5G Enterprise Market Outlook
According to the report by Expert Market Research (EMR), “The Global 5G Enterprise Market Size, Share, Analysis, Report and Forecast 2024-2032″,the global 5G enterprise market reached a value of USD 3.55 billion in 2023. Aided by growing adoption of 5G technology and surging cloud-based enterprise applications, the market is projected to further grow at a CAGR of 33.4% between 2024 and 2032 to reach a value of USD 20.01 billion by 2032.
5G or fifth-generation technology is the latest iteration of cellular technology, engineered to increase the speed and responsiveness of wireless networks. It is primarily used in the enterprise sector for various applications, including autonomous driving, remote control machinery, and advanced analytics using Artificial Intelligence (AI) and Machine Learning (ML). Apart from its high-speed data transfer capabilities, 5G also promises low latency, network slicing for personalised services, and the potential to connect multiple devices, thereby making it a critical component in various industrial applications, including manufacturing, healthcare, and logistics.
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The growing enterprise preference for high-speed data services is propelling the global 5G enterprise market growth. With the increasing awareness of the potential benefits associated with 5G technology, such as reduced latency, improved speed, and enhanced connectivity, there has been a significant shift towards 5G-based enterprise solutions. Additionally, the escalating need for advanced technology in the era of the Internet of Things (IoT) and Industry 4.0 has further boosted the popularity of 5G in the enterprise sector.
The broadening applications of 5G in various industries also play a pivotal role in driving the 5G enterprise market demand. In the manufacturing sector, 5G is utilised for automation and smart manufacturing processes, improving efficiency and productivity. The healthcare industry leverages 5G for remote patient monitoring, telemedicine, and advanced robotic surgeries. Moreover, 5G’s high-speed and low-latency properties make it a vital component in logistics and supply chain management, enhancing real-time tracking and operations efficiency.
Further, the increasing focus on smart cities and automated vehicles has underscored the significance of 5G as a vital component for these next-gen technologies, thereby contributing to the 5G enterprise market expansion. With the rise of autonomous vehicles and smart infrastructure, 5G has become an indispensable asset in the development and functionality of these applications.
The market is poised for significant growth, driven by the increasing demand for high-speed data services, expanding applications of 5G, and the rise of next-gen technologies like IoT, Industry 4.0, and autonomous vehicles.
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5G Enterprise Market Segmentation
The market can be divided based on communication infrastructure type, enterprise type, and region.
Market Breakup by Communication Infrastructure Type
- 5G Radio Access Networks
- 5G Core Networks
- Transport Networks
Market Breakup by Enterprise Type
- IT and Telecommunication
- BFSI
- Retail and E-commerce
- Manufacturing
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
5G Enterprise Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global 5G enterprise companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Cisco Systems, Inc.
- Telefonaktiebolaget LM Ericsson
- Huawei Technologies Co., Ltd.
- Nokia Corporation
- NEC Corporation
- Samsung Electronics
- Verizon Communications
- Juniper Networks, Inc.
- Others
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