Data and analytics company GlobalData predicted private wireless network revenue was poised for substantial growth, with a CAGR of 23.3 per cent from $2.8 billion in 2022 to $7.9 billion in 2027.
In a breakdown of private wireless networks by countries, GlobalData reported the US emerged as the leader in 2022, accounting for 21 per cent of total revenue followed by China at 11 per cent.
It projected the US would record the highest gains with a CAGR of 30.6 per cent over the forecast period, followed by Germany (26.4 per cent) and the UK (26.2 per cent.)
GlobalData stated the early availability of spectrum for private networks was a key driver for growth in those countries.
Industry automation and smart factories are fuelling private network growth in Europe.
The company stated manufacturing, mining, utilities and government are key verticals, collectively accounting for just more than 50 per cent of the overall market in 2022.
It highlighted the likely rollout of 5.5G technology in 2025 as a factor which would enhance private networks, by adding features including reduced capability NR and expanded side link functionality.
GlobalData analysts stated the proliferation of industrial IoT use cases and the convergence of operational technologies with IT systems in the manufacturing industry were accelerating the adoption of private wireless networks.