Global 5G Core Network Market Analysis 2024: Size Forecast and Growth Prospects

The 5g core network global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

5G Core Network Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
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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Scope Of 5G Core Network Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

5G Core Network Market Overview

Market Drivers -
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.

Market Trends -
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.

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