5G Enterprise Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

5G Enterprise Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028) During the time frame of the forecast, the 5G Enterprise Market is expected to register a healthy CAGR of over 42%. The 5G enterprise market is expected to change the way industries that are already moving toward the Industrial Revolution 4.0 connect their devices.Through the rise of IoT and machine-to-machine connections, Industrial Revolution 4.0 is making it easier for cell phones to connect to everything in the industry. Key HighlightsConnected manufacturing with M2M applications, the IIoT, and robotics, to name a few, would use 5G by making the machines on the assembly line wirelessly connected to the private 5G network.However, the use of wireless for control applications is still at a nascent stage.Another significant adoption is expected to be led by offshore oil platforms. These platforms have difficulty providing connectivity by wired means, that is, running a cable from the platform to the shore. Therefore, oil platforms have been tormented with lower speeds and intermittent connectivity for many years.Based on Ericsson's 5G for Business 2030 Market Compass, which looked at more than 200 use cases, ten different industries, and a set of 5G-enabled use case clusters, 18% of the total ICT can be used to digitalize industries, and service providers would take up 47% of the 5G-enabled B2B value.Multi-access edge computing (MEC) is assisting further developments to enable high-bandwidth, low-latency enterprise applications.Also, both equipment and service providers in the market that was looked at have made their products and services fit a variety of problems.For instance, AT&T highlighted mobile 5G, fixed wireless, and edge computing as the three main service pillars of 5G. With its offering of an AT&T Multi-access Edge Compute (MEC), the company facilitates this edge computing solution to deploy a software-defined network. With this, the enterprise clients would have faster access to data processing and flexibility in managing cellular traffic via low-latency, high-bandwidth capabilities.Moreover, in April 2022, the Department of Telecommunications (DoT) in India issued an Expression of Interest (EoI) call for the 5G vertical engagement and partnership program (VEPP) initiative, which aims to forge rapid partnerships between the various stakeholders in the 5G ecosystem and address the needs of users and vertical industries.Businesses, regional governments, and other groups in the region should have more options for local and private 5G networks if they take these steps.By using the O-RAN open interface, problems caused by proprietary specifications and lack of interoperability may be solved.But when COVID-19 broke out, it had an effect on both 5G rollouts and readiness. Some countries put off their spectrum auctions, and a few others put in place rules about how spending should be prioritized.5G Enterprise Market TrendsAdoption of 5G Enterprise in IT and Telecom Sector to Drive the Market Growth With the 5G networks rolling out, telecom players and market vendors have been gearing toward this shift. Major telecom service providers are upgrading their network to 5G, which primarily relies on denser arrays of small antennas to provide ultra-high network and data speeds. According to the 2022 Ericsson Mobility Report, there will be 4.4 billion 5G subscribers by the end of 2027. This is almost 48% of all mobile subscriptions around the world.Ericsson says that the number of 5G users with a 5G-capable device has grown by 70 million to about 690 million around the world. In May 2022, BT and Ericsson announced a new partnership to make commercial 5G private networks available in the UK market. A multi-year agreement between the two companies will allow BT to market and sell next-generation mobile network technology products to corporations and institutions in industries like manufacturing, the military, education, retail, healthcare, transportation, and logistics. The market would witness demand for voice-over 5G services, evolving from non-standalone to standalone 5G. It will allow operators to deliver high-quality voice service without relying on VoLTE (Voice over LTE) or an LTE anchor. ? The market is witnessing high adoption across the developed economies across the globe. For instance, US private service providers collaborate with cities to roll out 5G pilot networks and innovation labs. North America Holds Maximum Market Share Cloud-based enterprise applications are thriving in the North American region. The cloud-based solutions depend on internet connectivity to function in the hosted environment, and with 5G enabling much faster internet speed, it may further enhance the connectivity experience. The increase in demand for advanced technologies, such as machine-to-machine communication, connected cars, and artificial intelligence, is highest in the region compared to other regions. Hence, it is anticipated to offer massive opportunities for the 5G enterprise market to grow. Ericsson says that by the end of 2025, there will be 318 million 5G mobile subscriptions, which is more than 80% of all mobile subscriptions in North America. This may increase the demand for 5G networks even more. So, to meet the needs of future 5G services in terms of capacity, coverage, and efficiency, network operators in the United States are investing in their networks to get the best performance at the lowest cost per bit. They are doing this by using new technologies like network function virtualization (NFV) and software-defined networking (SDN) to make their networks as efficient as possible. Low-latency communication is important for the on-board computers of self-driving cars to be able to let other cars, obstacles, traffic lights, and other cars know they are there and react to them.5G-powered connected cars give mobile operators a new way to make money. Most US operators already offer platforms for connected cars, and AT&T is the leader in this field. As IoT sensors become more common, it is also thought that 5G will make the retail supply chain more open and efficient. According to the GSMA, the North American IoT industry will have 5.9 billion connections by 2025.5G Enterprise Industry Overview The 5G enterprise market is moderately competitive and consists of a few players. However, with advancements in network architecture across the telecommunications sector, new players are increasing their market presence, thereby expanding their business footprint across the emerging economies. Some of the recent developments in the market are: In March 2022, Tata Consultancy Services will debut its Enterprise 5G Edge portfolio of products, which includes private mobile edge computing on Microsoft Azure. The TCS package combines complete capabilities to assist organizations in designing, integrating, implementing, and operating an enterprise 5G edge ecosystem using the Azure private MEC solution and leveraging edge computing benefits for 5G applications. With the opening of a new 5G experience center in Atlanta, Ga., in October 2022, Cognizant and Qualcomm Technologies, Inc. will be able to do more to drive digital transformation in business. Qualcomm Technologies' intelligent edge devices, AI, and 5G connectivity solutions will be combined with Cognizant's extensive knowledge of 5G, IoT, the cloud, and data analytics.Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support Please note: The report will take approximately 2 business days to prepare and deliver.