In 2018, the global cloud and centralized radio access
network (C-RAN) market reached $936.3 million and is expected to generate
$2,159.2 million in 2024, witnessing a 15.9% CAGR during the forecast period
(2019–2024). The market is growing due to the reduction in hardware costs,
rising data traffic, and increasing penetration of 5G technology. C-RAN allows
real-time virtualization and large-scale deployment in addition to providing
collaborative radio technology support.
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Moreover, C-RAN is a primary aspect for
the growth of wireless technologies, such as 5G. When component is considered, the C-RAN market is categorized
into services, infrastructure, and solution. The infrastructure category
dominated the market during the historical period (2014–2018) and is further
expected to account for the major share of the market during the forecast
period.
This is because of the rising investments in 5G and other technologies,
such as 4G and LTE, by mobile operators. The category is further classified
into fronthaul, baseband units (BBU), and remote radio units (RRU), among
which, the BBUs classification held the largest share of the market during the
historical period. On the basis of application, the C-RAN market is
divided into targeted outdoor urban areas, suburban & rural areas, large
public venues, and high-density urban areas.
The large public venues application
accounted for the largest share of the market during the historical period and
is projected to retain its position during the forecast period. The targeted
outdoor urban areas application is expected to grow at the fastest pace during
the forecast period as these areas include commercial and residential spaces
that created a large demand for C-RAN for transforming networks to 5G and LTE. A major trend being observed in the C-RAN market is
the growing adoption of network virtualization technology.
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Enterprises around
the globe are becoming more inclined toward virtualization in order to gain an
edge over their competitors, primarily in terms of network capabilities.
Network virtualization is being adopted by various financial organizations,
cloud service providers, and enterprise data centers. In addition to this, both
large and small organizations are also taking benefit of network virtualization
for speed, efficiency, and scalability.
Thus, the market is growing due to the rising penetration of
5G technology and rapidly increasing data traffic.
