PORTLAND, Ore., Feb. 8, 2021
PORTLAND, Ore., Feb. 8, 2021 /PRNewswire/ -- Surge in demand for next generation 5G network to enable better speed and bandwidth capabilities, increase in use cases of network slicing for Industry 4.0, growth in development of smart cities and smart services, rise in demand for network performance due to growth in mobile data-traffic volumes drive the growth of the global network slicing market.
Allied Market Research published a report, titled, "Network Slicing Market by Component (Solution and Services), End User (Telecom Operators and Enterprises), and Industry Vertical (Manufacturing, Healthcare, Automotive, Media & Entertainment, Transport & Logistic, BFSI, Government, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global network slicing industry garnered $172.56 million in 2019, and is expected to generate $921.02 million by 2027, witnessing a CAGR of 23.7% from 2020 to 2027.
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Drivers, restraints, and opportunities
Surge in demand for next generation 5G network to enable better speed and bandwidth capabilities, increase in use cases of network slicing for Industry 4.0, growth in development of smart cities and smart services, rise in demand for network performance due to growth in mobile data-traffic volumes drive the growth of the global network slicing market. However, security concerns associated with network slicing hinder the market growth. On the other hand, increase in adoption for remote surgery and autonomous vehicle and emerging applications across government, industrial, and enterprises sectors present new opportunities in the coming years.
Impact of Covid-19 on Network Slicing Market:
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The solution segment to maintain its lead position throughout the forecast period
Based on component, the solution segment contributed to the highest market share, accounting for around two-thirds of the global network slicing market in 2019, and is expected to maintain its lead position throughout the forecast period. This is due to the increase in adoption of network slicing solutions by communication service providers and introduction of advanced network slicing solutions. On the other hand, the services segment is projected to manifest the highest CAGR of 26.1% from 2020 to 2027. This is due to extensive adoption of deployment and integration services among end users, as it ensures effective functioning of network slicing solution throughout the process.
The telecom operators segment to maintain its leadership status in terms of revenue by 2027
Based on end user, the telecom operators segment held the highest market share in 2019, accounting for nearly three-fifths of the global network slicing market, and is estimated to maintain its leadership status in terms of revenue throughout the forecast period. This is due to increasing demand for better speed as well as bandwidth connectivity to serve customer needs. However, the enterprises segment is expected to portray the highest CAGR of 24.7% from 2020 to 2027, owing to demand for robust network solutions to enhance productivity among enterprises.
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North America to dominate throughout the forecast period-
Based on region, North America contributed to the largest market share in 2019, holding around two-fifths of the global Network slicing market, and is estimated to maintain its dominant share by 2027. The region is early adopter of 5G services in areas such as autonomous driving, augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). In addition, the government in this region are taking initiatives to develop 5G telecom infrastructure furthermore. These factors fuel the growth of the market in this province. At the same time, the Asia- Pacific region is expected to witness the fastest CAGR of 27.5% during the forecast period. This is owing to the extensive adoption of mobile devices across the developing countries such as China & India.
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Leading market players
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