5G Core Network: Emerging Trends and Market Dynamics in 2024

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.

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.

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Increasing Adoption Of 5G Services Fueling Growth In 5G Core Network Market
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.

Competitive Landscape -
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.

Cloud-Native NWDAF Solution For Enhanced 5G Core Network Intelligence
Major companies operating in the 5G core network market are developing technological advancements, such as cloud-native 5G core network services, to enhance network capabilities, provide service intelligence, and provide environmentally conscious network operations. Cloud-Native 5G Core is a crucial component designed to enhance network intelligence, service orchestration, and operational efficiency in 5G networks. For instance, in October 2021, Telefonaktiebolaget LM Ericsson, a Sweden-based telecommunications company, introduced a Network Data Analytics Function (NWDAF) solution for cloud-native 5G core networks. This solution aims to enhance network intelligence, service intelligence, and operations and maintenance (O&M) intelligence in the 5G era. The NWDAF solution is designed to collect and store comprehensive data for network functions, enabling model training, inference, and prediction centrally. The solution facilitates scenario building based on collected data to visualize current, predicted, and simulated events, providing full accountability for data quality and accessibility throughout the analytics lifecycle.

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Key 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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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