5G Enterprise Market Overview
As per MRFR analysis, the 5G Enterprise Market Size was estimated at 2.77 (USD Billion) in 2022. The 5G Enterprise Market Industry is expected to grow from 3.77 (USD Billion) in 2023 to 60.5 (USD Billion) by 2032. The 5G Enterprise Market CAGR (growth rate) is expected to be around 36.1% during the forecast period (2024 - 2032).
Key 5G Enterprise Market Trends Highlighted
The 5G Enterprise Market is poised to grow rapidly owing to its applicability in different industries through diverse transformative applications. Increasing demand for Bandwidth and Speed, the emergence of IoT &AI, and the adoption of cloud services are some major contributors. Companies are looking for ways to leverage 5G to improve their operational efficiency, make better decisions, and develop new revenue sources. The uptake of private 5G networks is slowly rising giving companies the opportunity of better control of their networks and the personalization of the services offered to their consumers.
The latest developments also show the direction of Networking and edge computing through resource partitioning, which makes it possible to process and store data close to the point of origin, thus speeding up operations and overall efficiency. For instance, the convergence of 5G technology with AI, IoT, AR and VR opens up new avenues for development and revolutionizing markets. Enterprises will further leverage the opportunities of the 5G Enterprise Market to operationalize their processes and improve their growth and competitiveness in the digital era.
Figure 1: 5G Enterprise Market Size, 2023-2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
5G Enterprise Market Drivers
Growing Demand for Enhanced Mobile Broadband (eMBB) Services
Bandwidth-intensive applications such as video streaming, mobile gaming, and augmented reality and virtual reality experiences are fueling the demand for eMBB services. Since 5G services significantly higher speeds and lower latencies than 4G or LTE, businesses can provide the needed bandwidth for their employees and customers. As a result, eMBB services help firms to ensure that people experience reliable and seamless connectivity. Consequently, enterprises can boost productivity by introducing higher-bandwidth solutions; customer engagement is facilitated by mobile applications, and new video and AR/VR experiences become viable.
Advancements in Network Slicing and Edge Computing
Network slicing is designed as a new technology within 5G, which is based on the MNOs creating a series of virtual networks that have an inherent quality of service. Overall, the technology includes allocating a certain part of bandwidth, range, and amount of information as a separate slice. Each slice allows for forming a separate type of architecture limited by bandwidth, latency, and security, although this is not a complete list of the required characteristics.
Such subdivisions improve enterprises’ convenience in using the MNO operator’s services. Edge computing is another technology that can be applied in combination with 5G. It creates an additional layer of edge devices in express proximity to the end-user. This approach is aimed at providing low latency and increased overall network bandwidth. In combination with 5G, this allows ensuring the continuous and high-quality operation of a wide variety of software products aimed to make business processes in a modern enterprise more efficient.
Government Initiatives and Support for 5G Adoption
Governments all around the world and this concern are seeing the benefit of the 5G technology-related initiatives and are taking certain measures to enhance the use of the technology. These measures involve tax breaks, assigning applicable frequency bands, and rules that facilitate the funding of 5G facilities and services. Such government initiatives are important in promoting a friendly environment for the development of the 5G enterprise market.
5G Enterprise Market Segment Insights
5G Enterprise Market Industry Vertical Insights
The Global 5G Enterprise Market is forecast to increase significantly in the following years. The market is divided into a number of industry verticals, such as Manufacturing, Healthcare, Transportation and Logistics, Retail, and Energy and Utilities. In 2023, the revenue of the Manufacturing segment was the largest for the Global 5G Enterprise Market, and this part is expected to maintain its leadership throughout the forecast period. The growth of this segment is attributed to the greater utilization of 5G technology in manufacturing processes, such as predictive maintenance, remote monitoring, and automated quality control.
Another important segment of this market is the Healthcare portion. This part is expected to grow rapidly in the following years as the use of 5G technology in telemedicine, remote patient monitoring, and medical imaging becomes more widespread. Transportation and Logistics is another key segment of the Global 5G Enterprise Market. This section is also expected to grow significantly in the future due to the increased implementation of 5G technology in fleet and supply chain management, as well as autonomous vehicles. Retail is another important division of the Global 5G Enterprise Market.
This segment is expected to grow rapidly in the coming years as a result of the increasing use of 5G technology in omnichannel retail, personalized marketing, and smart stores. Energy and Utilities is the final important part of the Global 5G Enterprise Market. This segment is expected to grow significantly in the future due to the increased use of 5G technology in smart grids, renewable energy management, and energy efficiency.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
5G Enterprise Market Deployment Model Insights
The Global 5G Enterprise Market is segmented based on the Deployment Model into On-Premises, Cloud-Based, and Hybrid. Among these, the Cloud-Based segment is anticipated to witness substantial growth during the forecast period (2023-2032). The increasing adoption of cloud-based solutions by enterprises seeking flexibility, scalability, and cost-effectiveness is a primary driver of this segment's growth. The Cloud-Based segment is expected to dominate the Global 5G Enterprise Market, accounting for a significant share of the overall revenue. The On-Premises segment, on the other hand, is projected to hold a notable share of the market due to its reliability and data security advantages.
