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WILMINGTON, DE, UNITED STATES, April 15, 2024 /EINPresswire / -- The private 5g-as-a-service market was valued at $1.6 billion in 2021, and is estimated to reach $34.1 billion by 2031, growing at a CAGR of 36.2% from 2022 to 2031.
The demand for private 5G-as-a-service has increased tremendously, especially by those needing the high speed, low latency, and network capacity. In addition, there is much faster rollout and adoption of 5G as compared to 4G which is expected to provide lucrative opportunities during the private 5G-as-a-service market forecast.
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The integration of private 5G-as-a-service with public 5G networks offers organizations the flexibility to leverage both private and public infrastructure as per their requirements. This hybrid approach ensures seamless connectivity and can cater to diverse use cases efficiently.
As the adoption of private 5G-as-a-service grows, there will likely be a push towards establishing open standards. These standards will facilitate interoperability among different vendors' solutions, mitigating vendor lock-in issues. Consequently, organizations will have the freedom to choose solutions that best suit their needs without being tied to a specific vendor.
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The low latency and high bandwidth capabilities of private 5G networks make them well-suited for edge computing applications. By processing data closer to the source, organizations can significantly reduce latency and enhance the performance of real-time applications. This shift towards edge computing will likely drive further investment and innovation in this space, bolstering the growth of the private 5G-as-a-service market.
Overall, these emerging factors underscore the increasing importance and potential of private 5G-as-a-service in enabling organizations to achieve enhanced connectivity, flexibility, and performance across a wide range of applications and use cases.
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Region wise, North America dominated the private 5G-as-a-service market size in 2021. This is attributed to the fact that many businesses in North America are undergoing digital transformation, which is driving the demand for advanced connectivity solutions such as private 5G networks. Furthermore, increase in adoption of Internet of Things (IoT) is driving the demand for private 5G networks, as businesses look for ways to connect and manage large numbers of IoT devices securely and efficiently.
The key players profiled in the private 5G-as-a-service market analysis are Amazon Web Services, Inc., Mavenir, Ericsson, Cisco Systems, Inc., Anterix, Infosys Limited, Verizon, AT&T Intellectual Property, Nokia, and Kyndryl Inc.
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