Private 5G Network Market - By Component (Hardware, Software, Services), By Spectrum (Licensed Spectrum, Unlicensed Spectrum), By Industry Vertical (Manufacturing, Healthcare, Transportation & Logistics, Energy & Utilities, Retail, Oil & Gas), & Forecast 2024 - 2032
Report ID: GMI7737
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Published Date: December 2023
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Report Format: PDF
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Base Year: 2023
Companies covered: 20
Tables & Figures: 311
Countries covered: 21
Pages: 220
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Private 5G Network Market
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Private 5G Network Market Size
Private 5G Network Market was valued at USD 2.1 billion in 2023 and projected to grow at a CAGR of 40.5% from 2024 and 2032. Increasing application potential in manufacturing, healthcare, logistics, and smart cities will push the adoption of private 5G networks to cater to industry-specific applications, such as smart factories, telemedicine, logistics optimization, and smart infrastructure. In addition, rising deployment within utilities for smart grid management and the integration of renewable energy sources for improving energy distribution efficiency will also favor the market growth.
The surging popularity of hybrid network models deployed with private 5G networks and public networks, or edge computing solutions will boost market development. Many enterprises are increasingly leveraging hybrid models to complement private networks with public connectivity to render broader coverage and integrate edge computing capabilities for data processing.
The higher initial setup and deployment costs of private 5G networks, including infrastructure investment along with the lack of standardized protocols may limit the industry expansion to some extent. Furthermore, securing the necessary spectrum for private 5G networks can be challenging, especially in regions where spectrum allocation is limited. Regulatory and licensing issues may impact the availability of suitable frequency bands.
Private 5G Network Market Trends
The rising prominence of Network-as-a-Service (NaaS) models is another major factor driving the market growth. NaaS technology has grown widely popular as it allows enterprises to access private 5G networks without extensive infrastructure investments. The introduction of customizable NaaS solutions for enabling businesses to deploy and manage private networks more flexibly will contribute to industry development. To cite an instance, in August 2023, Lumen Technologies released its new NaaS platform with Lumen Internet On-Demand, its flagship service to offer radical flexibility to customers in buying, using, and managing networking services.
Private 5G Network Market Analysis
The unlicensed spectrum segment accounted for more than 69% market share in 2023 because of the benefits of reliability, performance, security, regulatory compliance, and scalability in mission-critical as well as high-demand applications. Unlicensed spectrum ensures improved negotiation and enforcement of service level agreements between service providers and enterprises. Rising demand in manufacturing, healthcare, logistics, and utilities to deliver high reliability, low latency, and guaranteed connectivity will also prove favorable for the segment growth.
The manufacturing sector held approximately 20% share of the private 5g network market in 2023. The growth can be attributed to the rising cruciality of instant data transfer in time-sensitive manufacturing processes. Because of their ultra-low latency and high-speed connectivity, private 5G networks provide real-time communication between machines, devices, and control systems. Increasing necessity of scalability for accommodating the rising number of connected devices and evolving technological needs will also boost the deployment of private 5G networks within the manufacturing domain.
Asia Pacific region dominated around 38% share of the private 5G network market in 2023 and is poised for substantial growth. Several governments across the region are placing efforts for supporting private 5G deployments through spectrum allocation and regulatory frameworks. The rising partnership between technology providers, telecom companies, and industry players will further drive the development and deployment of private 5G networks in the region.
Private 5G Network Market Share
AT&T Inc, Verizon Communications and Deutsche Telekom hold a dominant position in the private 5G network business. Companies are focusing on continuous product innovation, enhancing their private 5G network components with advanced features, improved user interfaces, and compatibility with emerging technologies to stay competitive. To stay competitive, AT&T Inc focuses on continuous innovation. This involves adopting emerging technologies, exploring 6G development, and staying at the forefront of advancements in networking and connectivity.
Verizon Communications offers comprehensive network management solutions that allow businesses to monitor, control, and optimize their private 5G networks. This integration enhances the overall user experience and operational efficiency. Deutsche Telekom explore network slicing capabilities to offer dedicated portions of their 5G infrastructure for specific use cases. This enables them to provide isolated, high-performance networks for different applications within a single physical network.
Private 5G Network Market Companies
Major players operating in the private 5G network industry are:
Private 5G Network Industry News
This private 5G network market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2019 to 2032, for the following segments:
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Market, By Component
Market, By Spectrum
Market, By Industry Vertical
The above information is provided for the following regions and countries: