As consumers, we see the benefits of 5G with faster connectivity and the promise of real-time video on our mobile devices. On the
home front, cellular service providers are rolling out 5G speeds on par with broadband/cable connectivity. These speeds enable providers to connect new homes and upgrade services without adding or upgrading cables or fiber optics.
For businesses and organizations, 5G delivers the potential to accelerate digital transformation through faster connectivity speeds, lower latency, increased capacity and increased security. When 5G is implemented in conjunction with a private cellular network, organizations can achieve additional business gains in the areas of automation, security and safety.
According to a study by Polaris Market Research, the global market for 5G-based private networks is projected to reach $13.92B by 2028, representing an eight-year CAGR of 40.9%.¹ According to the study, key growth factors for 5G private networks include the need for ultra-reliable low latency connectivity in industrial applications, growth in time-sensitive and real-time networking, and new emerging trends in digitalization. In addition, network security is a strong driver as companies seek more control of their data content and data flows.