Portland, OR , May 09, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Private 5G as a service Market by Component (Hardware, Software, and Service), Frequency Band (Sub-6 GHz and mmWave), Deployment Model (Standalone (SA) and Non-Standalone (NSA), Spectrum (Licensed and Unlicensed/Shared), and Industry Vertical (BFSI, Transportation & Logistics, IT, Manufacturing, Healthcare, Media & Entertainment, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031”. According to the report, the global private 5G as a service industry generated $1.6 billion in 2021, and is anticipated to generate $34.1 billion by 2031, witnessing a CAGR of 36.2% from 2022 to 2031.
Prime determinants of growth
The global private 5G as a service market is driven by factors such as surge in demand for secure and reliable connectivity, rise in adoption of IoT devices, and need for low-latency, high-bandwidth applications. However, high deployment costs and regulatory hurdles are hampering the private 5G as a service market growth. On the contrary, the innovation and transformation in private network services and continuous increase in the number of internet users are expected to offer remunerative opportunities for expansion of the private 5G as a service market during the forecast period.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.6 billion |
| Market Size in 2031 | $34.1 billion |
| CAGR | 36.2% |
| No. of Pages in Report | 390 |
| Segments covered | Component, Frequency Band, Deployment Model, Spectrum, Industry Vertical, and Region. |
| Drivers | Surge in demand for secure and reliable connectivity Rise in adoption of IoT devices Need for low-latency, high-bandwidth applications |
| Opportunities | Increase in focus on digital transformation Regulatory support |
| Restraints | High deployment costs Limited spectrum availability |
Covid-19 Scenario
- The COVID-19 pandemic had a positive impact on the private 5G as a service industry.
- Although the private 5G as a service market was in its early stages, it was growing rapidly attributed to increase in demand for faster and more reliable connectivity for mission-critical applications in industries such as manufacturing, logistics, healthcare, and transportation.
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The hardware segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2021, accounting for more than half of the global private 5G as a service market revenue, and is estimated to maintain its leadership status throughout the forecast period, as the solution is increasingly popular among businesses that require high-speed, low-latency connectivity and data transfer capabilities for their operations. However, the software segment is projected to manifest the highest CAGR of 39.5% from 2022 to 2031, as it offers encryption and authentication mechanisms that further enhances the security of the network.
The non-standalone segment to maintain its lead position during the forecast period
Based on deployment model, the non-standalone segment accounted for the largest share in 2021, contributing more than two-thirds of the global private 5G as a service market revenue, and is projected to maintain its lead position during the forecast period, as is a cost-effective solution for businesses to upgrade their existing LTE networks to 5G. However, the standalone segment is expected to portray the largest CAGR of 40.7% from 2022 to 2031. This is owing to the increase in demand witnessed for standalone private 5G networks, as it provides a more flexible and scalable solution for businesses.
The unlicensed/shared segment to maintain its lead position during the forecast period
Based on spectrum, the unlicensed/shared segment accounted for the largest share in 2021, contributing more than two-thirds of the global private 5G as a service market revenue and is projected to maintain its lead position during the forecast period, as it is a cost-effective solution for businesses that want to deploy private 5G networks, as it does not require businesses to purchase expensive licensed spectrum. However, the licensed segment is expected to portray the largest CAGR of 38.8% from 2022 to 2031. This is owing to the fact that it offers a higher degree of security and reliability compared to unlicensed spectrum, which is subject to interference and congestion from other wireless devices.
North America to maintain its dominance by 2031
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global private 5G as a service market revenue, owing to large number of industrial applications, the need for secure & reliable connectivity, and surge in adoption of IoT devices. However, the Asia-Pacific region is expected to witness the fastest CAGR of 40.6% from 2022 to 2031 and is likely to dominate the market during the forecast period, owing to increased integration of private 5G networks with cloud computing to enable scalable and flexible deployments.
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Leading Market Players: -
- Amazon Web Services, Inc.
- Mavenir
- Ericsson
- Cisco Systems, Inc.
- Anterix
- Infosys Limited
- Verizon
- AT&T Intellectual Property
- Nokia
- Kyndryl Inc.
The report provides a detailed analysis of these key players of the global private 5G as a service market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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