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5G Advanced and RedCap to drive $400bn global market by 2024
Thu, 18th Jan 2024

5G Advanced and 5G RedCap are set to play crucial roles in operators' capacity to leverage the global $400 billion 5G market, projected for 2024. This prediction is found in a new study by Juniper Research, an expert in the telecom market research. Juniper's research indicates an annual growth rate of 32% from 2023 for service revenue from 5G networks.

As the 5G penetration rates approach saturation among consumers, the report anticipates a crucial need for operators to launch services on 5G networks that appeal to enterprise IoT users. Juniper identifies 5G Advanced and 5G RedCap (Reduced Capacity) as pivotal emerging 5G technologies that could heavily influence operators' ability to attract high-spending IoT users.

These technologies will allow operators to offer services that extend coverage, boost network efficiency, and enhance device battery life for enterprise users.

The research further envisages 5G Advanced and RedCap's benefits as instrumental in expanding IoT sectors, including automotive and mobile broadband. As a result, it forecasts more than 360 million 5G IoT devices using public networks by 2028, up from 35 million devices in 2024.

The report pinpoints Fixed Wireless Access (FWA) as the sector which stands to benefit the most from these services, given the large volumes of traffic it generates. FWA uses cellular networks to provide Internet connectivity to other devices, often via Wi-Fi.

Sam Barker, co-author of the research, highlighted the value of these advancements, saying, "FWA has always been positioned as a key service for 5G network monetisation, but the emergence of 5G Advanced and 5G RedCap will enable operators to offer similar network conditions as fixed network service providers."

Barker suggests that operators should exploit their existing billing relationships with consumers to advocate for their FWA solutions.

The new study, titled Global Future 5G Strategies Market 2024-2028, is touted as the most reliable source of data for the market. It brings a comprehensive assessment of the evolution of 5G services and emerging technologies, offering analyses and forecasts of over 46,000 data points across 60 markets over five years.

Juniper Research has, for two decades, provided market intelligence and advisory services to the global telecommunications sector, retained by many known network operators and communications platforms. The organisation was founded in 2001 by industry consultant Tony Crabtree, in the midst of the telecoms and dot-com crash. The business was fully incorporated in February 2002, and has since grown to become one of the leading analyst firms in the mobile and digital tech sector.