With the increased digital transformation projects across businesses, organizations switch to the 5G network due to its low latency time in this fast-paced era.
The worldwide 5G enterprise market revenue is projected to grow from $2.1 billion in 2021 – $10.9 billion by 2027, a recent research study by ResearchAndMarkets reveals. This will go ahead with a compound annual growth rate of nearly 31.8% for the mentioned period.
In this context, sub-6 GHz will hold a significant share of the overall 5G enterprise market. Even Sub-6 GHz held a fat market share in 2020 since it offers a combination of coverage and capacity benefits to the 5G users.
The Sub-6 GHz spectrum is required for extensive coverage of high-speed 5G mobile broadband – spanning urban, suburban, and rural areas. Besides, it can help support IoT services and devices. It is important for the regulators to assign as much coherent spectrum as possible.
In fact, the focus should be around the 3.3-3.8 GHz range, while considering the 4.5-5 GHz and 3.8-4.2 GHz ranges for any mobile usage. Given this, the small and medium-sized enterprises are most likely to witness the highest CAGR for the estimated time period.
This is certainly because companies are intended to adopt 5G enterprise networks on a generously proportioned scale in coming years. It will help them enhance the business functionality by having a unified technology solution.
It would allow the technology and network management – including the provisioning, monitoring, and control teams of the total distributed set of networks with limited resources.
Furthermore, the communication applications will hold the largest market size – owing to the successful commercialization of 5G networks globally. The growing adoption of the 5G network is also a significant reason for this due to its dynamic features like high data rates, low latency, etc.
Given this, the healthcare sector is anticipated to witness the highest CAGR in the forecast period – owing to the surging number of applications and use cases of the 5G networks within the telemedicine market. Especially for the healthcare units, the 5G network infrastructure facilitates HD images and video calls.
By regions, APAC will hold the major share of the market as many countries are developing and transitioning toward their digital transformation plans. This region is all set to dominate 5G, blockchain, edge computing, and other advanced technologies.
Undoubtedly, 5G network connectivity works at high speed – which is a crucial condition for any hospitals, healthcare institutions, and life science research centers. This is simply due to multiple applications and use cases around connected health devices, telemedicine, and mHealth to enable frictionless interactions between two parties.