Meticulous Research®—leading global market research company published a research report titled “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”.
According to this latest publication from Meticulous Research®, the network slicing market is expected to grow at a CAGR of 15.2% from 2020 to 2027 to reach $893.1 million by 2027. This market is majorly driven by factors such as the growing need for ultra-low latency communication, increasing demand for broadband services over mobile networks, significant growth in the mobile data traffic volumes, and the rising demand for high-speed and wide network coverage. The growing 5G networks in developed regions and some developing countries in Asia-Pacific are expected to offer significant growth opportunities for the network slicing market. However, the data security and privacy issues associated with network slicing and the negative impact of COVID-19 on the global economy have emerged as notable restraints for market growth. Besides, the lack of infrastructure in developing and underdeveloped regions is expected to restrict 5G deployments, and proportionally, the growth of the network slicing market
The network slicing market is segmented based on component (solutions, services), application (remote monitoring, supply chain management, asset management, real-time streaming, network monitoring, multimedia, and others), end user (BFSI, manufacturing, healthcare, energy & utilities, automotive, retail, transportation, media & entertainment, and others), and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on component, the network slicing market is segmented into solutions and services. In 2020, the solutions segment accounted for the largest share of the network slicing market. The large share of this segment is mainly attributed to the rising demand for high-speed and wide network coverage, growing mobile data traffic volumes, and increasing need for ultra-low latency communication. Besides, the benefits associated with network slicing, such as agility, flexibility, scalability, and low-latency delivery of real-time applications, further augment the growth of this segment. The solutions segment is also expected to grow at the highest CAGR over the forecast period. As the technology is still in its nascent stage, the demand for network slicing solutions is expected to grow significantly over the forecast period.
Based on application, the network slicing market is segmented into remote monitoring, supply chain management, asset management, real-time streaming, network monitoring, multimedia, and other applications. In 2020, the supply chain management segment commanded the largest share of the network slicing market. The large share of this segment is mainly attributed to the rising demand for real-time automation, ultra-low latency for remote operations, smart surveillance, and autonomous robotics. Moreover, the growing adoption of technologies, such as AI and machine learning for supply chain management, demands dedicated data channels for optimum performance. Such dedicated communication channels can be provided easily using network slicing at relatively lower costs. Hence, the segment is expected to showcase considerable growth over the coming years. However, the multimedia segment is expected to record the fastest growth over the forecast period. The growing popularity of OTT platforms and considerable growth in the field of media & entertainment are expected to support the segment’s high growth rate.
Based on the end user, the network slicing market is segmented into BFSI, manufacturing, healthcare, energy & utilities, automotive, retail, transportation, media & entertainment, and others. In 2020, the healthcare segment commanded the largest share of the network slicing market. The large share of this segment is mainly attributed to the benefits of network slicing, such as reduced latency issues, enhanced IT agility, better speed and bandwidth connectivity, remote monitoring capability, and reliable healthcare application services. Besides, the increasing number of wireless medical devices, the growing trend of online treatment facilities, and the rising adoption of remote healthcare services, especially in the wake of the COVID-19 pandemic, are expected to spur the demand for network slicing solutions.
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Geographically, the Asia-Pacific region commanded the largest share of the network slicing market in 2020. This region is adopting 5G networks and network slicing solutions on a considerable scale to enhance IT capabilities and leverage the benefits of new technologies, such as AI, blockchain, and IoT. Several smart-city projects undertaken by governments in Asia-Pacific have created a need for network slicing solutions. Asia-Pacific is also witnessing a surge in the presence of established network slicing players and start-ups.
The key players operating in the network slicing market are ZTE Corporation (China), Cisco Systems, Inc. (U.S.), Ericsson AB (Sweden), Affirmed Networks, Inc. (U.S.), Mavenir Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Nokia Corporation (Finland), Parallel Wireless, Inc. (U.S.), Amdocs, Inc. (U.S.), and Intel Corporation (U.S.).
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