5G Core Market to be Driven by Utilization of Cloud Computing for Large Scale Industrial IoT Solutions
Rising need for Industrial IoT applications in smart
sectors, along with affordable sensor costs and cutting-edge sensor technology are
expected to drive the market of the Global 5G core Market in the forecast
period 2024-2028.
According to TechSci Research report, 5G core Market
- Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028,
the Global 5G core market is anticipated to register a robust growth during the
forecast period 2024-2028. Global 5G core market
is rising, owing to growing adoption of the Internet of Things (IoT) and
ongoing advances in Machine-to-Machine (M2M) communication networks. These
factors are altering variety of industries by connecting all types of devices,
appliances, systems, and services. One of the many use cases offered by 5G
core-enabled services is the Internet of Things (IoT), which enables
communication between a vast number of sensors and linked objects. In order to meet these
demands for expanding IoT applications, which are characterized as
mission-critical applications and massive machine-type communication, 5G
technology is expected to advance more rapidly.
Moreover, the
introduction of the new 5G core architecture will increase the efficiency and
ease of use of mobile networks. The first benefit is that it shortens the time
it takes to market new services and makes it simpler to manage services with a
shorter life cycle. With 5G core, service providers will be able to slice their
networks more effectively and offer end-to-end service level agreements to
their business clients (SLA). In order to expand user plane functionality,
split traffic at the edge, and dynamically track traffic breakout, 5G Core edge
computing support offers a number of additional functions. Over the forecast
period, all of these factors are anticipated to fuel the market.
Moreover, companies are investing to improve networks. For
instance, Ericsson has announced the launch of a 5G core policy studio to
improve their performance. The tool is fully integrated with Ericsson's
dual-mode 5G core and allows for the management of all core network policies
from a single location. A central provisioning engine that functions as the brain of the network
is the 5G core policy studio tool to manage and access any policy that oversees
multiple 4G and 5G services using an intuitive GUI (graphical user interface).
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The 5G
Core market is segmented into component, deployment mode, end user, networking
functions and region. By component, it is divided into solution, service. The
deployment mode area segment is further categorized into cloud and on premise.
Depending on end user, the market is fragmented into consumers and enterprise.
Based on networking functions market is segmented into AMF (Access and Mobility
Management Function), SMF (Session Management Function), UPF (User Plane
Function), PCF (Policy Control Function), NEF (Network Exposure Function), NRF
(NF Repository Function), UDM (Unified Data Management), AUSF (Authentication
Server Function), AF (Application Function), NSSF (Network Slice Selection
Function) and others.
Based on Component, the services sector held the majority of the market
in 2022. In order to enhance network operations and save costs, managed
services in the worldwide 5G core market outsource all or part of a network.
These services allow for the outsourcing of network security, storage, desktop,
server, hosting, apps, and mobile device management. Given that the 5G core
market is still in its early stages, the majority of vendors are unable to
offer consumers a standalone solution and related services. The need to deliver
necessary services to the clients forces them to manage few services from
suppliers who are skilled in providing such services.
Based on end user, the enterprise segment accounted for the
greatest market share in 2022. This is because customers in both urban and
rural locations have an increased need for high-speed connectivity and large
amounts of data bandwidth. Due to its benefits, such as uninterrupted video
streaming, smooth communication across cloud computing, and the creation of a
smart workplace by providing greater connectivity to IoT devices, such
efficient connectivity is most preferred.
Key market
players in the 5G core market:
- Affirmed
Networks, Inc.
- NEC Corporation
- Cisco Systems Inc.
- Samsung Electronics Co. Ltd.
- Hewlett Packard Enterprise Development
LP
- Nokia Corporation
- Oracle Corporation
- Telefonaktiebolaget LM Ericsson
- Huawei Technologies Co. Ltd
- ZTE Corporation
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“Due to the adoption of
cutting-edge technologies, the North American region has become dominant in the
world market. The region's demand for the new technology has increased due to
the expansion of wireless connectivity and connected devices, as well as the
growing use of IoT-enabled gadgets. Due to their advanced features and broad
range of activities they can support, the telemedicine, smart grid, and
connected vehicle categories are expected to develop the fastest and have the
greatest proportion of the global market during the base year, Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global 5G Core Market Segmented By Component
(Solution, Service), By Deployment Mode (Cloud, On Premise), By End User
(Consumer, Enterprises), By Network Functions (AMF (Access and Mobility
Management Function), SMF (Session Management Function), UPF (User Plane
Function), PCF (Policy Control Function), NEF (Network Exposure Function), NRF
(NF Repository Function), UDM (Unified Data Management), AUSF (Authentication
Server Function), AF (Application Function), NSSF (Network Slice Selection
Function) and others), By Region, Competition” has
evaluated the future growth potential of 5G Core Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in 5G Core Market.
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