Enterprises with stringent data security requirements may opt for on-premises deployment to maintain complete control over their IT infrastructure. The Hybrid segment, which combines the benefits of both on-premises and cloud-based deployment models, is also expected to gain traction as enterprises seek a balance between flexibility and control. With the growing demand for 5G-powered enterprise applications and the increasing adoption of hybrid cloud environments, the Hybrid segment is expected to grow at a steady pace during the forecast period.
5G Enterprise Market Band Insights
The Global 5G Enterprise Market is segmented by band into Sub-6 GHz and Millimeter Wave (mmWave). Sub-6 GHz is expected to hold a larger market share due to its wider coverage and better penetration compared to mmWave. However, mmWave is expected to grow at a faster rate due to its higher bandwidth and capacity. The Global 5G Enterprise Market revenue for Sub-6 GHz is projected to reach USD 28.19 Billion by 2024, growing at a CAGR of 32.1% from 2023 to 2032. The Global 5G Enterprise Market revenue for mmWave is projected to reach USD 12.31 Billion by 2024, growing at a CAGR of 42.2% from 2023 to 2032.
The growth of the mmWave segment is attributed to the increasing adoption of 5G in various industries, such as manufacturing, healthcare, and transportation.
5G Enterprise Market Application Insights
The Global 5G Enterprise Market is segmented by Application into Enhanced Mobile Broadband (eMBB), Massive Machine-Type Communications (mMTC), and Ultra-Reliable Low-Latency Communications (URLLC). Among these, the eMBB segment held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing adoption of 5G technology by enterprises for applications such as video streaming, augmented reality, and virtual reality. The mMTC segment is expected to experience significant growth in the coming years, driven by the increasing demand for IoT devices and applications.
The URLLC segment is expected to grow at a steady pace as enterprises seek to improve the reliability and latency of their mission-critical applications.
5G Enterprise Market End-Use Case Insights
The Global 5G Enterprise Market segmentation by End-Use Case offers valuable insights into the diverse applications driving market growth. Industrial Automation is projected to hold a significant market share, with revenue expected to reach $12.5 billion by 2026. This growth is attributed to the increasing adoption of 5G-enabled automation solutions in manufacturing and logistics. Remote Patient Monitoring is another key segment, with a market size estimated at $8.7 billion in 2026. 5G's high bandwidth and low latency enable real-time data transmission and remote patient monitoring, transforming healthcare delivery.
Autonomous Vehicles represent a rapidly growing segment, with revenue projected to reach $6.1 billion by 2026. 5G connectivity is essential for autonomous vehicle communication, navigation, and safety features. Smart Grid Management is another promising segment, with a market size estimated at $4.9 billion in 2026. 5G enables real-time monitoring and control of smart grids, enhancing efficiency and reliability. Immersive Retail Experiences are also gaining traction, with 5G powering virtual and augmented reality applications that enhance customer engagement and drive sales.
5G Enterprise Market Regional Insights
The Global 5G Enterprise Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, owing to the presence of major technology companies and early adoption of 5G technology. Europe is expected to follow North America, with a significant market share due to government initiatives and investments in 5G infrastructure. APAC is expected to experience the fastest growth over the forecast period, driven by the increasing demand for 5G services from various industries such as manufacturing, healthcare, and transportation.
South America and MEA are expected to have a relatively smaller market share, but they are expected to grow at a steady pace due to increasing investments in 5G infrastructure and growing awareness of the benefits of 5G technology.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
5G Enterprise Market Key Players And Competitive Insights
Major players in the 5G Enterprise Market industry are investing heavily in research and development to gain a competitive edge. Leading 5G Enterprise Market players are focusing on developing innovative products and solutions that meet the evolving needs of enterprises. 5G Enterprise Market development is being driven by the growing demand for high-speed and reliable connectivity. The competitive landscape of the 5G Enterprise Market is expected to remain highly competitive in the coming years, with new entrants and established players vying for market share.
A leading company in the 5G Enterprise Market, Ericsson is a global provider of communications technology and services. The company offers a wide range of 5G solutions for enterprises, including network infrastructure, devices, and applications. Ericsson has a strong track record of innovation and has been a pioneer in the development of 5G technology. The company is well-positioned to continue to be a leader in the 5G Enterprise Market.
A competitor company in the 5G Enterprise Market, Nokia, is a global provider of telecommunications equipment and services. The company offers a range of 5G solutions for enterprises, including network infrastructure, devices, and applications. Nokia has a strong global presence and a long history of providing innovative telecommunications solutions. The company is well-positioned to compete effectively in the 5G Enterprise Market.
