Private 5G Networks Market Summary
A private 5G network is a wireless local area network (LAN) that uses 5G-enabled technologies to create a network with dedicated bandwidth and infrastructure that meets a company's specific connectivity needs. Private 5G networks are nonpublic mobile networks that can use licensed, unlicensed, or shared spectrum.
A private 5G network allows large enterprise and public sector customers to bring a custom-tailored 5G experience to indoor or outdoor facilities where high-speed, high-capacity, low-latency connectivity is crucial, regardless of whether or not the premises is within a public 5G coverage area. It also addresses the need for dedicated bandwidth capacity and range, security, high-quality connections and consistent, always-on service to help reduce downtime.
According to the new market research report “Global Private 5G Networks Market Report 2023-2029”, published by QYResearch, the global Private 5G Networks market size is projected to reach USD 30.05 billion by 2029, at a CAGR of 63.1% during the forecast period.
Significantly growing demand for ultra-reliable low-latency connectivity with an extremely secure network across several mission-critical applications, such as public safety, is expected to boost the deployment of private 5G networks during the forecast period. Moreover, a wide range of industries, including manufacturing, oil & gas, mining, and energy & utility, are investing a massive amount in deploying private 5G telecom service to enhance their overall productivity and operational efficiency. As a result, it is expected to foster market growth from 2023 to 2029.
Global key players of Private 5G Networks include Nokia, Ericsson, Huawei, Samsung, and ZTE, etc. In terms of revenue, the global top 3 players occupied for a share over 60% in 2022. Key market players are strategically building partnerships with industry giants to set up a private 5G network to provide high-speed secure connectivity to their customers.
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