A key driving factor of the C-RAN market is the growing penetration of 5G technology. In order to efficiently achieve the deployment of 5G, it is mandatory for the telecom operators to adopt new technologies for desired network capabilities. The demand for 5G, especially in the business environment, is increasing rapidly, which is why the service providers are focusing on the transformation of RAN. C-RAN aids in reducing latency, enhancing network performance, lowering OPEX and CAPEX, and simplifying network operations, which is why its demand is increasing.

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A major trend being observed in the C-RAN market is the growing adoption of network virtualization technology. Enterprises around the globe are becoming more inclined toward virtualization in order to gain an edge over their competitors, primarily in terms of network capabilities. Network virtualization is being adopted by various financial organizations, cloud service providers, and enterprise data centers. In addition to this, both large and small organizations are also taking benefit of network virtualization for speed, efficiency, and scalability.

In 2018, the global cloud and centralized radio access network (C-RAN) market reached $936.3 million and is expected to generate $2,159.2 million in 2024, witnessing a 15.9% CAGR during the forecast period (2019–2024). The market is growing due to the reduction in hardware costs, rising data traffic, and increasing penetration of 5G technology. C-RAN allows real-time virtualization and large-scale deployment in addition to providing collaborative radio technology support. Moreover, C-RAN is a primary aspect for the growth of wireless technologies, such as 5G.

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When component is considered, the C-RAN market is categorized into services, infrastructure, and solution. The infrastructure category dominated the market during the historical period (2014–2018) and is further expected to account for the major share of the market during the forecast period. This is because of the rising investments in 5G and other technologies, such as 4G and LTE, by the mobile operators. The category is further classified into fronthaul, baseband units (BBU), and remote radio units (RRU), among which, the BBUs classification held the largest share of the market during the historical period.