5G Core Network Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
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.

Sizing and Forecast
The 5G core network market size has grown exponentially in recent years. It will grow from $2.21 billion in 2023 to $2.78 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to low latency requirements, massive IoT connectivity, service-based architecture, enhanced security, global connectivity.

The 5G core network market size is expected to see exponential growth in the next few years. It will grow to $6.31 billion in 2028 at a compound annual growth rate (CAGR) of 22.8%. The growth in the forecast period can be attributed to edge computing integration, 5G-enabled vertical industries, government initiatives and policies, competitive differentiation, network modernization. Major trends in the forecast period include 5G-enabled IoT solutions, network automation and orchestration, network synchronization, network security enhancements, 5G core network evolution.

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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
Increasing adoption of 5G services is expected to propel the growth of the 5G core network market going forward. 5G services refer to the various applications and use cases enabled by fifth-generation wireless cellular technology. The increasing adoption of 5G services is due to the demand for high-speed data transmission, the rise in connected devices, and IoT applications. The 5G core network is used for a wide range of 5G services, providing the necessary infrastructure and capabilities to unlock the full potential of 5G technology. It is intended to serve a wide range of services, including enhanced mobile broadband (eMBB), massive machine-type communications (mMTC), and ultra-reliable low-latency communications (UR-LLC). For instance, in April 2023, according to 5G Americas, a US-based industry trade organization, global 5G wireless connections in 2021 surged by 76% to 1.05 billion by the end of 2022 and are projected to reach 5.9 billion by the end of 2027. Therefore, increasing adoption of 5G services is driving the growth of the 5G core network market.

Key Industry Players
Major companies operating in the 5G core network market are 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.

The 5g core network market report table of contents includes:
1. Executive Summary