Key Companies in the 5G Enterprise Market Include
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Nokia
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Verizon
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Vodafone
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Cisco
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Ericsson
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Samsung
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Orange
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Huawei
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Sprint
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AT
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China Mobile
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TMobile
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China Unicom
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Qualcomm
5G Enterprise Market Industry Developments
The 5G Enterprise Market is poised for significant growth in the coming years. The market is valued at USD 3.77 billion in 2023 and is projected to reach USD 60.5 billion by 2032, exhibiting a CAGR of 36.1% during the forecast period. The increasing adoption of 5G technology by enterprises is driving the market growth. 5G offers several advantages over previous generations of wireless technology, including higher speeds, lower latency, and increased capacity. These advantages make 5G ideal for a wide range of enterprise applications, such as IoT, cloud computing, and virtual reality.
Recent news developments in the 5G Enterprise Market include the launch of new 5G-enabled devices and services by major telecom operators. For example, in 2023, Verizon launched its 5G Business Internet service, which provides businesses with access to high-speed 5G Internet. Additionally, several major technology companies, such as Microsoft and Amazon, are investing in the development of 5G-based cloud computing and IoT solutions. These developments are expected to further drive the growth of the 5G Enterprise Market in the coming years.
5G Enterprise Market Segmentation Insights
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5G Enterprise Market Industry Vertical Outlook
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5G Enterprise Market Deployment Model Outlook
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On-Premises
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Cloud-Based
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Hybrid
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5G Enterprise Market Band Outlook
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Sub-6 GHz
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Millimeter Wave (mmWave)
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5G Enterprise Market Application Outlook
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Enhanced Mobile Broadband (eMBB)
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Massive Machine-Type Communications (mMTC)
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Ultra-Reliable Low-Latency Communications (URLLC)
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5G Enterprise Market End-Use Case Outlook
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5G Enterprise Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.77 (USD Billion) |
| Market Size 2023 |
3.77 (USD Billion) |
| Market Size 2032 |
60.5 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
36.1% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Nokia, Verizon, Vodafone, Cisco, Ericsson, Samsung, Orange, Huawei, Sprint, AT, China Mobile, TMobile, China Unicom, Qualcomm |
| Segments Covered |
Industry Vertical, Deployment Model, Band, Application, End-Use Case, Regional |
| Key Market Opportunities |
IoT and AutomationRemote CollaborationEnhanced Customer ExperienceCloud ServicesNetwork Functions Virtualization NFV |
| Key Market Dynamics |
1 Increasing Adoption of Digital Transformation2 Government Support for 5G Deployment3 Growing Demand for Enhanced Connectivity4 Technological Advancements in 5G Networks5 Rising Adoption in Manufacturing and Healthcare |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global 5G Enterprise Market is expected to reach a valuation of USD 60.5 Billion by 2032, expanding at a CAGR of 36.1% from 2024 to 2032.
North America and Europe are anticipated to dominate the Global 5G Enterprise Market throughout the forecast period. These regions have a robust technological infrastructure, a favorable regulatory landscape, and a high adoption rate of advanced technologies, including 5G.
Key applications of 5G in the enterprise sector include real-time data analytics, cloud computing, IoT, and network slicing. These applications enable enterprises to improve operational efficiency, enhance decision-making, and gain a competitive advantage.
Major players in the Global 5G Enterprise Market include Ericsson, Nokia, Huawei, Samsung, and Qualcomm. These companies offer a range of 5G solutions and services, including network infrastructure, devices, and applications.
Key trends in the Global 5G Enterprise Market include the growing adoption of cloud and edge computing, the increasing use of artificial intelligence (AI) and machine learning (ML), and the convergence of 5G with other emerging technologies such as IoT and blockchain.
5G is expected to significantly enhance enterprise productivity by enabling faster data transfer speeds, reduced latency, and increased connectivity. This will allow enterprises to automate processes, improve collaboration, and make data-driven decisions in real time.
5G will revolutionize the healthcare industry by enabling remote patient monitoring, telemedicine, and precision medicine. These applications will improve access to healthcare, enhance the quality of care, and reduce costs.
Challenges facing the Global 5G Enterprise Market include the high cost of 5G infrastructure, the need for skilled professionals, and concerns about security and privacy. However, these challenges are expected to be overcome as 5G technology matures and becomes more widely adopted.
Opportunities in the Global 5G Enterprise Market include the development of new applications and services, the creation of new business models, and the potential to transform entire industries. 5G has the potential to unlock significant value for enterprises and drive economic growth.
The future outlook for the Global 5G Enterprise Market is highly positive. 5G is a transformative technology that is expected to have a profound impact on the way businesses operate. As 5G networks become more widespread and affordable, adoption rates are expected to increase significantly, driving growth in the Global 5G Enterprise Market.
