Global 5G Security Market Growing at a CAGR of 40.5% Projected to Reach USD 37.8 Billion by 2031
According to the report published by Allied Market Research, Global 5G Security Market Growing at a CAGR of 40.5% Projected to Reach USD 37.8 Billion by 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.The global 5G security market was valued at $1.3 billion in 2021, and is projected to reach $37.8 billion by 2031, growing at a CAGR of 40.5% from 2022 to 2031.
The global 5G security market is experiencing growth due to increasing digitalization and internet usage worldwide. The adoption of 5G technology in enterprises is also contributing to this growth by improving productivity and operations. Additionally, there are promising growth opportunities in the market with the increasing adoption of IoT, AI, big data, and cloud technology. However, the market's progress is hindered by security concerns and the high initial investment costs required.
The 5G security market is segmented into component, deployment mode, organization size, network component security, architecture, industry vertical, and region. By component, it is bifurcated into solution and services. On the basis of deployment mode, it is categorized into on-premises and cloud. By organizational size, the market is segregated into small & medium-sized enterprises and large enterprises. By network component security, it is divided into radio access network security and core security. By architecture, it is bifurcated into 5G NR standalone and 5G NR Non-standalone. By industry vertical, the 5G security market is classified into manufacturing, IT & telecom, healthcare, retail, energy & utilities, automotive, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By region, North America garnered the highest share in 2021, holding nearly two-fifth of the global 5G security market revenue in 2021, and is projected to retain its dominance by 2031. Increasing investment in advanced technologies such as artificial intelligence, machine learning, IoT, big data, and cloud computing to improve businesses drive the growth of the market across North America. The Asia-Pacific region, at the same time, would portray the fastest CAGR of 44.3% during the forecast period. This is due to an increase in penetration of digitalization and higher adoption of connected technology across the province.
Key players in the 5g security such as Palo Alto Networks Inc, Trend Micro Inc., IBM Corporation, AT&T Inc., Juniper Networks Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., Qualcomm Incorporated, Intel Corporation, Nokia Corporation.
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