With the evolution of cellular network technology worldwide, the 5G core market valuation is projected to reach $9.497 million by 2025.
The global 5G core market is gaining traction primarily due to the evolution of cellular network technology. This technology has offered lower latency and higher data speeds in this digital era. In fact, the market is gaining power across industries because of its service-based and cloud-native architecture.
This aims to improve the modularity of products with better emphasis on low latency, eMBB, URLLC, and mMTC solutions. As a result, the global 5G core market size is anticipated to mature from $630 million in 2020 – to $9.497 million by 2025. This is at a compound annual growth rate of 72.0% amid the forecasted period, according to a recent study by ResearchAndMarkets.
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As per the statistics, the managed services within the 5G core market outsource an entire network or a part of it – on a proactive management basis to enhance the network operations and cut down organizational expenses. Such services outsource solutions are related to the network security server, storage, hosting, applications, desktop, and mobile device management.
With the 5G core market being in its initial phase, a majority of vendors are not capable of offering a standalone solution as well as its associate services to the consumers. This imposes them to manage some of the services from vendors who are specialists in providing those in order to deliver the essential services to the target audience.
The study also noted that several businesses are undergoing digital transformation plans spanning industries. Companies are in different stages of implementing innovative technologies to improve service delivery, develop new solutions, reduce cost, increase operational efficiency, and gain a competitive advantage. Besides, it is helping businesses to meet the evolving and rising customer expectations.
Indeed, 5G will soon make it to the list of technologies that organizations will consider – with standalone 5G offerings that will allow new industrial applications. The list includes big data analytics, robotics, IIoT, AR/VR in engineering, and new ways to deliver remote training and support.
With this trend, the APAC market has several growing economies, primarily China, India, and Japan, as they are expected to gain high growth in the 5G core market. Basically, this region has always supported and promoted technological and industrial development. It is also one of the biggest markets for connected devices.
Clearly, they possess a developed technological infrastructure that is promoting the rapid adoption of 5G core tools across all industry verticals. The network market in the APAC is highly driven by the developing acceptance of emerging technologies such as big data analytics, IoT, and mobility as well as cloud-based solutions.