segment. The small and medium-sized enterprises segment, simultaneously, would display the fastest CAGR of 43.2% from 2022 to 2031. Factors such as surge in digitalization and increase government initiatives through various digital SME campaigns throughout the world drive the growth of the segment.
The solution segment to maintain its dominance during the forecast period
By component, the solution segment held the largest share in 2021, garnering more than two-thirds of the global 5G Security market revenue, and is projected to maintain its dominance by 2031. This is due to the ability of 5G security to transform industries globally, such as BFSI, manufacturing, and healthcare. The services segment, on the other hand, would showcase the fastest CAGR of 44.2% during the forecast period. This is because 5G security services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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North America garnered the major share in 2021
By region, North America garnered the highest share in 2021, holding nearly two-fifth of the global 5G security market revenue in 2021, and is projected to retain its dominance by 2031. Increasing investment in advanced technologies such as artificial intelligence, machine learning, IoT, big data, and cloud computing to improve businesses drive the growth of the market across North America. The Asia-Pacific region, at the same time, would portray the fastest CAGR of 44.3% during the forecast period. This is due to an increase in penetration of digitalization and higher adoption of connected technology across the province.
Leading Market Players
The report analyzes these key players in the global 5G Security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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SOURCE Allied Market Research