The increasing penetration of the 5G technology is expected to propel the C-RAN market at a robust CAGR of 15.9% during the forecast period (2019–2024). According to P&S Intelligence, the market revenue will surge from $936.3 million in 2018 to $2,159.2 million by 2024. In addition, the accelerating digitalization rate, soaring use of smartphones, and mounting demand for internet of things (IoT) services and solutions will also contribute to the market growth in the upcoming years.
C-RAN solutions offered by Verizon Communications Inc., Nokia Corporation, Ericsson Inc., ZTE Corporation, Fujitsu Limited, NEC Corporation, Huawei Technologies Co. Ltd., Intel Corporation, Cisco Systems Inc., and Samsung Electronics Co. Ltd. can be deployed in indoor as well as outdoor spaces. As compared to indoor deployment, outdoor deployment provides better coverage in high-density network areas, such as malls, parking lots, and stadiums.
The aforementioned companies offer managed and professional services for 3G and 5G & LTE networks. In recent years, North America has emerged as the largest user of C-RAN technology due to the deep penetration of 5G technology in the region. Moreover, the introduction of numerous services for fixed-line and wireless mobile networks by telecom companies, on account of the heavy investments being made in research and development (R&D) activities for the deployment of new technologies and development of technologically advanced infrastructure, is also encouraging the adoption of C-RAN technology in the U.S. and Canada.
Whereas, the APAC C-RAN market is expected to exhibit the fastest growth during the forecast period, owing to the escalating demand for virtualization and 5G technologies for improved consumer experience and improved network coverage. Additionally, the soaring population of smartphone users and increasing data consumption will also drive the demand for C-RAN solutions in the region.
Besides, the rising need for cost-effective and scalable networks, on account of the growing number of small- and medium-sized enterprises (SMEs), will also contribute to the market growth in the region. Therefore, the increasing demand for LTE services and the surging penetration of 5G technology are fueling the adoption of C-RAN technology across the world.
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