5G security market to reach $5.226 billion by 2026
The 5G security market size is projected to grow from $580 million in 2020 to $5.226 billion by 2026, at a compound annual growth rate (CAGR) of 44.3% during the forecast period, according to MarketsandMarkets.
The major drivers for the 5G security market include rising security concerns in the 5G networks, increasing ransomware attacks on IoT devices, rising attacks on critical infrastructure, and increasing IoT connections paved way for mMTC with enhanced security requirement.
Services segment to grow at the highest CAGR
Services play a vital role in the deployment and integration of 5G security solutions in an enterprise’s business environment. Services are considered an important component of the 5G security market, as they majorly focus on improving the business processes and optimizing the enterprise’s network.
Services are considered as the backbone of the 5G security, as they are instrumental in fulfilling the clients’ requirements, such as network testing, planning and optimization, support and maintenance, and consulting.
Cloud deployment type expected to grow at the highest CAGR
Cloud mode of deployment is expected to exhibit a higher CAGR during the forecast period. By deploying 5G security solutions and services on the cloud, organizations can avoid spending on hardware, software, storage, and technical staff.
The cloud deployment type is often used for both private and public clouds and may vary from case to case, depending on the requirement of the client.
Additionally, organizations can scale up or down, depending on their use of cloud-based 5G security services. The cloud deployment segment has witnessed strong demand in the early phase of the 5G standalone network. It offers a wide range of benefits, such as scalability, accessibility, flexibility, and cost-effectiveness.
APAC region holds largest market share in the 5G security market in 2020
APAC is expected to hold the largest market share during the forecast period. China, Australia, and Japan are the prime APAC countries that have started several 5G-related activities; which would provide growth opportunities for 5G security vendors in the region.
Asian telecom service providers, vendors, and government firms are determined to take the lead in 5G R&D. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, and the increasing deployment of 4G and 5G networks present huge opportunities for the implementation of the 5G security solutions.