The 5G security market size is anticipated to develop with a compound annual growth rate of about 44.3% for the forecasted period, claims MarketsandMarkets.
With the growing security concerns in the 5G networks across industries, there has been a significant driver for the 5G security market in this digital era. Lately, businesses have been facing increased attacks on critical infrastructure and ransomware attacks on IoT devices, undoubtedly due to the never-like IoT connections globally.
This has paved the way for enhanced security requirements for technology companies. As a result, the 5G security market size is anticipated to develop from $580 million in 2020 – to $5.226 billion by 2026. The compound annual growth rate for the forecasted period is 44.3%, according to a recent MarketsandMarkets study.
Services segment will play a crucial role in the deployment as well as the integration of the 5G security solutions within an enterprise environment. Given the current market scenario, services are considered as a critical 5G security market component.
This is certainly because technology leaders primarily focus on augmenting the business processes while optimizing the network of the enterprise. Experts believe services are the backbone of the 5G security, as they are instrumental in accomplishing the requirements of the clients.
This is valid for network testing, planning, optimization, support, maintenance, and consulting. Even the cloud deployment type is anticipated to mature with a higher CAGR throughout the forecasted period.
With the positioning of 5G security solutions and services in the cloud, organizations can reduce spending on software, hardware, storage, and technical staff. This is often used for private as well as public clouds – which may vary, depending on the condition and want of the client.
Furthermore, organizations can scale up or down subject to their use of cloud-based 5G security and services. The cloud deployment segment has observed strong demand during the early phase of the 5G standalone network. This offers a wide range of benefits, including accessibility, cost-effectiveness, flexibility, and scalability.
Looking at the market share, the APAC region is expected to hold the largest share – where China, Australia, and Japan are the key APAC countries that have started several 5G-related activities. It would provide advanced growth opportunities for 5G security dealers.
In its essence, the Asian telecom service providers, government firms, and vendors are determined to take the lead in 5G R&D. The infrastructural growth in the APAC region (particularly in Japan, South Korea, Australia, Singapore, China, and India), along with the growing deployment of 4G and 5G networks indicate vast opportunities for the implementation of 5G security solutions.