Research Nester published a report titled “O-RAN Market: Global Demand Analysis & Opportunity Outlook 2028,” which delivers a detailed overview of the global O-RAN market in terms of market segmentation by component, connectivity technology, deployment location, end-use vertical, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global O-RAN market is anticipated to grow with a CAGR of 83.1% during the forecast period, i.e., 2020-2028. The market is segmented by components into hardware, software, and services, out of which, the hardware segment is expected to attain a revenue of USD 9895.88 Million by the end of 2028, whereas the software segment is expected to grow with the highest CAGR of 89.5% during the forecast period.
The global O-RAN market is anticipated to grow on account of the rising use of several applications such as virtual meetings, cloud-based services, streaming 3D & ultra-HD (8K) resolution video content, and others, which has resulted in the surging demand for high-speed data. The cellular network operators deploy Open-RAN as it offers additional flexibility to meet rigorous 5G application requirements in several vertical industries with various network needs for performance, capacity, & latency, which in turn is expected to contribute to the market’s growth. In 2020, the global O-RAN market garnered USD 169.50 Million, and by 2028, the market is estimated to touch USD 21,371.47 Million.
Regionally, the global O-RAN market is segmented into five major regions comprising North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Out of these, the Asia Pacific market is projected to hold the leading market share of 38.1% and attain a revenue of USD 8,150.95 Million in 2028. Further, by the end of 2021, the market in North America is expected to garner a revenue of USD 134.38 Million.
Shift in Consumer Preferences for High-Speed Data and Cost Effectiveness of O-RAN to Boost Market Growth
Consumers increasingly prefer digital means for communication, which is raising the need amongst the telecom operators to expand their service offerings. This, as a result, would require the telecom operators to adopt new equipment and devices that would allow them to achieve their final goal. The Open-RAN benefits RAN vendors, operators, and 3rd parties. The cost savings depend on two important factors: less upfront capital deployment costs and lesser operating expenses through automation. Such factors are therefore expected to drive the growth of the global O-RAN market during the forecast period.
However, the limited implementation of the O-RAN architecture to local and regional deployments is estimated to negatively affect the growth of the market in upcoming years.
This report also provides the existing competitive scenario of some of the key players of the global O-RAN market, which includes company profiling of Metaswitch Networks, Mavenir, NTT DOCOMO, INC., Sterlite Technologies Limited, Huawei Technologies Co., Ltd., Radisys Corporation, Casa Systems, VIAVI Solutions Inc., Parallel Wireless, Inc., NXP Semiconductors, and others. The report also includes key players who manufacture the radio units for O-RAN, namely Fujitsu Limited, NEC Corporation, Benetel Ltd., Comba Telecom Systems Holdings Ltd., and others. Further, players manufacturing fiber optics, wired & wireless components for O-RAN are ip.access Ltd., Altiostar, NTS Technology, and others. The profiling enfolds key information of the companies, which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global O-RAN market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.