The global 5G network infrastructure market is significant, measuring in the tens of billions of dollars annually. In the past, the network infrastructure market for cellular networks had one primary customer type: communications service providers (CSPs). Today, CSPs still make up the largest portion of the market, but enterprises in many different verticals are now exploring private 5G networks and providing a new (albeit small) outlet for network infrastructure. Regardless of whether the customer is a CSP and the network is considered a public 5G network or the customer is an enterprise with a private 5G network, all three parts of a 5G network RAN, transport, and core/edge are essential. The race to provide 5G in many areas of the world particularly in China, the United States, Japan, South Korea, and parts of Europe drove growth rates for 5G network infrastructure to rise above historical averages. However, 2023 saw slowing growth as 5G coverage in these same locations became more ubiquitous. This does not mean investment in 5G networks is done; there is still much work to be done in all areas of 5G network infrastructure. In addition, there is still investment in previous generations of cellular, with 4G leading the way, while 2G and 3G networks are still prevalent in many areas of the world. The focus of this report is on the growth opportunities to be found with 5G RAN, 5G transport networks, and 5G edge/core networks. Author: Troy Morley