Markets and Markets: 5G enterprise market size will reach US$10.9 billion in 2027

According to the latest market research report released by market research firm Markets and Markets, the 5G enterprise market size will grow from US$2.1 billion in 2021 to US$10.9 billion in 2027, with a compound annual growth rate of 31.8%.

Several major factors driving the growth of this market are the emergence of Industry 4.0 paving the way for mMTC, the development of smart infrastructure, and the use of network slicing technology to provide differentiated 5G services.

Specifically, access equipment accounts for a large share of the 5G enterprise market, which is attributed to the growing demand for better network connectivity and high-speed data transmission rates that 5G enterprise networks can meet.

The CAGR of private enterprises is expected to be higher in the coming years. The trend of enterprises adopting technologies such as private 5G networks and small cells for business-critical applications is increasing. Enterprises are adopting 5G core network technology by deploying independent solutions as it provides reliability and coverage to enterprises.

It is worth mentioning that the healthcare industry is expected to register the highest CAGR during the forecast period due to the surge in the number of use cases and applications of 5G networks in the telemedicine market. For the healthcare industry, 5G network infrastructure facilitates high-definition video calls and images.

The report points out that the Asia-Pacific region is a diverse region whose countries are transitioning to their digital transformation. Due to its size and diversity and the strategic leadership of countries such as China, Singapore, South Korea, Australia and Japan, the region will dominate 5G, edge computing, blockchain and 5G core technologies. China and Japan are the largest manufacturing economies in the Asia-Pacific region that produce automobiles, IT products and electronics. The manufacturing paradigm in the Asia-Pacific region has changed dramatically as the industry adopts advanced technologies such as robotics and big data analysis. China, Japan and South Korea are the main countries in the region that have carried out many 5G-related activities.