There always are multiple ways to solve any particular engineering problem, which is why we should always take market forecasts for any networking technology with some amount of skepticism. In that regard, whatever you estimate the eventual size of the 5G private networking market to be, there will be functional product substitutes.
Wi-Fi 7, for example, might have performance mechanisms that make it a more-suitable competitor to 5G private networks, for example.
If assured levels of latency or bandwidth are required for an application, it will require some work to determine whether Wi-Fi 7 works well enough to displace 5G as a private network platform, both in terms of performance and business model.
As a byproduct, some forecasts of 5G private network revenues are likely too high, as the functional requirements might be met by Wi-Fi 7 in many instances.
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