5G Security Market is projected to be worth USD 47.93 billion by 2033 and is anticipated to surge at a CAGR of 39.11%.
5G has a unique encoding scheme that comes with a number of other benefits, like 100 times faster speed than 4G and more device connectivity to mobile networks. Additionally, compared to 4G, 5G technology uses less energy and offers significantly lower network latency, which is advantageous for devices with limited resources. In addition, as a result of the development of the Internet of Things (IoT), 5G-capable gadgets now have a shorter battery life and require fast network connections in order to communicate with different cloud servers. As a result, fifth-generation IoT technology has simplified communication with remote areas previously inaccessible or prohibitively expensive for traditional network connectivity. Moreover, leading international suppliers of 5G security solutions are focusing on setting up 5G security labs in order to expand in the very competitive market.
Global 5G Security Market Driving Factors and Challenges
A number of factors, including significant security enhancement over 4G and LTE and network slicing, are driving the 5G security market. Fifth-generation technology places a high premium on protecting the privacy of an organization's or an individual's encrypted data. As a result, hackers find it more difficult to decrypt the data. Furthermore, instead of using any physical components, the data is routed through virtual hubs and switches, making it quickly accessible. Fifth-generation technology is also being implemented; it is expected that this will bring business users, consumers, and mobile network operators together on one platform. This will establish a relationship of mutual dependency between the management and operation of the businesses' machinery and their digital and automated business processes.
Using higher frequencies is one of the main advantages of building the 5G network. However, all high frequencies, or radio spectrum, are already in use for a number of uses, such as government and telecommunications. To construct 5G infrastructure, these high-frequency spectrums must be accessible. Since these frequency bands have already been allocated to a number of purposes, there are conflicts when attempting to access them. The precise date that wireless operators will be able to use these spectrums to install 5G infrastructure is unknown, though. All across the world, different governments are currently enacting different laws.
Impact of COVID-19 on Global 5G Security Market
The COVID-19 had an effect on the 5G security market's growth during the forecast period. The COVID-19 pandemic is likely to cause a delay in the deployment of 5G infrastructure, which will have an impact on the 5G security market. This is because additional trials and necessary testing of solutions to confirm the stability and processing capacity of 5G standalone networks have been postponed. Additionally, the ongoing pandemic has hindered market expansion by forcing telecom regulatory bodies to postpone their plans for the 5G spectrum auction.
5G Security Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such A10 Networks, Inc., Allot, AT&T, Check Point Software Technologies Ltd., ERICSSON, F5 Inc, Fortinet, Inc., Palo Alto Networks, Spirent Communications, Thales.
Global 5G Security Market Segmentation:
By Deployment: Based on the Deployment, Global 5G Security Market is segmented as On-Premises, Cloud.
By Components: Based on the Components, Global 5G Security Market is segmented as Solution, Services.
By Organization Size: Based on the Organization Size, Global 5G Security Market is segmented as Large Enterprises, Small and Medium-sized Enterprises
By Network Component Security: Based on the Network Component Security, Global 5G Security Market is segmented as Radio Access Network Security, Core Security.
By Architecture: Based on the Architecture, Global 5G Security Market is segmented as 5G NR Standalone, 5G NR Non-Standalone.
By Industry Vertical: Based on the Industry Vertical, Global 5G Security Market is segmented as Manufacturing, IT and Telecom, Healthcare, Retail, Energy and Utilities, Automotive, Media and Entertainment.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.