5G Security Market Report
5G Security Market Report
Rapid 5G network deployment, IoT proliferation, and escalating cyber threats propel the 5G security market growth.
PORTLAND, OREGON, UNITED STATES, October 24, 2023 /EINPresswire.com/ -- The 5G security market was valued at $1.3 billion in 2021, and is estimated to reach $37.8 billion by 2031, growing at a CAGR of 40.5% from 2022 to 2031.
The world is moving toward 5G technology. As 5G becomes more prevalent and usable, its adoption in businesses is anticipated to grow rapidly. The promise of 5G technology makes it an ideal choice for organizations that need to monitor and control solutions at remote locations. However, many of these organizations such as critical infrastructure, healthcare, and similar industries are the ones that are most targeted and vulnerable to cyber threats.
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5G security provides solutions that can aid these organizations to securely deploy IoT and other devices on 5G networks. This includes IoT security solutions tailored to industry-specific needs and capable of protecting IoT devices from their initial connection to the network to blocking both known and zero-day attacks. Such factors provide lucrative opportunities for the market growth during the forecast period.
Moreover, 5G’s ability to support a much higher density of devices means that many IoT devices can be effectively deployed in a location without negatively impacting each other’s network connectivity. As a result, 5G makes the widespread deployment of IoT devices possible, especially in remote locations where traditional network connectivity is unavailable or expensive. Such trends are projected to positively impact the 5G security market forecast.
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On the basis of industry vertical, IT and telecom sector dominated the 5G security market sizee in the 2021, owing to surge in need for improvement and optimization of infrastructure among telecom operators and continuous innovation in the IT & telecom sector. IT and Telecom industry is able to focus on providing excellent service to their clients, which would provide lucrative growth opportunities for the market.
However, the energy and utilities sector witness the market growth in the upcoming years and is expected to continue this trend during the forecast period. The adoption of 5G security solution in this sector, improves the digital transformation roadmap that is reliable, secure, scalable, and it allows the utilities to deliver improved customer experience and enhance performance, which would boost the growth of the market nearly future.
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Region-wise, North America dominated the market share in 2021 for the 5G security market. Adoption of 5G security solution growing steadily to meet increasing demands from today’s businesses to enhance their business process and improve the customer experience is expected to fuel the market growth in this region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. Surge in digitalization toward business operation, is projected to provide lucrative growth opportunities for the 5G security market in Asia-Pacific region.
The key players that operate in the 5G security market analysis AT&T Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Juniper Networks Inc., Nokia Corporation, Palo Alto Networks, Qualcomm Incorporated, Telefonaktiebolaget LM Ericsson, and Trend Micro, Inc.. These players have adopted various strategies to increase their market penetration and strengthen their position in the 5G security industry.
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