New York, USA, Oct. 17, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global network slicing market is predicted to grow at a stable CAGR of 24.20%, thereby garnering a revenue of $1,456.6 million by 2027. This holistic report provides an all-encompassing overview of the nature of the network slicing market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2020-2027 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Network Slicing Market
Drivers: The launch of advanced network slicing services is expected to be the primary growth driver of the network slicing market in the forecast period. Along with this, strategic alliances in the form of partnerships and collaborations between key market players of the industry are predicted to push the market forward.
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Opportunities: Increasing mobile data traffic volumes is predicted to offer numerous growth and investment opportunities to the market in the forecast period. Moreover, emerging 5G network slicing for new businesses is anticipated to help the market grow substantially in the analysis period.
Restraints: Security fractures and related challenges, however, might prove to be a hindrance in the growth trajectory of the network slicing market.
Impact of Covid-19 on the Network Slicing Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The network slicing market, however, was positively affected due to the pandemic and the lockdowns. The growth in the market was on the account of increasing demands for broadband services with the help of mobile networking and growing remote access services in many industries such as IT, telecom, retail, healthcare, etc. Also, the deployment of wireless network services helped in the growth of the market during the pandemic years.
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Segments of the Network Slicing Market
The report has divided the network slicing market into certain segments based on component type, services, application, end-user, and region.
Component Type: Solution Sub-Segment to be the Most Dominant
By component type, the solution sub-segment is predicted to be the most dominant and garner $942.7 million by 2027. Technological advancements along with growing customer demand for quality of service (QoS), data security, energy efficiency, and massive connectivity are predicted to be the main factors to boost the growth of this sub-segment.
Services: Professional Services Sub-segment to be the Fastest Growing
By services, the professional services sub-segment is predicted to have the highest growth rate in the forecast timeframe and generate a revenue of $802.3 million by 2027. Professional services platforms help in offering improvement in the efficiency of operations and delivery of 5G network services. Hence, there is a growth in demand for these services, which is predicted to propel the growth of this sub-segment.
Application: Network Function Visualization Sub-segment to Have the Highest Market Share
By application, the network function visualization sub-segment of the network slicing market is predicted to have the highest market share and generate a revenue of $624.5 million by 2027. The development of technologies that offer real-time control to autonomous vehicles, wireless broadband connectivity, and media streaming is expected to translate into the growth of this sub-segment in the forecast period.
End-User: Government Sub-segment to Generate Maximum Revenue
By end-user, the government sub-segment is predicted to garner the maximum revenue in the forecast timeframe and generate $246.1 million by 2027. Government initiatives such as upgrading the existing telecom network infrastructure, modernizing the outdated laws & regulations, and forwarding more spectrum are predicted to augment the growth rate of this sub-segment in the analysis timeframe.
Region: Market in North America Region to be the Most Lucrative
By regional analysis, the network slicing market in the North America region is projected to become the most dominant sub-segment and register a revenue of $410.3 million by 2027. Rapid adoption of the latest technologies, along with acceptance of industrial IoT is predicted to be the primary growth driver of the market in the forecast period.
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Prominent Network Slicing Market Players
Some prominent market players of the network slicing market are
- Nokia
- Mavenir
- BT 2020
- Huawei
- Argela
- Cisco Systems Inc.
- Parallel Wireless
- Tambora Systems
- NTT DOCOMO, Inc
- Affirmed Networks, among others.
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market. – Inquire here to get an access to the Key companies Development Strategic Report
For instance, in May 2021, Cradlepoint, a leading 4G and 5G wireless network solutions provider, announced that it was partnering with Ericsson, a multinational telecommunications company. The collaboration between Cradlepoint and Ericsson is aimed at developing network slicing technologies to provide congestion-free 5G services to critical businesses and infrastructure.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the network slicing market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Network Slicing Market:
- Growing Adoption of 5G Network to Open Doors for the Growth of Network Slicing Industry
- All You Need to Know About Network Slicing
