5G Core Market worth $9,497 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Jan. 13, 2021 /PRNewswire/ -- According to a new market research report "5G Core Market by Component (Solutions and Services), Network Function (Access and Mobility Management Function, Policy Control Function, Unified Data Management), Deployment Model (Cloud and On-premises), End User, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the 5G Core Market size is projected to grow from USD 630 million in 2020 to USD 9,497 million by 2025, at a Compound Annual Growth Rate (CAGR) of 72.0% during the forecast period.
The 5G Core Market is gaining traction due to its cloud-native and service-based architecture that will improve the modularity of products with greater emphasis on low latency, uRLLC, eMBB, and mMTC offerings. The rapid rise in the volume of data being carried by cellular networks has been driven largely by consumer demand for video and the shift of business toward the use of cloud services. The commercialization of 5G services in enterprises such as private 5G and the availability of unlicensed and shared spectrum in the globe are expected to shape the future of the 5G core market.
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Services segment to grow at the highest CAGR during the forecast period
Services play a vital role in the deployment and integration of next-generation networking solutions in an enterprise's business environment. Services are considered an important component of the 5G core market, as they majorly focus on improving the business processes and optimizing the enterprise's network. Services are considered as the backbone of the 5G core, as they are instrumental in fulfilling the clients' requirements, such as network testing, planning and optimization, support and maintenance, and consulting.
Cloud mode of deployment is expected to grow at the highest CAGR during the forecast period
Cloud mode of deployment is expected to exhibit a higher CAGR during the forecast period.5G core is a cloud-native next-generation virtualized core network architecure. With cloud-based technologies, end users can better leverage the business to the cloud or migrate it to the cloud platform for efficient and continuous service capabilities. The deployment of various cloud-based and 5G on-demand slicing solutions using cloud-native thinking and models is bound to accelerate the digital transformation of the entire communications industry.
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APAC region to record the highest market share in the 5G Core Market in 2020
APAC is expected to grow at the highest CAGR during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in Japan, South Korea, Australia, Singapore, China, and India, and the increasing deployment of 4G and 5G networks present huge opportunities for the implementation of the 5G core solution. With the increasing adoption of technologies, such as VR and AR as well as the IoT, the content will become even more data-intensive, which will demand seamless network connectivity and coverage and would present a huge opportunity for the 5G Core Market in the region.
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Key and innovative vendors in the 5G Core Market include Nokia (Finland), Ericsson (Sweden), Huawei (China), ZTE (China), Samsung (South Korea), Affirmed Networks (US), Mavenir (US), NEC (Japan), Cisco (US), HPE (US), Oracle (US), Athonet (Italy), Casa Systems (US), Cumucore (Finland), Druid Software (Ireland), IPLOOK (China), and Metaswitch (UK).
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