5G core market size to reach $9.497 million by 2025
The global 5G core market size is projected to grow from $630 million in 2020 to $9.497 million by 2025, at a CAGR of 72.0% during the forecast period, according to ResearchAndMarkets.
The 5G core market is gaining traction due to the evolution of cellular network technology, which has offered higher data speeds and lower latency. 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 managed services segment to grow at the highest CAGR
Managed services in the 5G core market outsource a complete network or a part of it on a proactive management basis to improve the network operations and reduce the organizational expenses. These services outsource solutions related to network security, and storage, desktop, server, hosting, applications, and mobile device management.
As the 5G core market is in its initial phase, most vendors are not capable of providing a standalone solution and its associate services to the customers. This enforces them to manage a few of the services from vendors who are experts in providing those to deliver the required services to the customers.
Enterprises segment to grow at the highest CAGR
Enterprises are undergoing digital transformation across different industries. Businesses are in various stages of implementing new technologies to develop new solutions, improve service delivery, increase operational efficiency, reduce cost, gain competitive advantage, and meet rising customer expectations.
5G will soon make it into the list of technologies enterprise will consider, with standalone 5G solutions that will enable various new industrial applications, such as robotics, big data analytics, IIoT and AR/VR in engineering and design, as well as new ways to provide remote support and training.
APAC region to record the highest growing region in the 5G core market
APAC has several growing economies, such as China, India, and Japan, which are expected to register high growth in the 5G core market. These countries have always supported and promoted industrial and technological growth. Also, they possess a developed technological infrastructure, which is promoting the adoption of 5G core solutions across all industry verticals.
The network market in APAC is driven by the growing acceptance of cloud-based solutions, emerging technologies such as the IoT, and big data analytics and mobility. APAC is one of the biggest markets for connected devices.