5G Core Market to Hit New Heights worth $29.09 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 14, 2023 /PRNewswire/ -- The global 5G core market size is expected to reach USD 29.09 billion by 2030, growing at a CAGR of 30.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising demand for the deployment of 5G technologies across the globe. The growing demand for 5G deployment is driven by high speed, large coverage, higher bandwidth, and higher reduction in network energy usage. These benefits are driving 5G deployment, thereby driving the market's growth.

Key Industry Insights & Findings from the report:

• The software segment dominated the market in 2022 and is expected to witness significant growth over the forecast period. 5G core software is designed to be compatible with the latest generation of mobile networks, which can provide significantly faster speed. Moreover, it provides improved network efficiency, which can help network operators improve their overall network performance and reduce operating costs, thereby driving the segment's growth.
• The cloud segment deployment dominated the market in 2022 and is expected to witness significant growth over the forecast period. 5G core on the cloud provides a highly scalable infrastructure that can easily accommodate the growing demand for mobile services. Moreover, 5G core cloud deployment provides a highly flexible environment that allows rapid deployment of new services and applications. Scalability, flexibility, cost-effectiveness, automation, and security are some of the factors that are contributing to the cloud deployment segment's growth.
• The user plane function (UPF) segment dominated the market in 2022. The UPF in the 5G core plays a vital role in providing data services to the end-users. The growing use of the 5G network for AR/VR and high-quality video streaming is anticipated to fuel the segment growth through the projection period.
• Cloud-native architecture is expected to witness significant growth over the forecast period. Some key benefits of cloud-native architecture in 5G core include improved scalability, faster time-to-market, better resource utilization, and improved reliability and resiliency. These benefits offered by cloud-native architecture are expected to drive the segment's growth.
• The enterprise segment is expected to witness significant growth over the forecast period. The growth can be attributed to growing demand from enterprises for 5G core due to its benefits, such as high-speed connectivity, low latency, edge computing, and enhanced security. Enterprises are adopting 5G core networks to support their digital transformation efforts and gain a competitive edge, propelling the segment's growth.
• North America is expected to witness significant growth over the forecast period. The region's key market players have already deployed a 5G core network to support their growing 5G services. Additionally, major network operators are partnering with 5G core technology vendors to develop and deploy 5G use cases such as augmented reality, IoT applications, and virtual reality, which is expected to propel the market's growth.

Read 114 page market research report, "5G Core Market Size, Share & Trends Analysis Report By Component, By Deployment, By Network Function, By Architecture, By End-user, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

5G Core Market Growth & Trends 

5G core contributes to various 5G functions within mobile networks that make communication possible. Some of these functions include authentication, authorization, and data and policy management, among others. 5G core is designed to guarantee high speed, power efficiency, and flexibility, thus driving its adoption. Additionally, the 5G core can be easily deployed on the cloud to provide 5G services and is highly scalable, which bodes well for the market's growth. 

Key players are leveraging improved speeds and lower latency by launching new solutions through collaboration and partnerships. For instance, in January 2022, Telenor ASA announced a collaboration with Amazon Web Services, Inc. to expand its 5G core revolution. This collaboration is aimed to deliver new 5G and edge services to enterprise customers worldwide. 

The COVID-19 pandemic resulted in significant delays in terms of 5G deployments across the globe. As a result of a reduction in network infrastructure spending, and a limited workforce, the 5G rollouts were delayed in most countries. Moreover, a significant shortage of components due to supply chain disruptions further slowed down the deployment of 5G globally. The delay in the deployment of 5G adversely affected the demand for the 5G core. However, as the world recovers from the pandemic, the deployment of 5G will be accelerated, driving the growth of the 5G core.

5G Core Market Segmentation

Grand View Research has segmented the global 5G core market based on component, deployment, network function, architecture, end-user, and region:

5G Core Market - Component Outlook (Revenue, USD Million, 2018 - 2030)

• Software
• Services

5G Core Market - Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• On-premise
• Cloud

5G Core Market - Network Function Outlook (Revenue, USD Million, 2018 - 2030)

• Access and Mobility Management Function
• Session Management Function
• Policy Control Function
• Network Exposure Function
• NF Repository function
• Unified Data Management
• Authentication Server Function
• User Plane Function
• Application Function
• Network Slice Selection Function

5G Core Market - Architecture Outlook (Revenue, USD Million, 2018 - 2030)

• Service-based Architecture
• Cloud Native Architecture

5G Core Market - End-user Outlook (Revenue, USD Million, 2018 - 2030)

• Telecom Operators
• Enterprises

5G Core Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• India
• China
• Japan
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Kingdom of Saudi Arabia (KSA)
• UAE
• South Africa

List of Key Players in the 5G Core Market

• Telefonaktiebolaget LM Ericsson
• Nokia Corporation
• Huawei Technologies Co., Ltd
• Samsung Electronics Co., Ltd.
• Cisco Systems, Inc.
• Hewlett Packard Enterprise Company
• Athonet
• Casa Systems, Inc.
• Mavenir
• Affirmed Networks
• Oracle Corporation

Check out more related studies published by Grand View Research:

• 5G Fixed Wireless Access Market - The global 5G fixed wireless access market size is expected to reach USD 342.83 billion by 2030, registering a CAGR of 39.9% from 2023 to 2030 according to a new report by Grand View Research, Inc. Factors such as the rising demand for high-speed internet, advancements in 5G technology, the rise of remote working, and the expansion of 5G network coverage are the major factors driving the market growth. There have been significant advancements in 5G technology, such as increased bandwidth, lower latency, and improved network coverage. These advancements have enabled 5G fixed wireless access (FWA) to become a more viable alternative to traditional fixed broadband services.
• 5G Infrastructure Market - The global 5G infrastructure market size is estimated to reach USD 95.88 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study by Grand View Research, Inc. Significant investments by communication service providers to deploy 5G infrastructure across the globe to offer improved data services are estimated to drive the market. Additionally, robust innovation in next-generation 5G network equipment and deployment module will help in bringing down the overall deployment costs for service providers, thus boosting 5G infrastructure deployment during the forecast period.
• 5G System Integration Market - The global 5G systems integration market size is estimated to reach USD 62.69 billion by 2030, registering a CAGR of 27.3% from 2022 to 2030, according to a new study by Grand View Research, Inc. Robust increase in the investments to deploy 5G network infrastructures across key countries, such as U.S., China, and Japan, has created the demand for integrating entire fifth generation infrastructure and applications across enterprises. This process will help enterprises to work as a centralized platform that will assist in reducing overall complexity. Thus, robust investments in building fifth-generation infrastructure, coupled with the growing need to set up a 5G-enabled ecosystem, are estimated to propel market growth.

Browse through Grand View Research's  Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc

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