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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

London, Feb. 02, 2021 (GLOBE NEWSWIRE) — According to a new market 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”, 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.

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Network slicing is the separation of multiple virtual networks that operate on the same physical infrastructure for different applications, services, or purposes. Each virtual network is also known as a network slice, and each network slice provides a dedicated set of network resources that complement the needs of a specific application, such as speed, bandwidth, and latency. Network slicing offers several benefits such as high performance, scalability, reliability, and low-latency delivery for real-time applications. Several industries, including BFSI, manufacturing, automotive, and healthcare and network service providers, are deploying this technology worldwide on a considerable scale.

The growing commercialization of 5G networks, widespread IoT deployments, virtualization of networks, and increasing mobile subscribers and agile networks are the key factors driving the growth of the network slicing market. However, the growing number of security risks across network slicing infrastructures, and the COVID-19-induced global economic downturn are expected to pose serious challenges to the growth of the network slicing market.

The Impact of COVID-19 on the Network Slicing Market

The COVID-19 pandemic has disrupted businesses and supply chains across the globe. The pandemic claimed millions of lives and severely affected several economies, globally. Thus, several organizations’ plans to incorporate network slicing have been delayed, negatively affecting the growth of the network slicing market. Delayed 5G deployments across several countries have further affected various sectors’ decisions to incorporate network slicing. For instance, in March 2020, 3GPP, the global association developing the 5G technology, announced a three-month delay in the timeline for the completion of 5G specifications due to COVID-19.

Major players operating in the network slicing market are focused on bringing the market back on track. Companies are introducing new and affordable packages for several end-use verticals to attract new customers. Besides, stimulus packages announced by local governments across the world are also expected to help industries recover from this economic downturn. Network slicing plays a significant role in relieving stress from the overly burdened healthcare systems. The technology facilitates processes such as telemedicine, remote monitoring, and virtual consultations, helping patients as well as healthcare providers to efficiently handle critical situations. Such applications have helped the network slicing market sustain during the COVID-19 crisis.

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The network slicing market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts to 2027. The 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 solutions segment is expected to emerge as the largest segment 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, consistent growth in mobile data traffic volumes, increasing need for ultra-low latency communication, and the growing use of network virtualization. Also, the benefits of network slicing technology, such as enhanced business agility, flexibility, scalability, and low-latency delivery of real-time applications, further augment the growth of this segment. The segment is also expected to record the highest growth rate over the forecast period.

Based on application, the supply chain management segment commanded the largest share of the overall network slicing market in 2020. The large share of this segment is mainly attributed to the rising demand for ultra-low latency and the increasing need for real-time automation, remote operations, smart surveillance, and autonomous robotics. As modern-day supply chains across various sectors are getting more complex and involve several elements, advanced technologies such as Artificial Intelligence, Machine Learning, and Big Data are being incorporated on a considerable scale. Such technologies perform optimally, if provided with dedicated, ultra-low latency communication channels. This need for optimizing performance promotes the incorporation of network slicing in supply chain management applications, allowing the segment to emerge as the largest in terms of value.

Geographically, the Asia-Pacific region commanded the largest share of the global network slicing market in 2020. Asia-Pacific’s large share is mainly attributed to the presence of prominent players offering advanced network slicing solutions and services to various sectors in the region. The mobile network operators in this region are planning to invest $331 billion in 5G deployments during 2020–2025, which is also expected to contribute to the growth of this regional market. Several smart-city projects have been proposed and undertaken by local governments, which is also expected to boost the demand for network slicing solutions and services for dedicated applications and processes. This scenario is expected to help the region emerge dominant in the network slicing market.

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The network slicing market in North America is expected to witness significant growth during the forecast period, which can be attributed to the increasing adoption of technologies, such as 5G, AI, blockchain, and IoT. Furthermore, favorable government initiatives across the region and investments by major network slicing companies are accelerating the growth of this regional market. For instance, in 2019, the Canadian government announced $40 million in funding for Nokia’s 5G wireless research & development program in Canada and promised to establish a new Nokia Bell Lab in Canada to research the specifications fulfillment of 5G technology. Thus, growing investments in 5G technology are expected to create several growth opportunities for the network slicing market in North America.

The report also includes an extensive assessment of the key strategic developments by the industry’s leading market participants over the past four years. The network slicing market has witnessed several product launches in recent years. For instance, in 2020, Amdocs, Inc. launched its 5G Slice Manager solution to automate 5G Network Slicing.

The network slicing market is consolidated and dominated by a few major players, namely 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.) among others.

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Scope of the Report:

Network Slicing Market, by Component                                   

  • Solutions                
  • Services
    • Professional Services
      • Consulting Services
      • System Integration Services
      • Network Planning and Optimization Services
    • Managed Services    

Network Slicing Market, by Application

  • Remote Monitoring
  • Supply Chain Management
  • Asset Management
  • Real-time Streaming
  • Network Monitoring
  • Multimedia
  • Other Applications

Network Slicing Market, by End User               

  • BFSI
  • Manufacturing
  • Healthcare
  • Energy & Utilities
  • Automotive
  • Media & Entertainment
  • Transportation         
  • Retail
  • Other End Users

Network Slicing Market, by Geography

  • North America
      • U.S.
      • Canada
  • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Russia
      • Rest of Europe
  • Asia-Pacific
      • China
      • South Korea
      • Japan
      • India
      • Rest of Asia-Pacific
  • Latin America
  • Middle East & Africa

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