5G Security Industry
Increasing digitalization and internet penetration across the globe is positively impacting the growth of the 5G security market.
PORTLAND, OR, USA, August 29, 2024 /EINPresswire.com/ — According to a recent report by Allied Market Research titled “5G Security Market,” the global 5G security market is valued at $1.3 billion in 2021 and is expected to grow significantly to reach $37.8 billion by 2031. The market is expected to expand at a compound annual growth rate (CAGR) of 40.5% from 2022 to 2031.
As 5G technology becomes more widespread, enterprise adoption is expected to accelerate rapidly. 5G’s potential makes it an attractive option for organizations that need to monitor and manage solutions in remote locations. Industries such as critical infrastructure and healthcare, which are often prime targets of cyber threats, are expected to benefit from 5G security solutions. These solutions are designed to help organizations securely deploy IoT and other devices over 5G networks, securing the initial network connection to protect against both known and zero-day attacks. These factors create significant growth opportunities for the 5G security market during the forecast period.
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Moreover, 5G can handle a high density of devices, enabling large-scale deployment of IoT devices without compromising network connectivity. This is especially advantageous in remote locations where traditional network options are either unavailable or too costly. Such trends are expected to positively impact the growth of the 5G security market over the next few years.
Studying the market by vertical, the IT & Telecom sector held the largest share in 2021, owing to the need for infrastructure optimization among telecom operators and continuous innovation in the field. The energy & utilities industry is also expected to witness robust market growth as adoption of 5G security solutions improves digital transformation efforts. These solutions enhance reliability, scalability, security, and performance, improving customer experience and overall operational efficiency.
Geographically, North America is expected to lead the market in 2021, owing to increasing demand for 5G security solutions from businesses looking to improve their operations and customer service. However, Asia Pacific is expected to witness the highest growth during the forecast period, owing to increasing digitalization of business operations across the region.
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The COVID-19 pandemic has had a positive impact on the 5G security market, with companies across the globe investing in advanced technologies such as AI, big data, cloud platforms, 5G, and machine learning. In addition, digital transformation efforts across various sectors to improve operational efficiency are expected to create further growth opportunities for the 5G security industry. The evolving cybersecurity challenges faced by 5G and future networks, along with the increasing complexity of network management, are driving the demand for enhanced security management solutions. Technologies such as Zero Touch Service Management (ZSM), AI/ML, blockchain, and trusted execution environment (TEE) are gaining attention as they have the potential to provide smarter and more effective security solutions for 5G networks. For example, in April 2021, Fujitsu Limited and Trend Micro Inc. partnered to focus on private 5G network security. They demonstrated the effectiveness of Trend Micro’s 5G security solutions using a simulated smart factory environment at Fujitsu’s research lab in Kawasaki, Japan, which incorporates high-resolution surveillance cameras and automated guided vehicles.
Key findings from the survey include:
1. In 2021, the solutions segment dominated the 5G security market by component.
2. On-premise deployment mode accounted for the largest market share in 2021.
3. In terms of organizational size, large companies accounted for the largest proportion.
4. The Radio Access Network (RAN) security segment led the market driven by network component security.
5. In 2021, 5G NR non-standalone architecture accounted for the largest share by architecture.
6. In 2021, by industry vertical, the IT and communications sector dominated the market.
7. North America generated the highest revenue in 2021.
Key players in the 5G security market include AT&T Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Juniper Networks Inc., Nokia Corporation, Palo Alto Networks, Qualcomm Incorporated, Telefonaktiebolaget LM Ericsson, and Trend Micro, Inc. These companies are adopting various strategies to expand their market presence and strengthen their position in the 5G security industry.
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