NEW YORK, March 30, 2021 /PRNewswire/ -- The global private 5G network market is projected to reach USD $13.92 Billion By 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR: 40.9% from 2020 – 2028. A rise in requirement for ultra-reliable low latency connectivity for industrial applications, including industrial sensors and collaborative robots is a key factor driving the market growth. The growing need for high-speed bandwidth connectivity for time-sensitive networking and real-time networking is further propelling the demand for 5G network solutions. A major emerging trend of digitalization in the oil and gas industry is fueling demand for reliable bandwidth capacity, which in turn is anticipated to augment the market growth.
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Key Trends Observed in Private 5G Network Market
- Based on component, installation and integration service segment accounted for the largest market share and is estimated to exhibit the faster CAGR over the forecast period. Increasing activities for installing a private 5G network for ensuring information security is contributed to the segment's growth.
- In terms of frequency, the sub-6 GHz segment is predicted to hold a majority of the market share and witness an exponential growth rate during the forecast period. Recently, governments of major developed and developing countries have brought sub-6 GHz frequencies in their countries to provide reliable 5G services.
- By spectrum, the unlicensed/shared is emerged as the dominating segment and is expected to maintain the same trend during the coming years. The segment's growth is attributed to a substantial rise in the demand for faster private 5G networks with affordable options. Unlicensed spectrum bandwidth is highly preferred for massive machine-type communications due to its easy accessibility.
- Amid the COVID-19 pandemic, there is a huge demand for higher data capacities and faster connectivity observed across different industry verticals. Private organizations and other potential users have started giving emphasis on the incorporation of private 5G networks to meet their requirements.
The private 5G network market is set to witness a tremendous growth rate owing to the introduction of revolutionary 5G technology and the major impact of COVID-19. During the pandemic, a significant demand for higher speeds and capacity has observed by the market. As a result of the COVID-19 scenario, private organizations, manufacturers, regulators, and other potential users are integrating the private 5G networks.
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Region Developments:
North America is anticipated to garner the fastest growth rate and account for the largest market share, owing to increasing high-bandwidth requirements and the presence of leading private 5G solution providers. In addition to this, favorable regulatory policies coupled with heavy investment by market players for deploying private network infrastructure is creating new growth avenues for the regional market. On the other side, the regional market of Asia Pacific is expected to emerge as one of the largest revenue contributors. The region's growth is attributed to the growing involvement of leading manufacturers.
Competitive Outlook:
Market players are taking aggressive steps in the form of partnership agreements for ensuring proper deployment of private 5G networks for industry-specific applications. Several leading market players are strategically collaborating with key manufacturers to develop a test center to test different industrial automated devices for functioning with a private 5G network.
Some of the promising players operating in the private 5G network market include Cisco Systems, Inc., AT&T Inc., Broadcom Inc., Huawei Technologies Co., T-Systems International GmbH, ZTE Corporation, Deutsche Telekom, Qualcomm Technologies, Inc., Nokia Corporation, SAMSUNG, Vodafone Limited, Ericsson, Telefonaktiebolaget LM, Altiostar, Verizon Communications, Ltd, and others.
Target Audience
- Supply Side: Communication Technology Companies
- Demand Side: Aerospace & Defense, Oil & Gas, Healthcare, IT Company
- Regulatory Side: Telecom Regulatory Authority
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Polaris Market Research Market research has segmented the private 5G network market report on the basis of spectrum, component, frequency, vertical, and region
Private 5G Network Spectrum Outlook (Revenue – USD Million, 2020 – 2028)
- Unlicensed/Shared
- Licensed
Private 5G Network Component Outlook (Revenue – USD Million, 2020 – 2028)
- Hardware
- Radio Access Network
- Core Network
- Backhaul & Transport Interconnecting
- Services
- Installation & Integration
- Data Services
- Support & Maintenance
Private 5G Network Frequency Outlook (Revenue – USD Million, 2020 – 2028)
- Sub-6 GHz
- mmWave
Private 5G Network Vertical Outlook (Revenue – USD Million, 2020 – 2028)
- Manufacturing
- Automotive
- Food & Beverages
- Electrical & Electronics
- Heavy Machinery
- Pharmaceuticals
- Clothing & Accessories
- Heavy Machinery
- Electrical & Electronics
- Others
- Aerospace & Defense
- Energy & Utilities
- Transportation & Logistics
- Government & Public Safety
- Healthcare
- Oil & Gas
- Mining
- Corporates/Enterprises
- Others
Private 5G Network Regional Outlook (Revenue – USD Million, 2020 – 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Sweden
- Finland
- Netherlands
- Asia Pacific
- Japan
- China
- Australia
- Thailand
- South Korea
- Central & South America
- Middle East & Africa
List of Key Players of Private 5G Network Market
- Altiostar
- AT&T Inc.
- Broadcom Inc.
- Cisco Systems
- Deutsche Telekom
- Huawei Technologies Co
- Nokia Corporation
- Qualcomm Technologies, Inc.
- Telefonaktiebolaget LM Ericsson
- T-Systems International GmbH
- Verizon Communications
- ZTE Corporation
- Microsoft
- Amazon
- Samsung
- Vodafone Limited
*Note: Additional companies can be included on request
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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Private 5G Network Market Size Is Projected to Reach $13.92 Billion By 2028 | CAGR: 40.9%: Polaris Market Research - PRNewswire
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