Network Slicing Market
The global network slicing market is valued at $1,456.6 million by 2027, surging from $270.1 million in 2019, growing at a noteworthy CAGR of 24.20%.
Impact Analysis of COVID-19 on the Network Slicing Market
The global market for network slicing services is anticipated to experience a higher growth rate during the COVID-19 pandemic and health emergency, due to increasing demands for broadband services. Mobile networking and growing remote access services in many industries such as IT, telecom, retail and healthcare etc. are expected to result in significant growth of network slicing market. Government institutes, healthcare, media and entertainment, utilities, and telecommunication, are entirely dependent on networks for communication, COVID-19 updates or other businesses.
Top Key Business manufacturer are Nokia, Huawei, Parallel Wireless, Affirmed Networks, Mavenir, Argela, Tambora Systems, BT 2020, NTT DOCOMO, Inc., Cisco Systems Inc.
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On the other hand, some of the notable network slicing service providers are following various effective strategies to help people in the COVID-19 disaster. For instance, in April, 2020, Telefonaktiebolaget LM Ericsson, announced that, they are totally serviceable in the coronavirus crisis because there is great dependency on network for essential services, jobs and other social work. These factors may lead to generate positive impact on the network slicing market worldwide.
Network Slicing Market Analysis:
The enormous growth of the global network slicing market is mainly attributed to increasing mobile data traffic, internet subscribers and government support. Moreover, strategic collaboration and development among the market players will propel the market growth. For instance, in May 2019, The Huawei, China Mobile and China Media Group are in collaboration and now for the first time they have finished UHD live streaming with the help of 5G network slices. The companies operating in the network slicing market are ready to adopt the technology to their existing business portfolio. These factors will help companies to hold a strong position in the network slicing market. These key factors may lead to a surge in the demand for network slicing services in the global market.
The network slice requests brokerage which may create a negative impact on global network slicing services, throughout the analysis timeframe. These factors may obstruct the growth of the global market.
The global chatbot industry is growing extensively due to implementation of 5G network slicing in the businesses that offer service providers a platform for creating their own 5G networks for connectivity and security to cloud for increasing efficiency of their operations. These factors may provide lucrative opportunities for the global network slicing market, in the coming years.
Segmentation by component Type
Segmentation by Services
- Professional Services
- Managed Services
Segmentation by Application
- Real-Time Surveillance
- Network Function Virtualization
Segmentation by End-user
- Power and Energy
- Aerospace and Defense
- Media and Entertainment
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Network function virtualization sub-segment will have highest market share and it is anticipated to generate revenue of $150.9 million in 2019 and $624.5 million in 2027 with CAGR of 20.2%. The growth of this sub-segment for the global network slicing market is mainly attributed to technologies which offer real-time control to autonomous vehicles, wireless broadband connectivity and media streaming. Such factors are expected to upsurge the growth of the segment, during the projected timeframe.
Healthcare sub-segment for network slicing market will be the fastest-growing segment and it is expected to register a revenue of $182.5 million by 2027, throughout the analysis timeframe; owing to its increase viral diseases, along lack of medical professionals to handle patients are some of the key factors propelling the market growth, during the forecast period. On the other hand, government sub-segment is the dominantly growing network slicing market and expected to generate remarkable revenue of $46.1 million in 2019 and $246.1 million in 2027. Supportive government initiatives for development of 5G telecom infrastructure will propel the market for network slicing. For instance, in February 2019, the Federal Communication Commission (FCC) adopted a strategy to facilitate the 5G technology in America. Such type of government initiatives and development will accelerate the sub-segment growth and eventually the global market growth.
The network slicing market for the North American region will be a dominating market sub-segment and it is anticipated to generate $410.3 million by 2027. The demand for network slicing services is surging in the North America region, specifically because of extensively expanding mobile data traffic and internet subscribers for seamless connectivity. In addition to this, North America is expected to be an early adopter of network slicing or 5G services due to which companies or businesses are also expected to increase the demand for the network slicing platforms, which will ultimately spur the network slicing market growth, in the North America region.
The Asia Pacific network slicing market shall have the fastest market growth and is anticipated to reach up to $371.1 million by the end of 2027 due to the significantly increasing demand for cloud-based solutions and emerging technologies such as the telecommunication, IoT, and big data analytics and mobility. Also, APAC is one of the biggest markets for connected devices. For instance, Ericsson in China is working with AstraZeneca on development of 5G enable medical devices. Such kind of company developments will exponentially increase the market growth, which will eventually foster the Asia-Pacific network market, in the upcoming years.
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