5G Enterprise Market By Type of Deployment (Public 5G Networks, Private 5G Networks), End-Use Industry (Manufacturing, Healthcare), Organization Size (Small and Medium-sized Enterprises (SMEs), Large Enterprises), & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization5G Enterprise Market Valuation – 2024-2031
The rising proliferation of Internet of Things (IoT) devices requires robust and reliable networks is propelling the adoption of 5G enterprise. Enterprises are increasingly adopting digital solutions and automation is driving the market size surpass USD 5.74 Billion valued in 2024 to reach a valuation of around USD 39.72 Billion by 2031.
In addition to this, the shift towards remote work and collaboration tools drives the need for reliable, high-speed networks is enabling the market to grow at a CAGR of 30.18% from 2024 to 2031.
5G Enterprise MarketDefinition/ Overview
5G enterprise refers to the application of 5G technology within business environments to enhance connectivity, productivity, and innovation. 5G offers significantly faster data speeds, lower latency, and greater network capacity compared to previous generations of wireless technology. This enables enterprises to leverage advanced digital tools and applications, facilitating seamless communication, real-time data transfer, and the integration of a wide array of Internet of Things (IoT) devices.
The applications of 5G in enterprises are diverse and transformative. In manufacturing, 5G supports smart factories with connected machinery and real-time monitoring, improving efficiency and reducing downtime. In healthcare, it enables remote diagnostics and telemedicine, enhancing patient care. In the retail sector, 5G enhances customer experiences through augmented reality (AR) and virtual reality (VR) applications. Additionally, 5G facilitates the deployment of autonomous vehicles and smart cities, revolutionizing transportation and urban management.
In the future, the scope of 5G enterprise is vast. As 5G networks become more widespread and mature, enterprises will increasingly adopt this technology to drive digital transformation.
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How will the Proliferation of Internet of Things (IoT) Devices Increase Adoption of 5G Enterprise?
5GThe Game-Changer for Businesses Picture thisbusinesses that can communicate and process data at lightning speed, without any pesky delays. That's the power of 5G. 5G is like the supercool tech that makes everything faster. It's like the difference between a snail and a bullet train when it comes to sending data. And that matters a LOT for businesses that need to move data around in a hurry. Think about things like financial services, where every second counts. Or telemedicine, where doctors need to send and receive patient data instantly. And don't forget emergency response systems, where lives could depend on quick communication. With 5G, businesses can be more efficient, get things done faster, and serve their customers better. And here's a fun facttons of devices are already hooked up to the internet, and 5G is playing a big role in keeping them connected. By next year, there will be over 15 billion connected devices, and 5G will be powering a big chunk of them.
5G is like a superhighway for connecting devices, and the Internet of Things (IoT) is like a swarm of cars on that highway. As more and more IoT devices get connected to our networks, 5G becomes essential. With 5G, we can cram way more devices into a smaller space than we could with 4G. That means businesses can create dense networks of sensors and devices, like in smart factories. These factories use machines and sensors to watch and control production, and 5G makes it possible to have a lot of them all communicating smoothly. For example, Cisco recently came out with new 5G-powered devices meant for businesses, like hospitals and stores. Because 5G can handle a ton of IoT devices with fast and reliable connections, more and more industries are jumping on the 5G bandwagon.
The push towards digital transformation and automation within enterprises also fuels the demand for 5G. Companies are increasingly adopting digital solutions to streamline operations, enhance customer experiences, and stay competitive in a rapidly evolving market. 5G’s high bandwidth and low latency are critical for enabling advanced applications such as augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). These technologies require robust and reliable networks to function effectively. By facilitating the deployment of these cutting-edge applications, 5G empowers enterprises to innovate and transform their business models, driving the overall growth of the 5G enterprise market.
Will High Costs of 5G Enterprise Restrain Its Application?
One significant restraint in the 5G enterprise market is the high cost of deployment and infrastructure development. Establishing a 5G network requires substantial investment in new hardware, including antennas, base stations, and other networking equipment. For many enterprises, especially small and medium-sized businesses, the financial burden of upgrading to 5G can be prohibitive. Additionally, the costs associated with maintaining and managing the advanced 5G infrastructure further add to the overall expenses, potentially slowing down the adoption rate.
Another challenge is the complexity of integration with existing systems. Many enterprises have legacy systems that are not compatible with 5G technology, necessitating significant upgrades or replacements. Integrating 5G into existing IT infrastructure can be a complex and time-consuming process, requiring specialized knowledge and skills. This integration challenge can lead to operational disruptions and increased costs, making some enterprises hesitant to fully embrace 5G technology.
Regulatory and security concerns also pose restraints to the 5G enterprise market. The deployment of 5G networks involves navigating a complex regulatory landscape, with varying standards and requirements across different regions. Additionally, the increased connectivity and data transfer capabilities of 5G raise concerns about cybersecurity. Enterprises must invest in robust security measures to protect sensitive data and prevent cyberattacks. These regulatory hurdles and security challenges can slow down the widespread adoption of 5G technology in the enterprise sector.
