5G Enterprise Private Network Market By Component (Hardware, Software, Services) , By Frequency Band (Sub-6 GHz, mmWave) By Organization Size (Large Enterprises, Small and Medium-sized Enterprises) By Industry Vertical (BFSI, Manufacturing, Energy & Utilities, Retail, Government, Public Safety, Office Building, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2032
5G Enterprise Private Network Market
The 5G enterprise private network market was valued at $1.9 billion in 2023 and is projected to reach $70.4 billion by 2032, growing at a CAGR of 49.4% from 2024 to 2032.
5G enterprise private network is a nonpublic mobile network with restricted access, majorly utilized by third party providers, private businesses, and municipalities. It is a wireless network option that serves as an alternative to Wi-Fi and Long-Term Evolution. This form of network is deployed either as a service, as a hybrid or sliced network, or is wholly owned.
The high demand for enhanced security among enterprises augments the development of the 5G enterprise private network market as it offers organizations enhanced control over their network. In addition, low latency of private networks acts as a key driver of the market as immediate data processing is crucial for the operations of enterprises. A key trend gaining prominence in the market is the availability of private 5G network as Private Network as a Service (PNaaS). PNaaS enables small-scale organizations to avail themselves of the services of private networks without investing significant capital for the development of complex infrastructure.
However, the high cost of private networks in comparison to public ones deters several budget-sensitive organizations from investing in them, hampering the growth of the market significantly. Moreover, diverse customization requirements for private network across different sectors present scalability challenges for the network providers, restraining the market development. On the contrary, upsurge in investments to strengthen the private network infrastructure is anticipated to present remunerative opportunities for the 5G enterprise private network market. According to a recent report by Analysys Mason—a global telecoms management consulting firm—expenditure by enterprises on private networks is projected to increase from $1 billion in 2022 to $9 billion by 2028. This boost in interest in private networks is poised to open new avenues for the market.
Segment ReviewThe 5G enterprise private network market is segmented into component, frequency band, organization size, industry vertical, and region. On the basis of component, the market is divided into hardware, software, and services. Depending on frequency band, it is bifurcated into sub-6 GHz and mm Wave. As per organization size, it is classified into large enterprises and small & medium-sized enterprises. By industry vertical, it is categorized into BFSI, manufacturing, energy & utilities, retail, government, public safety, office building, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA.
Key FindingsOn the basis of component, the hardware segment held a high share of the market in 2023.
Depending on frequency band, the sub-6 GHz segment acquired a high stake in the market in 2023.
As per organization size, the large enterprises segment dominated the market in 2023.
By industry vertical, the manufacturing segment accounted for a high market share in 2023.Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players of the global 5G enterprise private network market include Nokia Corporation, Vodafone Ltd., Samsung, ZTE Corp., Huawei Technology Co. Ltd., Verizon Communications, Deutsche Telekom, Jupiter Networks, A&T Inc., and Cisco System Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy ComponentHardware
Software
Services
By Frequency BandSub-6 GHz
mmWave
By Organization SizeLarge Enterprises
Small and Medium-sized Enterprises
By Industry VerticalBFSI
Manufacturing
Energy Utilities
Retail
Government
Public Safety
Office Building
Others
By RegionNorth America
U.S.
Canada
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Latin America
Brazil
Colombia
Argentina
Rest of Latin America
MEA
Saudi Arabia
South Africa
UAE
Rest of MEA
Key Market PlayersNokia Corporation
Vodafone Ltd.
Samsung
ZTE Corp.
Huawei Technology Co. Ltd.
Verizon Communications
Deutsche Telekom
Jupiter Networks
A&T Inc.
Cisco System Inc.