The 5G Enterprise Market is expected to be valued at USD 2.3 billion in 2020 and is projected to reach USD 31.7 billion by 2026, at a CAGR of 54.4%. The wireless industry is continuously evolving as mobile connectivity expands to address several use cases from wireless sensors to robotics and autonomous to in-building wireless solutions. To cater to these new arising opportunities, mobile operators across the world are required to expand their networks using creative network design techniques, as well as advancements that are being made in new radio technologies. Major driving factors for this market include 5G enterprise connectivity platform is expected to enable several industries with a single network, unified 5G enterprise network is likely to boost cross-industry connection and industrial application development, and rising importance of software implementation is expected in the communication network.
A new generation mobile broadband (MBB) network, 5th generation, is expected to provide a path and platform for small and midsize businesses (SMBs) and large enterprises to upgrade and transform several aspects of their current and futuristic operations. With ongoing digital transformation across the world, 5G enterprise would benefit enterprises operating across verticals with seamless connectivity that will be implemented in production, product and service provision, sales and ongoing support processes.
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The 5G enterprise market for service nodes (Enterprise RAN/E-RAN) is expected to grow at a higher CAGR from 2020 to 2026. Increasing deployment of service nodes is attributed to growing number of mobile subscribers, and rising data traffic is expected over the coming years because of large-scale connected devices. Additionally, enterprise RAN networks will require the rollout of new radios/radio units to legacy sites, and in a few cases, the implementation of new networks to meet increasing data traffic and coverage demands.
By services, the 5G enterprise market for software services is expected to grow at a higher CAGR during the forecast period. Recently, most developments have been witnessed in software and related software development kits. The software integrated into telecom equipment and network infrastructure systems carries out complex operations. Today, software services are used in various applications, such as orchestration, and virtual core and aggregation. Software enables service providers to perform various functions, such as Virtual Private Networks (VPNs), Network Address Translation (NAT), load balancing, and security, at the service edge.
The 5G enterprise market in APAC is expected to grow at the highest CAGR from 2020 to 2026. Radio node deployments in this region are anticipated to be almost in sync with small cell rollouts in North America and Europe due to simultaneous 5G network rollout and commercialization in these regions. Increasing automation in various sectors, growing adoption of IoT, rising cellular M2M connections, and increasing demand for on-demand video services would drive the 5G enterprise market in APAC.
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With the advent of technology, ICT service sector witnessed the entry of several players. These players include system integrators, IT service providers, cloud service providers, and telecom operators. With new opportunities of business emerging and diversification of businesses, large telecom companies have adopted market verticalization approach to regain broader share in ICT services. Larger telecom operators, possessing mature ICT services businesses and capabilities, to further their cause of market verticalization have acquired vertical market specialist businesses to strengthen their market position.
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