5G Edge Cloud Network and Services Market size was over USD 5.32 billion in 2023 and is anticipated to reach USD 32 billion by 2036, growing at around 14.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of 5G edge cloud network and services is estimated at USD 5.95 billion.The growth of the market can be attributed to the growing need to manage mobile devices, applications and communication among enterprises to maintain seamless connectivity across geographies. Along with this, increasing number of smartphones in use is also expected to encourage consumers and businesses to procure 5G technology, which in turn is predicted to drive significant market growth in the upcoming years. In 2019, more than 5.5 billion people in the world used smartphones, which increased up to approximately 6 billion by the end of 2020. By 2025, about 7.2 billion people globally are calculated to be smartphone users. Furthermore, rising demand for advanced 5G applications in autonomous driving, AR/VR, artificial intelligence and internet of things (IoT) is projected to offer ample growth opportunities to the 5G edge cloud network and services market in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
14.8% |
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Base Year Market Size (2023) |
USD 5.32 billion |
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Forecast Year Market Size (2036) |
USD 32 billion |
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Regional Scope |
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The market is segmented by end use industry into transportation, manufacturing, automotive, energy, healthcare, government & defense, and others, out of which, the manufacturing segment is anticipated to hold the largest share in the global 5G edge cloud network and services market. This can be accounted to the escalating usage of IoT sensors across factory floors, and increase in adoption of industrial automation systems in factories. Apart from these, rising implementation of edge computing with smart manufacturing platforms for effectively maintaining high-capacity data centers for storage is also predicted to propel market growth in the future. Additionally, on the basis of enterprise size, the large enterprises segment is assessed to grab the largest share during the forecast period owing to the growing implementation of edge computing and cloud in large businesses to improve operational efficiency.
Our in-depth analysis of the global market includes the following segments:
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By Solution |
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By Enterprise Size |
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By End Use Industry |
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On the basis of geographical analysis, the global 5G edge cloud network and services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Europe industry is predicted to account for largest revenue share by 2036, propelled by growing investments by governments for the deployment of 5G technology in the public sector. It is evaluated that by the end of 2021, there will be approximately 36 million 5G subscriptions in western Europe, and about 3 million subscriptions in the central and eastern Europe. In addition, advancements in 5G technology in the automotive and smart transportation sectors is also expected to drive market growth in the region in the coming years. Moreover, the 5G edge cloud network and services market in North America is predicted to acquire the largest share during the forecast period ascribing to the early adoption of technology, and strong presence of well-established networking service providers in the region.
August 2021- Verizon and Microsoft announced a partnership to offer on-premise 5G edge cloud computing for businesses. The solution is aimed at enabling ultra-low latency needed for deploying real-time enterprise applications.
June 2021- Cisco launched a new portfolio of 5G-based Catalyst industrial routers to bring reliable connectivity to any IoT edge use case for running connected operations securely.
Author Credits: Abhishek Verma
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