Global 5G Core Network Market Outlook 2024, Forecast To 2033
17 Apr, 2024
The 5G core network market has exhibited exponential growth in recent years. Beginning at $2.21 billion in 2023, it climbed to $2.78 billion in 2024, experiencing a significant CAGR of 25.5%. This growth in the historic period can be attributed to factors such as low latency requirements, massive IoT connectivity, service-based architecture, enhanced security, and global connectivity. Looking towards the future, the market is anticipated to continue its exponential growth trajectory, reaching $6.31 billion in 2028 with a CAGR of 22.8%. This growth is expected to be propelled by factors including edge computing integration, 5G-enabled vertical industries, government initiatives and policies, competitive differentiation, and network modernization. Furthermore, major trends in the forecast period encompass 5G-enabled IoT solutions, network automation and orchestration, network synchronization, network security enhancements, and 5G core network evolution.
Global 5G Core Network Market Key Driver
The upward trajectory of the 5G core network market is anticipated to be steered by the increasing adoption of 5G services. The surge in 5G adoption is fueled by the need for high-speed data transmission, coupled with the proliferation of connected devices and IoT applications. The 5G core network serves as the backbone for a myriad of 5G services, catering to enhanced mobile broadband, massive machine-type communications, and ultra-reliable low-latency communications. Notably, global 5G wireless connections surged by 76% in 2021 to reach 1.05 billion by the end of 2022, with projections indicating a rise to 5.9 billion connections by the end of 2027. This exponential growth underscores the pivotal role of increasing 5G service adoption in driving the growth of the 5G core network market, which stood at $G billion in 2023 and is anticipated to reach $H billion by 2028.
Get A Free Sample Of The Global 5G Core Network Market ReportGlobal 5G Core Network Market Segments
The 5G core network market covered in this report is segmented –
1) By Components: Solutions, Services
2) By Deployment Model: Cloud, On-Premises
3) By Application: Smart Energy, Industrial Manufacturing, Smart Medical, Media Entertainment, Smart Transportation
4) By End User: Telecom Operators, Enterprises
By Geography:The regions covered in the 5G core network market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the 5G core network market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the 5G core network market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major 5G Core Network Market Industry Players
Samsung Electronics Co. Ltd., Reliance Industries Limited, Dell Technologies Inc., Huawei Technologies Co. Ltd., Intel Corporation, Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Fujitsu Limited, Hewlett Packard Enterprise Company, Telefonaktiebolaget LM Ericsson, Nokia Corporation, NEC Corporation, ZTE Corporation, VMware Inc., Juniper Networks Inc., Ciena Corporation, Mavenir Systems Inc., Ribbon Communications Inc., Casa Systems Inc., Parallel Wireless Inc., Altiostar Networks Inc., Affirmed Networks, Druid Software Ltd., Athonet S.r.l.
Get The Full Global 5G Core Network Market Report5G Core Network Market Overview
The 5G Core Network refers to the central part of a 5th generation (5G) cellular network architecture responsible for managing and orchestrating network functions and services. It serves as the backbone of the 5G network, enabling advanced capabilities such as ultra-low latency, high-speed data transmission, massive connectivity, and network slicing.
5G Core Network Global Market Report 2023 provides data on the global 5g core network market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The 5g core network market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.