Category-Wise Acumens
Will Rise in Adoption of Public 5G networks Drive 5G Enterprise Market Growth?
Public 5G networks are like the rock stars of the 5G world, dominating the business scene because they're everywhere and affordable. ABI Research, a smart tech group, says that public 5G networks had a huge 70% of business 5G connections in 2023. And guess what? They're predicted to stay on top until at least 2025. This means companies can tap into these public 5G networks without having to blow a fortune on building their own private 5G networks. Just like using public Wi-Fi instead of setting up your own network at home, businesses of all sizes can enjoy lightning-fast speeds and near-zero lag without breaking the bank on fancy equipment. Plus, with public 5G networks reaching far and wide, companies can stay connected wherever they go. Ericsson, another tech wizard, says that as of March 2024, public 5G networks covered a whopping 65% of the world's population. That's a lot of coverage!
5G is the future of wireless networks, and it's not just for your phone. Businesses are also seeing the benefits of 5G, and one of the biggest advantages is network slicing. Network slicing is like having multiple virtual networks running on the same physical network. This means that businesses can have their own dedicated network, with guaranteed performance and security, without having to build and maintain their own private network. This is a huge advantage for businesses, because it means they can get the benefits of 5G without the expense and hassle of building their own network. They can also use network slicing to create different networks for different purposes, such as one network for mission-critical applications and another network for less important tasks. For example, Verizon recently announced that it is expanding its 5G Business Internet service to 20 additional cities. This means that more businesses will be able to take advantage of the benefits of 5G, including network slicing. Network slicing is a game-changer for businesses. It's giving them the ability to get the most out of 5G without having to break the bank.
Which Factors Enhance the Use of 5G Enterprise in Manufacturing Sector?
Manufacturing is dominating the 5G enterprise market due to its substantial need for enhanced connectivity and real-time data processing. A survey by Deloitte in late 2023 found that 68% of manufacturing companies were either implementing or planning to implement 5G technologies within the next two years. 5G technology enables smart factories where interconnected machines, sensors, and systems communicate seamlessly to optimize production processes. The low latency and high reliability of 5G networks support critical applications such as predictive maintenance, automated quality control, and real-time monitoring, significantly improving operational efficiency and reducing downtime.
Take a look at the factories of the future. They're being transformed by a wave of innovation, thanks in no small part to 5G. 5G's super-fast and reliable internet speeds are opening up a world of possibilities for advanced technologies like robotics, AI, and the Internet of Things (IoT). These technologies depend on 5G's data-handling prowess to work at their best. Picture thisa state-of-the-art manufacturing plant where autonomous robots glide around, handling complex tasks with precision. They're guided by 5G, which allows them to communicate and share data with other machines effortlessly. AI-powered analytics sift through mountains of data in real time, helping managers make smarter decisions about production and operations. It's like having a team of super-fast data scientists at your fingertips. This combination of technologies is putting manufacturing at the cutting edge of 5G adoption. In fact, a recent study found that companies using both 5G and AI saw a significant boost in efficiency – up to 20%! To illustrate, let's talk about ABB, a leading provider of industrial robots. They've just unveiled a new line of 5G-compatible robots tailored for these smart manufacturing environments. These robots are ready to take on the future of automation.
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Country/Region-wise Acumens
Will Rapid Technological Advancements Drive Market Growth of 5G Enterprise in Asia Pacific?
Hey there! You might have heard buzz about how Asia Pacific countries are ruling the world of 5G for businesses. It's no wonder because they're tech-whizzes and they've been putting their money where their mouth is when it comes to 5G towers and infrastructure. Back in 2023, they held a whopping 45% of all the 5G business connections in the world, which is like a huge chunk. Countries like China, South Korea, and Japan are the rockstars of 5G deployment. They've rolled out their networks like crazy and have government biggies supporting them all the way. For example, NEC from Japan just launched a cool 5G platform in 2024 that's made for businesses in Asia Pacific. It even teams up with local cloud companies. And don't forget, these nations are tech giants' homes, like Samsung and Huawei. They're not just making smartphones; they're pushing 5G into all kinds of industries. Asia Pacific countries aren't just sitting back and waiting. They're embracing 5G with open arms, which means businesses there can enjoy speedy and reliable connections that help them do more and be more innovative.
Across Asia Pacific, the buzzing and ever-changing world of business is fueling the need for super-fast and reliable 5G networks in the workplace. From factories and supply chains to hospitals and stores, companies in this region stand to gain big from 5G's lightning speed and low lag. As more and more businesses go digital and focus on making their operations smarter and more efficient, the cry for better 5G networks gets louder. With Asia Pacific at the forefront of digital innovation, the demand for 5G solutions in the workplace is only going to keep soaring, making it a leader in the global 5G enterprise market. A report by IDC in 2024 even said that smart city projects powered by 5G in Asia Pacific will see a major boost of 30% each year until 2027. That's how powerful 5G is for businesses in this thriving region.
