5G Enterprise Market
WILMINGTON, DE, UNITED STATES, October 3, 2024 /EINPresswire.com/ — Global 5G enterprise market size was valued at $1,682 million in 2020, and is projected to reach $16,846 million by 2028, growing at a CAGR of 33.9% from 2021 to 2028.
Asia-Pacific is expected to exhibit highest growth during the forecast period, owing to strong economic growth along with the ongoing development in the telecom sector, which drives organizations to invest heavily in 5G Enterprise to sustain growth and improve productivity. In addition, factors such as major shift toward digital transformation, rise in cloud deployment and technological advancement among small & medium businesses, and ongoing modernization of telecommunication networks such as 5G networks drive heavy investment in 5G Enterprise in emerging economies. Furthermore, key players in Asia-Pacific are focusing on enhancing their operations and increasing their overall efficiency to stay competitive in the market, which is expected to provide lucrative opportunities for the growth of the 5G enterprise market during the forecast period.
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Use of 5G enterprise solutions among the end users has increased in the last few years due to adoption of new cutting edge technologies in various organizations and rise in competition to create new mile stone in communication sector. In addition, increase in demand for next generation telecommunication network service among enterprises fuels the growth of the market. Furthermore, increase in need for interactive, efficient and cost-effective communication and data service along with emerging technology such as internet of things and artificial intelligence are expected to provide lucrative opportunities for the expansion of the market during the forecast period.
The COVID-19 pandemic has been a defining moment, The COVID-19 outbreak has positively impacted the growth of the global 5G Enterprise market, to ease business operation during the COVID-19 pandemic, the governments of various emerging countries along with the private sectors companies are working together to speed up the development of 5G Enterprise and network. Moreover, due to the outbreak of COVID-19 pandemic, almost all employees are working from home or their native place. Factors, such as working from home (WFH), and digital transformation of businesses, have become key components in the emergence of 5G enterprise. However, during lockdown, the implementation of 5G enterprise is slightly affected due to limited supply of the auxiliary equipment such as optical fiber wire and micro stations. Furthermore, in the post-lockdown scenario, the growth of 5G enterprise is expected to increase as the demand grows for high speed low latency internet. This is expected to drive the 5G enterprise market globally.
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The key 5G enterprise industry players profiled in the report are AT&T, Ericsson, Huawei technologies co. Ltd., Juniper Network, NEC corporation, Nokia Corporation, Samsung, SK Telecom, Verizon Communications LTD, ZTE corporation.. This study includes 5G enterprise market trends, analysis, and future estimations to determine the imminent investment pockets.
Key Findings Of The Study
By frequency, in 2020, the sub-6Ghz segment dominated the 5G enterprise market size. However, the mmWave segment is expected to exhibit significant growth during the forecast period.
On the basis of organization size, the large scale enterprise segment accounted for the highest revenue of global market in 2020; however, the small and medium scale enterprise segment is expected to witness the highest growth rate during the forecast period.
Depending on spectrum, the licensed spectrum segment generated the highest revenue in 2020. However, the unlicensed/ shared spectrum segment is expected to witness the highest growth rate in the near future.
Region-wise, the 5G enterprise industry was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the coming years.
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