The 5G enterprise landscape has developed fast amid the pandemic and the market to reach $13.9 billion by 2024.
The global pandemic is driving the need for the 5G network launches, and it has been resilient – primarily due to critical and vital broadband to support remote work.
The technology marketplace has been seeing significant trends across various sectors, including the healthcare, government and public sector, manufacturing, and telecommunications organizations. This is now posing new and critical challenges to end-users in the Asia-Pacific region, reveals a recent study from Frost & Sullivan.
As a result, more enterprises are transforming and enabling innovative use cases that are critical to support and optimize their business processes. Given the rapid demand for connectivity, the potential revenue for 5G enterprises in the APAC region is forecasted to grow exponentially.
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The study indicates the market will reach $13.9 billion by 2024 – from $2 billion in 2019. This would take place at a staggering 46.4% CAGR. Lately, most enterprises are undergoing a digital transformation at a never-like pace to optimize and enhance business efficiency amid the evolving consumer demand.
As Sofea Zukarnain, Information and Communication Technologies RA at Frost & Sullivan, explains – “However, these digital transformation initiatives will add pressure on existing networks, as new solutions will require higher bandwidth and availability to offer the necessary reliability, driving the need for enterprises to transform their network infrastructure. This will boost the demand for 5G enterprise solutions and new enabling technologies such as network slicing and edge computing.”
In fact, the network slicing is most likely to empower businesses with end-to-end ownership of a share of the 5G network – to be used for a specific use case. Moreover, there are many benefits to use a slice of 5G, which includes the ability to provide leaders with better management capability, control, and agility of the network.
The study further explains some key pointers –
- Implementing automation can help in enabling an open application programming interface – allowing manageability, flexibility, and cost savings.
- Utilizing edge computing can address the requirement for handling the rising IoT-enabled use cases. This is undoubtedly due to the growing number of connected devices within the network.
- Offering network slicing solutions can meet the rising demand for bandwidth provided with the SLAs.
- Using artificial intelligence and advanced technology can facilitate cognitive engagement in order to better connect with customers. It can also help to anticipate their potential problems and needs.
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This will certainly help in optimizing the usage of the enterprises’ network. And unsurprisingly, the 5G enterprise solutions are transforming the market. They have the potential to transform business applications, services, and capabilities – leading to significant growth prospects for the market participants.