5G security Market To Generate Revenue Worth $24.89 Billion by 2030

The global 5G security market is predicted to reach USD 24.89 billion by 2030, growing at a CAGR of 40.60% between 2022 and 2030. The rise in the frequency of attacks on vital infrastructure, growth in the security concerns for the 5G network, and increase in the count of ransomware attacks on IoT devices are all contributing to the growth of the 5G security industry.

Moreover, the growing adoption of network slicing and significant cybersecurity enhancement over 4G and LTE are driving the market for 5G security solutions. When data is encrypted, fifth-generation technology prioritizes the privacy of both companies and people. As a result, decrypting the data is more difficult for hackers. Additionally, the data is available quickly, since it is routed through virtual hubs and switches, rather than any hardware component.

Additionally, fifth-generation technology is expected to draw clients, business users, and mobile network carriers to a single platform. This will lead to strong reliance on corporate machinery, to digitize and better manage business operations. Additionally, telecom networks' cyber-physical interdependence will be strengthened, and other infrastructure providers' smart connectivity will help enable creative access to the mobile network.

5G Technology Is Best Suited for Securing Data in Telecom Industry

Voice and data can now be transferred throughout the world with excellent consistency and quality with the advancements in the telecom sector. With the use of modern technology, users may maintain uninterrupted connections. Mobile traffic has increased as a result of more people using mobile networks to view video content, make digital payments, shop online, and participate in video conferences. Thus, global mobile traffic increased by about 60% during the pandemic. Subscriber data includes both communication-related and subscriber-specific information, such as identities, locations, membership profiles, and call data records. Operators are embracing robust cybersecurity measures to safeguard the subscriber data sent through 5G networks and counteract the threats posed by data breaches.

Need for Safeguarding from Cyber Threats To Boost Growth of Market

Hackers are increasingly targeting IoT devices and exploiting well-known holes, such as those relating to the default username, password, and backdoor in static code. With the integration of IoT and fast networks, automation is currently being used across many industries. Among the first to adopt new technologies, electricity, water, and other essential resources sectors are currently in the automation phase. The activities of these industries are now a lot more efficient due to automation, but the systems are now more vulnerable to intrusions. All governments are currently the most concerned about the increasing vulnerability of the essential systems. For instance, a nuclear reactor's controls are extremely vulnerable to malicious or unintentional intervention, which poses a serious risk to people's lives and property.

The adoption of these platforms in developing markets is at an early stage and the technology mostly unexplored, thus creating a tremendous growth opportunity for the market players in the next few years.

Some of the major players operating in the 5G security market are Telefonaktiebolaget LM Ericsson, Palo Alto Networks Inc., Cisco Systems Inc., Allot Ltd., Huawei Technologies Co. Ltd., A10 Networks Inc., Nokia Corporation, F5 Inc., Juniper Networks Inc., and Spirent Communications plc.