SELBYVILLE, Del., February 20, 2024 (Globe Newswire) — The market size for private 5G networks is expected to reach $42.4 billion by 2032, according to a study. recent research By Global Market Insights Inc.
Industry growth is driven by rapid technological advances. The evolution of Industry 4.0 and the Internet of Things (IoT) requires high-performance, low-latency connectivity, driving the industry to deploy private 5G networks. In June 2023, his WIPRO, a leading technology services and consulting company, partnered with Cisco to launch a managed private 5G-as-a-Service solution. These networks provide superior data speeds and reliability, facilitate seamless communication between IoT devices, and support emerging technologies such as augmented reality (AR) and virtual reality (VR).
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Industries with sensitive data and mission-critical operations, such as manufacturing, healthcare, and finance, prefer private 5G networks to ensure robust cybersecurity measures and reliable connectivity. The ability to customize and control network architecture within a private environment increases data protection, reduces cybersecurity risks, and ensures consistent and reliable performance. Increasing focus on security and reliability, where data integrity and uninterrupted operations are critical, is contributing to the positive outlook for the market.
Energy and utilities accelerate deployment of private 5G networks
The private 5G network market share in the energy and utilities segment is poised to generate sustained demand through 2032 due to its transformative impact on critical infrastructure. Private 5G networks offer unparalleled connectivity and data processing capabilities, facilitating smart grid-wide usage, renewable energy integration, and efficient utility management. These networks enable real-time monitoring and control of energy distribution, optimizing grid performance and facilitating the integration of renewable energy sources. The low-latency and high-reliability features of private 5G networks will improve operational efficiency for utilities and support applications such as predictive maintenance and asset monitoring.
Innovations driving private 5G network hardware
The private 5G network market in the hardware sector is expected to witness significant growth from 2024 to 2032. Advanced radio access network (RAN) components, small cells, and customized base stations are critical elements in building powerful dedicated 5G networks. These devices not only enhance network coverage and capacity, but also enable the industry to deploy private networks tailored to specific needs. The development of compact and energy-efficient 5G hardware solutions enables seamless integration within diverse operational environments, from manufacturing plants to large enterprises.
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Regulatory support to drive European market growth
Europe’s private 5G network market size is touted to grow rapidly through 2032 due to strong regulatory support and accelerated adoption across the sector. European governments have recognized the transformative potential of 5G technology and are actively promoting a conducive environment for the deployment of private networks. Industries such as manufacturing, healthcare, and logistics are adopting private 5G networks to improve operational efficiency through the technology’s low latency, high reliability, and ability to support critical applications.
Major players in the private 5G networks market include AT&T Inc., ZTE Corporation, Deutsche Telekom, Verizon Communications, Huawei Technologies Co., Ltd., Telefonaktiebolaget LM Ericsson, Juniper Networks, Samsung Electronics Co., Ltd., Mavenir, etc. . , Nokia
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