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According to the report published by Facts and Factors, the global 5G Core market was valued at approximately USD 349.4 Million in 2019 and is expected to generate revenue of around USD 13163.1 Million by end of 2026, growing at a CAGR of around 69.3% between 2020 and 2026.
The introduction of 5G technology is expected to have a major impact on the automotive and transportation industries. With the aid of the new 5G technology, autonomous vehicles are expected to become a reality in the coming years. The new 4G network can be used to share status alerts, real-time data, and ride requests. Companies like Uber and Lyft will use this as a forum. 4G, on the other hand, is unable to endorse innovations that involve high speeds and provide vehicles with spontaneous human-like reflexes. This is where 5G technology comes into play and is simultaneously supports the growth of the 5G Core Market in years to come.
The availability of unlicensed and shared spectrum around the world, as well as the commercialization of 5G networks in businesses such as private 5G, are expected to form the future of the 5G core market. Furthermore, the extensive adoption of the Internet of Things paired with on-going advances in M2M communication networks is transforming a variety of industries by linking all forms of appliances, devices, systems, and services. IoT is one of the many use cases supported by 5G core-enabled 5G, allowing communication between large numbers of sensors and connected devices.
The global 5G core market is segregated based on components, services, network functions, deployment model, end-user, and regions. Based on components, the 5G core market is categorized into solutions and services. Professional services and managed services are the further bifurcations of the services segment. In addition, the report also classified network functions segment into AMF, PCF, NEF, SMF, UDM, AUSF, UPF, NRF, AF, NSSF, and Others. Deployment model segment bifurcated into cloud and on-premises. Based on end-user, the report categorized it into telecom operators and enterprises.
North America is expected to retain its supremacy in the global 5G core market from a regional perspective. The primary factor driving the demand in North America is an increase in the number of infrastructure projects in the United States. Early adoption of advanced technologies such as automation and the internet of things (IoT), among others, will give the demand in North America a major boost. The rising demand for on-demand video services and the growing trend of smart cities are also contributing to the region's growth. The presence of major players in the United States, as well as government-backed funding, provides enough growth opportunities for market players. The Asia Pacific is expected to be the fastest-growing region in the analysis period owing to Governments in countries like China, Japan, and South Korea are concentrating their efforts on releasing various sub-6GHz and mmWave rates to meet the increasing demand for high-speed data connectivity among subscribers. As a result, the demand in the area is expected to develop rapidly over the forecast period.
Some main participants of the 5G Core market are Oracle, Athonet, Samsung, Affirmed Networks, NEC, Cisco Casa Systems, Mavenir, IPLOOK, Cumucore, ZTE, Nokia, Ericsson, Huawei, Metaswitch, HPE, and Druid Software amongst others.
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