Increasing Demand for IoT Boosts Private 5G Network Market Growth
According to our latest study on “Private 5G Network Market Forecast to 2030 – Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage – by Component, Frequency, and End User,” the Private 5G Network market size was valued at US$ 1.93 billion in 2022 and is expected to reach US$ 27.87 billion by 2030. The Private 5G Network market is expected to record a CAGR of 39.7% from 2022 to 2030.
Increasing Demand for IoT is driving the real-time production monitoring market. IoT devices generate substantial amounts of data, which needs to be transmitted quickly and consistently to be useful. Private 5G network are dedicated to a single organization or industry, which empowers them to offer higher bandwidth, lower latency, and more reliable connectivity for IoT devices. Many IoT applications require real-time data processing. For example, self-driving cars are required to receive and process sensor data in real-time to make safe driving decisions. Solutions in the private 5G network market can support these applications by providing ultra-low latency and high reliability.
Private 5G Network Market – By Region, 2022 and 2030
Private 5G Network Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Component (Hardware, Software, and Services); Frequency (Sub-6 GHz and mmWave), End User (Manufacturing, Energy and Utilities, Automotive, Military and Defense, Government and Public Safety, and Others)
Private 5G Network Market Size Report, Share, Growth and Forecast 2030
Download Free Sample
Source: The Insight Partners Analysis
The adoption of massive IoT technologies such as NB-IoT and Cat-M is increasing significantly. For instance, in 2022, ~125 service providers have deployed or commercially launched NB-IoT network, and nearly 56 have launched Cat-M, while 40 have deployed both technologies globally. By the end of 2022, the number of devices connected by these technologies will be enhanced by added capabilities in the network, enabling massive IoT to co-exist with 4G and 5G in frequency division duplex (FDD) bands via spectrum sharing. Additionally, in 2022, broadband IoT (4G/5G) connections reached 1.3 billion and connected the largest share of all cellular IoT devices. This segment mainly includes wide-area use cases that require higher throughput, lower latency, and larger data volumes than can be supported by Massive IoT devices. Solutions in the private 5G network market can offer the bandwidth, latency, reliability, and security that IoT applications require. Therefore, the increasing requirement for IoT is creating a strong demand for private 5G network.
Industries across the globe are on the verge of adopting Industry 4.0 in order to completely transform their operations digitally. Private 5G connectivity plays an important role in this process. Many solution providers in the world have begun to commercialize their private 5G solutions for aiding the industrial sectors across the globe. For instance, in September 2023, Siemens made its private 5G solution for industrial-grade networking available in Germany, where Industrie 4.0 was established. Salsgitte, one of the largest steel producers in Europe, is one of the early trialists to adopt the networking solutions by Siemens. This signifies the role of IoT and Industry 4.0 in driving the growth of the private 5G network market.
The Private 5G Network market is categorized on the basis of component, frequency, end user, and geography. Based on component, the Private 5G Network market is segmented into hardware, software, and services. By frequency, the private 5G network market is segmented into Sub-6 Ghz and mmWave. Based on end user, the private 5G network market is segmented into manufacturing, energy and utilities, automotive, military and defense, government and public safety, and others. The Private 5G Network market, based on geography, is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
AT&T Inc; Broadcom Inc; Cisco Systems Inc; Huawei Technologies Co., Ltd.; Nokia Corporation; Qualcomm Technologies Inc.; Telefonaktiebolaget LM Ericsson; T-Systems International GmbH; Verizon Communications; and Vodafone Ltd are among the key players operating in the private 5G network market.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com