PUBLISHER: Allied Market Research | PRODUCT CODE: 1298244
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298244
The early stages of 5G evolution revolves around delivering higher data speed, latency improvement, and the functional redesign of mobile networks to enable greater agility, efficiency, and openness. Although these improvements yield revenue opportunities for operators, the explosion of low-cost, low-power, unsecured IoT/sensors pose increased security risks for both operators and end users. Establishing the right security approach for the emerging 5G networks is critical. With 5G security solution capabilities in place, MNOs can protect their network elements and subscribers while providing differentiated network security services so industries can confidently transform their businesses with new 5G applications. Such factors are expected to enhance the growth of 5G security market during the forecast period.
Factors such as growing digitalization and internet penetration around the world are positively impacting the growth of the market. In addition, the increase in adoption of 5G technology across enterprises to enhance operation & productivity strengthens the growth of the market for future. Furthermore, rise in adoption of IoT, AI, big data, and cloud technology are expected to provide lucrative growth opportunities for the market during the forecast period. However, security concerns and initial investment costs hamper the growth of the market.
The 5G security market is segmented into component, deployment mode, organization size, network component security, architecture, industry vertical, and region. By component, it is bifurcated into solution and services. On the basis of deployment mode, it is categorized into on-premises and cloud. By organization size, the market is segregated into small & medium-sized enterprises and large enterprises. By on network component security, it is divided into radio access network security and core security. By architecture, it is bifurcated into 5G NR standalone and 5G NR Non-standalone. By industry vertical, the market is classified into manufacturing, IT & telecom, healthcare, retail, energy & utilities, automotive, media & entertainment, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the 5G security market are: 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 major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the 5G security market globally.