Global 5G Core Market Size and Forecast 2024-2033|Nokia Corporation, Huawei Technologies Co. Ltd., Samsung Electronics Co. Ltd., Cisco Systems Inc., Affirmed Networks Inc

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The 5G Core Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 5G Core Global Market Report 2024, The 5g core market size has grown exponentially in recent years. It will grow from $3.65 billion in 2023 to $6.19 billion in 2024 at a compound annual growth rate (CAGR) of 69.6%. The growth in the historic period can be attributed to increasing mobile data traffic, demand for higher data speeds and low latency, proliferation of internet of things (iot), global standardization efforts, competitive landscape and industry collaboration.

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

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.

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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

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.

The 5g core market report table of contents includes:

1. Executive Summary

2. 5G Core Market Characteristics

3. 5G Core Market Trends And Strategies

4. 5G Core Market – Macro Economic Scenario

5. Global 5G Core Market Size and Growth

26. South America 5G Core Market

27. Brazil 5G Core Market

28. Middle East 5G Core Market

29. Africa 5G Core Market

30. 5G Core Market Competitive Landscape And Company Profiles

Top Major Players: