APAC 5G enterprise market to see massive growth by 2024
Following a recent study by Frost & Sullivan, the company reports that Asia Pacific (APAC) 5G enterprise market will see massive growth by 2024 fueled by mega trends in government, public sector, healthcare, manufacturing, and telecommunications that are posing new challenges to end users.
The challenges are driving enterprises to transform and enable new use cases that support and optimise enterprise business processes in order to improve business efficiency.
"5G enterprises in Asia-Pacific are undergoing digital transformation at a more rapid pace to either optimize or enable business processes to keep up with the changing consumer demand. However, these digital transformation initiatives will add pressure on existing networks, as new solutions will require higher bandwidth and availability to offer the necessary reliability, driving the need for enterprises to transform their network infrastructure. This will boost the demand for 5G enterprise solutions and new enabling technologies such as network slicing and edge computing,” commented Sofea Zukarnain, Information & Communication Technologies Research Analyst at Frost & Sullivan.
Alongside mega trends, COVID-19 is also reported by Frost & Sullivan to be driving the need for critical and vital broadband, remote work solutions and 5G. With a strong demand for connectivity, the potential revenue growth is expected to reach US$13.9bn by 2024 from US$2bn in 2019.
"Network slicing will empower enterprises with end-to-end ownership of a slice of the 5G network that can be used for a specific use case. Further, there are many benefits to utilizing a slice of 5G, including the ability to provide enterprises with better control, management capability, and agility of the network so that it can optimize the usage of the network for enterprises," added Zukarnain.