(MENAFN- EIN Presswire) 5G Enterprise Market Value
Increasing demand for high-speed connectivity, as businesses require faster & reliable data speeds to support their operations is driving 5G enterprise market.
PORTLAND, PORTLAND, OR, UNITED STATES, May 13, 2023 /einpresswire.com / -- According to the report published by Allied Market Research, the global 5G enterprise market was valued at $1.68 billion in 2020, and is projected to surpass $16.84 billion by 2028, registering a CAGR of 33.9% from 2021 to 2028.
5G technology is the latest generation of wireless mobile technology, which has revolutionized the way we communicate, work, and consume media. 5G technology promises to deliver higher data speeds, lower latency, and greater connectivity, which has the potential to transform various industries, including healthcare, manufacturing, transportation, and entertainment. 5G enterprise market refers to the use of 5G technology by businesses and organizations for various applications such as industrial automation, IoT, remote monitoring and control, augmented reality, and virtual reality. The 5G enterprise market is expected to grow significantly in the coming years, as more businesses adopt 5G technology to improve their operations, increase efficiency, and gain a competitive edge.
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The 5G enterprise market is expected to be driven by several key factors. One of the main drivers is the increasing demand for high-speed connectivity, as businesses require faster and more reliable data speeds to support their operations. With 5G technology, businesses can benefit from significantly higher data speeds and lower latency, which can enable real-time communication, collaboration, and data analytics.
Another key driver of the 5G enterprise market is the growing adoption of IoT devices. The proliferation of IoT devices in various industries, such as healthcare, manufacturing, and transportation, has created a need for high-speed connectivity and low-latency networks to support these devices. With 5G technology, businesses can support a large number of IoT devices and enable real-time data analytics, which can lead to significant improvements in operational efficiency, cost savings, and productivity.
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The 5G enterprise market is experiencing several key trends that are shaping the industry. One of the major trends is the adoption of private 5G networks by businesses. Private 5G networks offer several benefits, including improved security, greater control over the network, and the ability to customize the network to meet the specific needs of the business. As such, more businesses are investing in private 5G networks to support their operations.
Another key trend in the 5G enterprise market is the use of 5G for industrial automation. With 5G technology, businesses can deploy a range of advanced automation systems that can improve operational efficiency, reduce costs, and enhance safety. For example, 5G technology can enable remote monitoring and control of industrial processes, which can reduce the need for human intervention and improve safety. As such, the use of 5G for industrial automation is expected to grow significantly in the coming years, as businesses seek to improve their operations and gain a competitive edge.
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Based on region, North America contributed to the highest market share in 2020, accounting for nearly half of the total share, and is estimated to maintain its leadership status by 2028. However, Asia-Pacific is projected to grow at the fastest CAGR of 37.6% during the forecast period.
Leading players of the global 5G enterprise market analyzed in the research include AT&T, Huawei technologies co. Ltd., Ericsson, NEC corporation, Juniper Network, Samsung, Nokia Corporation, Verizon Communications Ltd., SK Telecom, and ZTE Corporation.
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David Correa
Allied Analytics LLP
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