New York, USA, March 29, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global network slicing market is projected to harvest a revenue of $1,456.6 million, increasing from $270.1 million in 2019, at a CAGR of 24.20% during the forecast period. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, other market dynamics, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Market Dynamics
The increasing number of internet subscribers and mobile data traffic are expected to fuel the growth of the market. The companies operating in the network slicing industry are ready to adopt the technology to their existing business portfolio which is another factor behind the growth of the market. Security ruptures and other obstacles such as information sharing and exposure restrictions is predicted to hinder the market growth.
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Developing 5G network slicing for new businesses are going to create massive opportunities for the market during the forecast period.
The report has categorized the market into different segments based on professional services, component type, applications, end-user, and region.
Services Segment will be the Most Lucrative
Global services sub-segment is estimated to generate a revenue of $513.7 million by 2027. The reason behind this growth is primarily its support to the network resources for continuing the quality of service (QoS), and its essential role in 5G networks.
Professional Services Segment Expected to be the Most Profitable
The professional services sub-segment is projected to surpass $802.3million by 2027 with CAGR of 28.10%. This is mainly because of the implementation of network slicing platform such as Quality of service (QoS), energy efficiency, data security, and great connectivity.
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Network Function Virtualization Application Segment will earn the Highest Revenue
Network function virtualization sub-segment is predicted to account for $624.5 million by the end of 2027. This growth is mainly attributed to technologies which provide real-time controller to self-directed vehicles, media streaming, and wireless broadband connectivity.
Government Segment will Record the Highest Profit
Government sub-segment is foretold to produce a revenue of $246.1 million by 2027, rising from $46.1 million in 2019. The main reason behind this growth is the government support for expansion of 5G infrastructure in the telecom industry.
North America will Emerge as the Most Lucrative Market
The North America network slicing market is projected to register a revenue of $410.3 million by 2027. The harnessing of digital disruptions such as industrial IoT, smart connected devices, and agile networks are the main growth enhancing factors of the market.
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Key Players of the Market
1. Nokia
2. Huawei
3. Parallel Wireless
4. Affirmed Networks
5. Mavenir
6. Argela
7. Tambora Systems
8. BT 2020
9. Cisco Systems Inc.
10. NTT DOCOMO, Inc.
These players are focusing on research and development, product launches, collaborations and partnerships to sustain the growth of the market.
Impact of COVID-19 on the Market
The global network slicing market has gone through a huge upsurge during the COVID-19 pandemic. This is because of the increasing demand for broadband services with the help of mobile networking and growing remote access services in many industries such as IT, telecom, retail and healthcare etc.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Enquiry for Short-term and Long-term Impacts of COVID-19.
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