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The global private 5G market is expected to be valued at USD 2.0 billion in 2023 and is projected to reach USD 11.8 billion by 2028, growing at a CAGR of 42.3%. The increasing demand for bandwidth-intensive applications, such as augmented reality (AR), virtual reality (VR), and high-definition video streaming, has driven the need for higher network capacity and bandwidth. The private 5G market for mmWave frequency band is expected to hold the highest CAGR during the forecast period due to its ability to offer significantly higher data rates compared to lower-frequency bands.