Will Significant Investments in 5G Infrastructure and technology in North America Mature 5G Enterprise Market?
Hey there! 5G is taking off like a rocket in North America, and businesses are jumping on board at an incredible pace. Last year, the 5G market for companies grew by 42%! That's a whopping $18.5 billion. The U.S. and Canada are leading the charge, with major telecom companies building out massive 5G networks. Governments are also throwing their support behind 5G, making it easier for businesses to adopt this cutting-edge technology. As a result, businesses across North America are embracing 5G to boost their performance, make their operations smoother, and open up new possibilities for how they do business.
5G is really taking off in North America, and there are a few reasons for that. First, North American businesses are all about innovation and making the switch to digital. In fact, a survey from Accenture in 2024 showed that 65% of businesses there were already using or planning to use 5G within the next year and a half. Industries like manufacturing, healthcare, and shipping are using 5G to connect their "smart" devices, analyze data in real-time, and automate processes. And because there are so many tech companies and startups in North America, new 5G solutions are being developed and put to use all the time. As businesses keep finding new ways to use 5G, North America is going to stay a leader in the global 5G market. For example, Verizon in the U.S. just announced in February 2024 that they're expanding their 5G network to reach 80% of the country, with a focus on businesses in manufacturing and healthcare.
Competitive Landscape
The 5G enterprise market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the 5G enterprise market include
- Ericsson
- Nokia
- Huawei Technologies Co., Ltd.
- Samsung Electronics Co., Ltd.
- ZTE Corporation
- Cisco Systems, Inc.
- Qualcomm Technologies, Inc.
- Intel Corporation
- AT&T Inc.
- Verizon Communications Inc.
- T-Mobile US, Inc.
- Sprint Corporation (now part of T-Mobile)
- Deutsche Telekom AG
- SK Telecom Co., Ltd.
- China Mobile Ltd.
- NTT Docomo, Inc.
- Vodafone Group Plc
- BT Group plc
- Orange S.A.
- Telstra Corporation Limited
Latest Developments
- In April 2024, Qualcomm announced partnerships with multiple enterprise companies to integrate 5G into industrial IoT solutions.
- In March 2024, Verizon Business launched a 5G-enabled private network service tailored for enterprise customers in the manufacturing sector.
- In February 2024, AT&T introduced a new suite of 5G edge computing services aimed at enhancing real-time data processing for enterprise applications.
- In January 2024, Huawei collaborated with enterprise software providers to develop 5G-powered smart city solutions focusing on public safety and infrastructure management.
- In December 2023, Samsung Electronics expanded its 5G enterprise portfolio with solutions designed for healthcare providers to enhance telemedicine and patient care.
- In November 2023, Ericsson partnered with a leading logistics company to deploy 5G-enabled supply chain management solutions, optimizing warehouse operations and inventory tracking.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~30.18% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Ericsson, Nokia, Huawei Technologies Co., Ltd., Samsung Electronics Co., Ltd., ZTE Corporation, Cisco Systems, Inc., Qualcomm Technologies, Inc., Intel Corporation, AT&T, Inc., Verizon Communications, Inc., T-Mobile US, Inc., Sprint Corporation (now part of T-Mobile), Deutsche Telekom AG, SK Telecom Co., Ltd., China Mobile Ltd., NTT Docomo, Inc., Vodafone Group Plc, BT Group plc, Orange S.A., Telstra Corporation Limited |
| Customization | Report customization along with purchase available upon request |
5G Enterprise Market, By Category
Type of Deployment
- Public 5G Networks
- Private 5G Networks
End-User Industry
- Manufacturing
- Healthcare
- Transportation and Logistics
- Retail
- Energy and Utilities
Organization Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Region
- North America
- Europe
- Asia-Pacifi
- South America
- Middle East & Africa
Research Methodology of Market Research
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Understand the Market Inside Out We'll delve into the market, looking at both its size and key players. We'll break it down by different groups (segments) based on things like income and lifestyle. We'll even provide the market value in dollars for each segment. Spot the Winners We'll tell you which segments are likely to grow the fastest and dominate the market. We'll also highlight which regions are consuming the most. Know Your Competitors We'll rank the top companies in the industry and give you the scoop on their latest moves, like new product launches and mergers. Company ProfilesWho's Who We'll give you the lowdown on each major player, including their history, strengths, and weaknesses. Looking AheadThe Market's Future We'll explore the latest trends and factors that will shape the market in the coming years. We'll identify opportunities and challenges for both new and established players. Industry AnalysisThe Forces at Play We'll use Porter's five forces analysis to give you a deep understanding of the market's competitive landscape. Value ChainHow It All Fits Together We'll map out the entire value chain, from suppliers to end consumers. This will help you see how the different players contribute to the market. Growth OpportunitiesWhere the Money Is We'll highlight the areas of the market that are expected to experience the most growth in the future. Ongoing SupportWe're Here for You Even after you purchase the report, we'll provide you with 6 months of free analyst support. So, if you have any questions or need further insights, just give us a shout.
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Pivotal Questions Answered in the Study
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