Much like 5G, the growth of private networks has been slower than expected. However, it seems like this is beginning to change as STL Partners predicts that the private network addressable market will increase from $1.2 billion this year to $21 billion in 2030.

As enterprises begin to realize the benefits of private network investment, Analysys Mason predicts that the number of networks worldwide will reach 60,000 in 2028, up from just 4,000 in 2022.

The driver behind this growth is the increased focus on data and the capabilities it can unlock for enterprises if used in the right way, thanks in no small part to the GenAI revolution.

The successful businesses of the future will be those that are driven by AI-led data analytics, and private networks play a key role in this future. They can ensure that all businesses’ digital infrastructure is secure – which is critical as data itself becomes more valuable – and they have sector-specific applications.

This applies to industries like healthcare that demand unwavering connectivity to ensure patient health and safety, and telemedicine. The same goes for manufacturing and logistics, with private networks enabling the evolution of connected factories and warehouses while ensuring connectivity for worker safety and tracking.

As interest grows and we move away from proofs of concept, vertical applications like this will help encourage further investment and innovation in the space as practical benefits are realized. This, in turn, will result in the development of networks that marry WiFi and cellular.

These converged networks will provide even greater connectivity by plugging the coverage gaps experienced when relying purely on 5G and will help manage the necessary but rising tide of data. Put simply, businesses need to ensure they have the right infrastructure and technology in place before they can begin fully taking advantage of their data and becoming data-centric.

Building a data-centric culture

Business leaders may think it’s easy to become data-centric because, after all, many enterprises are built on data. However, to become data-centric, they need to build a data-driven mindset into their culture, which isn’t a quick or easy task. It will take some businesses years to grow from simply collecting and managing their data to devising near real-time actionable insights from it.

To ensure success during this process, there are three steps businesses must follow. The first is rolling out a consistent and structured approach to data collection and analysis to reduce inefficiencies in terms of productivity and the insights drawn from the data. Part of this should be identifying early on which data needs to be collected to give businesses a comprehensive outlook.

Next is investing in ways to ensure that the data can be processed accurately and effectively. Multiple analyst reports surmise that between 80 to 90 percent of data is unstructured, meaning it needs to be processed and structured for businesses to gain anything actionable from it. Businesses must get this right because the volume of data coming in could easily begin to get out of hand, especially as the number of connected devices continues to rise. Software solutions can be a useful tool to create data links, generate the structure needed, and begin to analyze the data and disseminate it into useful takeaways.

Finally, businesses should make use of technological developments such as AI to streamline their data strategies. AI will remove the need for humans to work through and make sense of vast quantities of data, which will cut down the time and resources it takes to reach actionable conclusions.

Investing in tomorrow

If businesses adopt the right strategies and invest in the proper infrastructure, they can create a data-centric culture that drives innovation and enables them to extract actionable insights from their data.

However, the foundation of this transformation must be a network that supports efficient data collection and analysis while minimizing security risks.

With these elements in place, businesses will be able to gain a competitive advantage – whether by pioneering product development based on customer-centric insights or uncovering new ways to cut costs and improve efficiency.

Put simply, the businesses of tomorrow must invest in getting the most from their data, but to do this they must have a private network capable of handling it.