5G Security Market Size to Generate USD 37.8 Billion by 2031, growing at a CAGR of 40.5%, Says Allied Market Research
5G has the potential to make the world connected. Devices in locations without access to traditional broadband networks can be deployed using 5G networks.
PORTLAND, PORTLAND, OR, UNITED STATE, October 10, 2023 /EINPresswire.com/ — Allied Market Research published a report, titled, “5G Security Market by Component (Solution and Service), Deployment Mode (On-premises and Cloud), Organization Size (Small & Medium-sized Enterprises and Large Enterprises), Network Component Security (Radio Access Network Security and Core Security), Architecture (5G NR Standalone and 5G NR Non-standalone), and Industry Vertical (Manufacturing, IT & Telecom, Healthcare, Retail, Energy & Utilities, Automotive, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031.” According to the report, the global 5G Security industry generated $1.3 billion in 2021, and is projected to reach $37.8 billion by 2031, growing at a CAGR of 40.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
The global 5G security market is experiencing growth due to increasing digitalization and internet usage worldwide. The adoption of 5G technology in enterprises is also contributing to this growth by improving productivity and operations. Additionally, there are promising growth opportunities in the market with the increasing adoption of IoT, AI, big data, and cloud technology. However, the market’s progress is hindered by security concerns and the high initial investment costs required.
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COVID-19 scenario:
➢ The 5G security market has experienced significant growth over the past few years, and this trend continued even during the outbreak of the COVID-19 pandemic.
➢ The pandemic led to an increase in remote work, resulting in higher usage of cloud infrastructure and remote workspace applications, giving way to a surge in internet traffic.
➢ As a result, businesses and tech service providers were increasingly adopting 5G security solutions to ensure secure connectivity.
By deployment mode, the on-premises segment contributed to more than three-fifths of the global 5G Security market share in 2021 and is projected to rule the roost by 2031. This is attributed to the numerous advantages offered by on-premise deployments such as a high level of data security and safety. The cloud segment, on the other hand, would display the fastest CAGR of 41.6% throughout the forecast period. This is due to the rise in the adoption of cloud-based 5G security solutions.
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By organization size, the large enterprises segment held the major share in 2031, holding more than two-thirds of the global 5G Security market revenue. Surge in adoption of 5G security solutions in large businesses open numerous opportunities for the growth of the segment. The small and medium-sized enterprises segment, simultaneously, would display the fastest CAGR of 43.2% from 2022 to 2031. Factors such as surge in digitalization and increase government initiatives through various digital SME campaigns throughout the world drive the growth of the segment.
By component, the solution segment held the largest share in 2021, garnering more than two-thirds of the global 5G Security market revenue, and is projected to maintain its dominance by 2031. This is due to the ability of 5G security to transform industries globally, such as BFSI, manufacturing, and healthcare. The services segment, on the other hand, would showcase the fastest CAGR of 44.2% during the forecast period. This is because 5G security services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
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By region, North America garnered the highest share in 2021, holding nearly two-fifth of the global 5G security market revenue in 2021, and is projected to retain its dominance by 2031. Increasing investment in advanced technologies such as artificial intelligence, machine learning, IoT, big data, and cloud computing to improve businesses drive the growth of the market across North America. The Asia-Pacific region, at the same time, would portray the fastest CAGR of 44.3% during the forecast period. This is due to an increase in penetration of digitalization and higher adoption of connected technology across the province
Leading Market Players:
➢ AT&T Inc.
➢ Huawei Technologies Co. Ltd.
➢ IBM Corporation
➢ Intel Corporation
➢ Juniper Networks Inc.
➢ Nokia Corporation
➢ Palo Alto Networks
➢ Qualcomm Incorporated
➢ Telefonaktiebolaget LM Ericsson
➢ Trend Micro Inc.
The report analyzes these key players in the global 5G Security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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