Global Private 5G Market Research Report 2023-2028: Manufacturing Vertical Leads Private 5G Adoption with IoT Integration
DUBLIN, Oct. 4, 2023 /PRNewswire/ -- The "Private 5G Market by Component (Base Station, Radio Access Network, Core Network, Antennas, Software-Defined Network, Network Management, Network Security), Spectrum (Licensed, Shared), Services, Frequency Band, Deployment Mode - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global private 5G market is expected to be valued at USD 2.0 billion in 2023 and is projected to reach USD 11.8 billion by 2028; it is expected to grow at a CAGR of 42.3% from 2023 to 2028
The report encompasses comprehensive insights into the private 5G market, delving into critical factors such as drivers, constraints, challenges, and opportunities shaping its growth trajectory.
It offers an in-depth analysis of major industry players, furnishing details about their business profiles, product portfolios, strategic initiatives, including contracts, partnerships, agreements, new product and service launches, mergers and acquisitions, as well as recent developments within the private 5G market.
Europe's industrial landscape and businesses are currently undergoing significant digital transformation endeavors. Private 5G networks are pivotal in facilitating this transformation by delivering the essential connectivity required to support advanced technologies like IoT, automation, and data analytics.
With a robust manufacturing base and leadership in Industry 4.0 initiatives, Europe relies on private 5G networks to drive smart manufacturing, optimize processes, and seamlessly integrate robotics and automation across diverse industrial sectors. The increasing deployment of IoT devices and the evolution of smart cities have heightened the demand for dependable, high-speed connectivity. Private 5G networks provide the indispensable infrastructure to underpin these applications, enhancing efficiency, sustainability, and overall quality of life.
The widespread integration of IoT devices across various industries necessitates a connectivity solution capable of meeting the requirements for reliable, low-latency, and high-bandwidth communication. Private 5G networks offer the foundational infrastructure to support the extensive proliferation of IoT devices, enabling businesses to harness the full potential of IoT for enhanced operational efficiency, data-driven insights, and fostering innovation.
Key players in the private 5G market landscape include industry leaders such as Huawei Technologies Co., Ltd. (China), Telefonaktiebolaget LM Ericsson (Sweden), Nokia (Finland), Samsung Electronics Co., Ltd. (South Korea), and ZTE Corporation (China).
Additionally, the report provides a competitive analysis encompassing emerging startups within the private 5G market ecosystem.
Software component segment to account for second highest CAGR of private 5G market.
Software components allow Private 5G networks to adapt quickly to changing requirements and conditions. This agility is essential for industries that need t rapidly deploy and reconfigure network services to accommodate varying demands and use cases. Software components play a vital role in implementing robust security measures within Private 5G networks.
They enable features such as encryption, authentication, and access control, ensuring data privacy and network integrity. The growth of the software component in the Private 5G market is driven by its ability to provide customization, agility, innovation, security, and cost-efficiency.
Manufacturing vertical to account for the second largest market share of the private 5G market.
The manufacturing sector is undergoing a significant transformation with Industry 4.0, which emphasizes automation, data exchange, and IoT integration. Private 5G networks provide the high-speed, low-latency connectivity required to implement these advanced technologies and optimize manufacturing processes.
The growth of the Private 5G market in the manufacturing vertical is driven by the need for advanced connectivity solutions to support IoT integration, smart manufacturing, automation, and other transformative technologies. Private 5G networks enable manufacturers to optimize their operations, enhance product quality, and remain competitive in an increasingly digital and interconnected manufacturing landscape.
Use Cases in Private 5G Market
Internet of Things (IoT)
Augmented Reality (Ar)/Virtual Reality (Vr)
Case Study Analysis
For more information about this report visit https://www.researchandmarkets.com/r/vypz52
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