REDDING, Calif., May 12, 2021 /PRNewswire/ -- According to a new market research report "Network Slicing Market by Component, Application (Remote Monitoring, Supply Chain Management, Real-time Streaming, Network Monitoring), End User (BFSI, Manufacturing, Healthcare, Automotive, Retail, Transportation), and Geography - Global Forecast to 2027", published by Meticulous Research®, the network slicing market is expected to reach $893.1 million by 2027, at a CAGR of 15.2% during the forecast period, 2020 to 2027.
Network slicing is a combination of sub-network instances that are combined to create end-to-end services. It allows flexibility by creating multiple virtual and logical networks on top of a common shared physical infrastructure configured to support specific industry applications, such as smart factories, smart grid, smart home, and connected cars.
The steady growth of the network slicing market is mainly attributed to the rising need for low latency, significant growth in mobile data traffic volume, and the emergence of edge computing technology. Furthermore, the rising adoption rate of IoT technology and growing investment in 5G network are creating new growth opportunities for vendors in the network slicing market. However, the growing security risks associated with network slicing infrastructure and lack of awareness about network slicing solutions pose serious challenges to the adoption of network slicing solutions.
Based on component, the network slicing market is segmented into solutions and services. The solutions segment accounted for the largest share of the overall network slicing market in 2020. The large share of this segment is mainly attributed to the rising demand for high-speed and large network coverage, consistently increasing mobile data traffic volume, growing need for ultra-low latency, and rapid use of network virtualization. Besides, enhanced business agility, flexibility, scalability, and low latency delivery of real-time application capabilities further augment the growth of this segment.
Based on application, the network slicing market is segmented into remote monitoring, supply chain management, asset management, real-time streaming, multimedia, network monitoring, and other applications. In 2020, the supply chain management segment accounted for the largest share of the overall network slicing market. The large share of this segment is mainly attributed to the rising demand for ultra-low latency communication and the increasing need for real-time automation, remote operations, and autonomous robotics. Moreover, the growing adoption of technologies, such as AI and machine learning for supply chain management, is driving the growth of this segment.
However, the remote monitoring segment is expected to register the highest CAGR over the forecast period. The growing need for smart surveillance and consistent growth in the remote operation of processes and applications are the key drivers for this segment.
Based on end user, the network slicing market is segmented into BFSI, manufacturing, media & entertainment, healthcare, retail, energy & utility, automotive, transportation, and other end users. In 2020, the healthcare segment accounted for the largest share of the overall network slicing market. The large share of this segment is mainly attributed to the rapid adoption of network slicing solutions by the healthcare sector. It offers significant benefits such as improved latency issues, enhanced IT agility, better speed and bandwidth connectivity, and reliable healthcare application services. Besides, the growing popularity of telemedicine, an increasing number of wireless medical devices, and the growing adoption of remote healthcare services are also supporting the growth of this segment.
However, the manufacturing segment is projected to record the highest CAGR during the forecast period. The factors attributed to the fastest growth are the rising need for higher flexibility, lower cost, and shorter lead times for factory floor production reconfiguration, and enhance product quality.
Based on geography, the global network slicing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, Asia-Pacific accounted for the largest share of the global network slicing market. The large share of this region is primarily attributed to the presence of prominent players offering advanced network slicing solutions and services to various sectors. Besides, several businesses and governments in this region have shown a greater inclination toward commercialization of next-generation 5G network is also anticipated to propel the demand for network slicing solutions over the forecast period. Moreover, the increasing demand for network virtualization and a conducive environment for start-ups are expected to help the region maintain its dominance over the network slicing market throughout the forecast period.
The global network slicing market is highly fragmented in nature, comprising several small-scale companies, start-ups, and international players. These companies are adopting different strategies to stay competitive and garner greater market share. At present, developing new products and services is one of the most preferred strategies adopted by the key players operating in the network slicing market. However, strategic partnerships, collaborations, and agreements are some of the other growth strategies adopted by the leading players in this market. The majority of partnerships and collaborations aim to broaden product portfolios, advance the technological capabilities of existing products, and develop capabilities to cater to the changing demands of users.
Some of the prominent players operating in the global network slicing market are ZTE Corporation (China), Cisco Systems, Inc. (U.S.), Telefonaktiebolaget LM Ericsson SE (Sweden), Affirmed Networks (U.S.), Mavenir Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Nokia Corporation (Finland), Parallel Wireless, Inc. (U.S.), Amdocs, Inc. (U.S.), Intel Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), Hewlett Packard Enterprise (U.S.), Blue Planet (U.S.), and Argela Technologies (Turkey) among others.
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