As per the report published by Fior Markets, the global 5G security market is expected to grow from USD 593.10 million in 2020 to USD 11.76 billion by 2028, at a CAGR of 45.28% during the forecast period 2021-2028.
Fifth-generation (5G) cellular is set to change the ICT sector with significantly improved mobility services, massively scaled Internet of Things (IoT) networks and ultra-low latency communications support for essential apps and services. With these projected enhancements come significant privacy and security obligations. Because 5G security solutions must be implemented on numerous levels, including devices, air interface equipment, cloud RAN infrastructure, mobile backhaul facilities, and more, the market for 5G security must be strong. The 3GPP Security architecture and procedures for the 5G System, among other things, provide criteria for E1 and f1 interfaces as well as an overall secure environment. Subscription authentication, UE authorization, access and serving network authorization, and more are among the group’s aspects as necessary for 5G security. To guarantee seamlessness and interoperability across network parts, other areas include user and signaling data integrity.
For numerous possible vulnerabilities, such as user data in transit and signaling for radio resource control, the 5G gNB must enable encryption following security rules. Access control and ensuring that home networks approve serving networks are equally critical.
The COVID-19 epidemic has caused havoc in a variety of businesses, including the 5G security market. During the lockdowns, many private and government companies have permitted their workers to work from home, creating a requirement for proactive network security monitoring since individuals are remotely connected, using enterprise resources, and exchanging documents via collaboration tools.
Key players operating in the 5G security market are AT&T Inc., China Mobile Ltd., Check Point Software Technologies Ltd., CISCO Systems Inc., Cloudflare Inc., DigitCert Inc., Ericsson AB, F5 Networks Inc., Gemalto N.V., Huawei Technologies Co. Ltd., IBM Corporation. To earn a significant market share in the 5G security market, the key players now focus on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- In April 2021, Fujitsu and Trend Micro, two of the world’s leading IT security companies, have established a partnership to protect private 5G networks. These firms have created simplified security technologies for IoT devices and networks to speed up the digital transformation of manufacturing.
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Service segment dominated the market and held the largest market share of 62.71% in the year 2020
On the basis of type, the 5G security market is segmented into service, solution. The service type segment dominated the 5G security market and held the largest market share of 62.71% in 2020. The implementation and integration of 5G security solutions in an enterprise’s business environment rely heavily on services. Services are an essential part of the 5G security industry since they primarily focus on enhancing business operations and network optimization for businesses. Services, such as network testing, planning and optimization, support and maintenance, and consultancy, are considered the backbone of 5G security since they are critical in meeting customers’ needs.
Cloud segment dominated the market and held the largest market share of 59.63% in the year 2020
On the basis of development, the 5G security market is segmented into cloud, on-premise. The cloud development segment dominated the 5G security market and held the largest market share of 59.63% in 2020. Organizations may save money on hardware, software, storage, and technical staff by building 5G security solutions and services in the cloud. The cloud development type is commonly used for private and public clouds, and it can vary based on the client’s needs. Additionally, depending on how they employ cloud-based 5G security services, businesses may scale up or down. During the early stages of the 5G standalone network, the cloud development segment saw a lot of interest. Scalability, accessibility, adaptability, and cost-effectiveness are just a few of the advantages.
Enterprise segment dominated the market and held the largest market share of 57.86% in the year 2020
On the basis of end-user, the 5G security market is segmented into consumers and enterprises. The enterprise end-user segment dominated the 5G security market and held the largest market share of 57.86% in 2020. Various sectors are undergoing digital change. Businesses are integrating new technologies in multiple phases to develop innovative solutions, enhance service delivery, boost operational efficiency, save costs, gain a competitive edge, and satisfy growing consumer expectations. 5G will soon be on the list of technologies that businesses will explore, with standalone 5G solutions enabling a slew of new industrial applications, including robots, big data analytics, IIoT, and AR/VR in engineering and design, as well as novel methods to deliver remote assistance and training.