Press release
5G Core Market Growth, Companies Analysis, Dynamics And Forecast 2024-2033
5G Core Market
The 5g core market size is expected to see exponential growth in the next few years. It will grow to $58.64 billion in 2028 at a compound annual growth rate (CAGR) of 75.4%. The growth in the forecast period can be attributed to rapid 5g network deployments, growth in enterprise and industrial 5g use cases, increased focus on network security, expansion of private 5g networks, continued evolution of standards. Major trends in the forecast period include network slicing for industry-specific applications, edge computing integration in 5g core networks, open ran (radio access network) adoption, ai and automation for network optimization, security enhancements for 5g networks.
Market Overview -
The 5G core is the 5G network's central component that is responsible for managing data and controlling plane activities. It facilitates secure and dependable network connectivity for end-users and grants them access to network services.
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Surge In Data Traffic Driving The 5G Core Market
The explosion of data traffic is expected to propel the growth of the 5G core market moving forward. Data traffic referred to as network traffic pertains to the volume of data that is being transmitted through a network at a particular point in time. Utilizing 5G Core for data traffic management offers various advantages such as enhanced network capabilities, service exposure, and traffic steering features. These benefits offer additional tools for optimizing traffic management and achieving efficient data traffic handling. For instance, according to a report published by Telefonaktiebolaget LM Ericsson, a Sweden-based provider of IT services, worldwide mobile data traffic hit roughly 90 EB per month in 2022 and is estimated to surge by nearly four times, reaching 325 EB per month by 2028. Therefore, the explosion of data traffic demands increased utilization of the 5G core.
Competitive Landscape -
Major companies operating in the 5g core market report are Nokia Corporation, Huawei Technologies Co. Ltd., Samsung Electronics Co. Ltd., Cisco Systems Inc., Affirmed Networks Inc., ZTE Corporation, NEC Corporation, Oracle Corporation, Telefonaktiebolaget LM Ericsson, Hewlett Packard Enterprise Company LP, HRMavenir Systems Inc., Druid Software Ltd., IPLOOK Technologies, AT&T Inc., Orange SA, VMware Inc., Athonet, Ciena Corporation, F5 Networks Inc., Altiostar Networks, Parallel Wireless Pvt. Ltd, Reliance Industries Limited, Wind River Systems Inc. (Acquired by TPG Capital), Juniper Networks Inc., Amdocs, Datang Telecom Group, Alpha Networks Inc., Dell Technologies Inc., Bharti Airtel Limited, Rakuten Mobile Inc.
Innovating The 5G Core Landscape Technological Advancements Take Center Stage
Technological advancements are key trends gaining popularity in the 5G core market. Companies operating in the 5G core market are adopting new technologies to sustain their position in the market. For instance, in November 2022, Nokia Corporation, a Finland-based global leading telecommunication service provider introduced a software-as-a-service (SaaS) alternative for its enterprise customers who want an easier way to deploy the 5G standalone (SA) core network, alongside its existing offerings. Through a subscription service, the company provides 5G Core SaaS on-demand, removing the need for an upfront cost and the responsibility of managing software maintenance and updates through an operator. Nokia Core SaaS is the market's first complete 5G core solution, delivering all key cloud-native network services via a SaaS delivery paradigm.
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Key Segments -
The 5g core market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Deployment: Cloud, On-Premises
3) By Network Function: Access and Mobility Management (AMF), Session Management Function (SMF), User Plane Function (UPF), Policy Control Function (PCF), Network Exposure Function (NEF), Network Repository Function (NRF), Unified Data Management (UDM), Authentication Server Function (AUSF), Application Function (AF), Network Slicing Selection Function (NSSF)
4) By End-User: Telecom Operators, Enterprises
Subsegment: Professional Services, Managed Services
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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