IMARC Group, a leading market research company, has recently releases report titled “5G Enterprise Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global 5G enterprise market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the 5G Enterprise Market?
The global 5G enterprise market size reached US$ 3.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.4 Billion by 2028, exhibiting a growth rate (CAGR) of 34% during 2023-2028.
Fifth generation (5G) enterprise refers to the wireless local area network (LAN) solution to fulfill an enterprise-specific requirement. It offers higher connectivity and compatibility with various devices, such as mobile phones, laptops, computers, tablets, and other wearable smart devices. It increases network capacity and transmission speed and enhances support for low-power devices and sensors as compared to fourth generation (4G) networks. It allows businesses to quickly scale, enhance uptime, and offer highly reliable and secure service to staff and customers. It has low latency, reduces energy consumption, and provides flexibility through interference-free communication. It operates on multiple bands that enable a signal to travel short and long distances efficiently. It assists in streamlining ultra-high definition (HD) videos without any interruption and automating business operations. It aids in enhancing user experience, improving productivity, and increasing the revenues of a business. Besides this, it maintains overall performance without decreasing security levels and provides visibility of business tasks. It also supports low-power sensors that provide real-time information for enhanced efficiency and preventive maintenance. As a result, 5G enterprise is widely employed in the telecommunication, healthcare, manufacturing, energy and utility, mining, transportation, and media and entertainment industries around the world.
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What are the growth prospects and trends in the 5G enterprise industry?
At present, the increasing demand for 5G enterprises to handle peak-time traffic on a website of an organization represents one of the key factors supporting the market growth. Besides this, the growing adoption of 5G enterprises due to the increasing development of smart infrastructure across the globe is positively influencing the market.
Additionally, there is a rise in the demand for hassle-free, uninterrupted, fast speed, improved network coverage, and cost-effective network solutions among the masses around the world. This, coupled with the increasing utilization of smart devices due to rapid digitalization, along with the ease of internet facilities worldwide, is propelling the growth of the market. Apart from this, the rising demand for software applications in wireless communications with enhanced efficiency is impelling the growth of the market.
Moreover, the increasing adoption of 5G enterprises in the healthcare industry, as it provides remote monitoring and consultations of a patient and video-enabled prescription management, is contributing to the growth of the market. In addition to this, the rising utilization of 5G enterprises in smart cities by using the internet of things (IoT) technology is strengthening the growth of the market.
Furthermore, the increasing demand for 5G enterprise among small and medium, and large-scale businesses to promote business expansion is offering lucrative growth opportunities to industry investors.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Frequency:
Breakup by Spectrum:
Breakup by Network Type:
- Hybrid Networks
- Private Networks
- Enterprise Network
- CSP Network
Breakup by Organization Size:
- Small and Medium-sized Enterprises
- Large Enterprises
Breakup by Industry Vertical:
- Retail and E-Commerce
- IT and Telecom
- Government and Public Sector
- Energy and Utility
- Media and Entertainment
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
AT&T Inc., Cisco Systems Inc., Fujitsu Limited, Hewlett Packard Enterprise Company, Huawei Technologies Co. Ltd., Juniper Networks Inc., Nokia Corporation, Oracle Corporation, Samsung Electronics Co. Ltd., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc. and ZTE Corporation.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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