( MENAFN - GlobeNewsWire - Nasdaq Lo)ndon, July 21, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled,“ Virtualized Evolved Packet Core Market by Component (Solution, Services), Application (LTE & VoLTE, IoT & M2M, MPN & MVNO), Deployment Mode (On-premise, Cloud), End User (Telecom, Enterprises, and Others)– Global Forecast to 202 8” , the virtualized evolved packet core market is expected to grow at a CAGR of 23.4% from 2021 to 2028 to reach $17.05 billion by 2028.
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Virtualized evolved packet core (vEPC) is a framework for virtualizing the functions required to converge voice and data on 4G long-term evolution (LTE) networks. vEPC enables communication service providers to reduce cost by moving core network components of the long-term evolution (LTE) network from high-cost dedicated hardware to low-cost commercial off-the-shelf (COTS) servers. Besides, virtualized evolved packet core offers several benefits such as high performance, scalability, reliability, automation, reduce network costs, and low latency delivery of real-time applications.
Several industries and organizations, including telecom players, enterprises, and network service providers, are deploying this technology worldwide on a considerable scale. Rising demand for commercialization of 5G network, IoT deployment, need to reduce operational expenditure (OPEX) and capital expenditure (CAPEX), increasing mobile subscriber and agile network are the key factors driving the growth of the virtualized evolved packet core market. However, the growing number of security concerns across the network infrastructure and the COVID-19-induced global economic downturn are expected to pose serious challenges to the growth of the virtualized evolved packet core market.
Impact of COVID-19 on the Virtualized Evolved Packet Core 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 virtualized evolved packet core have been delayed, negatively affecting the growth of the virtualized evolved packet core market. Delayed 5G deployments across several countries have further affected various sectors' decisions to incorporate virtualized evolved packet core. For instance, in March 2020, 3GPP, the global association developing the 5G technology, announced a three-month delay in the timeline for completing 5G specifications due to COVID-19. Furthermore, India, a major market for 5G in Asia, has also canceled the auction of the 5G spectrum in June 2020 due to the pandemic and postponed it to 2021. Such d elayed releases have slowed down the commercial development of virtual evolved packet core solutions and 5G deployments.
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However, several major players operating in the virtualized evolved packet core 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. Virtualized evolved packet core plays a significant role in telecom sectors. The technology facilitates IoT, M2M, wireless broadband, and automation and LTE-advanced (LTE-A) networks. Such applications have helped the virtualized evolved packet core market sustain during the COVID-19 crisis.
Key Findings in Virtualized Evolved Packet Core Market
The virtualized evolved packet core market is segmented on the basis of component (solutions and services), application (LTE, VoLTE, IoT & M2M, and MPN & MVNO), deployment mode (On-premise and cloud-based), end user (telecom, enterprises, and others), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the solutions segment is expected to emerge as the largest segment in the overall virtualized evolved packet core market in 2021. The large share of this segment is mainly attributed to the increasing need to reduce OPEX and CAPEX, growing mobile data traffic volume, rising demand for high-speed and large network coverage, and the growing use of network virtualization. Also, the benefits of virtualized evolved packet core technology, such as enhanced business agility, flexibility, scalability, automation, reduce network costs, and low-latency delivery of real-time applications, further augment the growth of this segment. However, the services segment is expected to record the fastest growth over the forecast period due to the wide adoption of vEPC services across the telecom sector.
Based on the deployment mode, the virtualized evolved packet core market is segmented into on-premise and cloud-based. In 2021, the on-premise segment is expected to command the largest share of the overall virtualized evolved packet core market due to greater control over virtualized evolved packet core network infrastructure offered by on-premise solutions. On the other hand, the cloud-based segment is expected to grow at the highest CAGR during the forecast period. The growing sophistication in cloud deployments, increasing use of cloud networks, and superior flexibility are the key factors driving the growth of this segment.
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Based on application, the MPN and MVNO segment is expected to command the largest share of the overall virtualized evolved packet core market in 2021. The large share of this segment is mainly attributed to the rising penetration of mobile devices and demand for low-cost mobile services, increasing demand for high-speed internet connectivity, and the rising demand for improved voice, video, and mobile internet. However, the IoT and M2M segment is expected to record the fastest growth over the forecast period.
Geographically, the North American region is expected to command the largest share of the global virtualized evolved packet core market in 2021. The presence of prominent players offering advanced virtualized evolved packet core solutions and services to various sectors in the region, is one of the major factors driving the growth of this regional segment. The vEPC market growth is attributed to the expansion of LTE and LTE-advanced (LTE-A) networks in the region. Telecom operators in the region are rolling out new applications, such as IoT, M2M, and wireless broadbands, using vEPC solutions on their networks. Furthermore, favorable government initiatives across the region and investments by major virtualized evolved packet core companies are further accelerating the growth of this regional segment.
However, Asia-Pacific region is expected to witness rapid growth during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and the increasing deployment of 4G and 5G networks present huge opportunities for implementing vEPC solutions.
The report also includes an extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past four years. The virtualized evolved packet core market has witnessed several product launches in recent years. For instance, in October 2020, Samsung Electronics. Co. Ltd., launched its Compact Core Solution, which helps enable the swift deployment and efficient operation of private 4G and 5G networks for enterprises.
The global virtualized evolved packet core market is consolidated and dominated by few major players, namely ZTE Corporation (China), Cisco Systems, Inc. (U.S.), Telefonaktiebolaget LM Ericsson SE (Sweden), Affirmed Networks, Inc. (U.S.), Mavenir Systems, Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Samsung Electronics Co, Ltd. (South Korea), Tecore Inc. (U.S.), Nokia Corporation (Finland), Parallel Wireless, Inc. (U.S.), F5 Networks, Inc. (U.S.), NEC Corporation (Japan), IPLOOK Technologies Co Ltd (China), Polaris Networks (U.S.), Athonet SRL (Italy), LEMKO Corporation (U.S.), Metaswitch Networks (U.K.), and Intel Corporation (U.S.) among others.
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Scope of the Report
Virtualized Evolved Packet Core Market, by Component
- Mobility Management Entity (MME)
- Home Subscriber Server (HSS)
- Serving Gateway (SGW)
- Packet Data Network Gateway (PDNGW)
- Policy and Changing Rule Function
- Professional Services
- Consulting services
- System Integration Services
- Training and Support Services
- Managed Services
Virtualized Evolved Packet Core Market, by Application
- MPN and MVNO
- IoT and M2M
- LTE and VoLTE
Virtualized Evolved Packet Core Market, by Deployment Mode
Virtualized Evolved Packet Core Market, by End User
- Telecom Companies
- Financial Services
- Travel & Consumers
- IT & Software
- Media & Entertainment
- Other Enterprises
- Other End Users
Virtualized Evolved Packet Core Market , by Geography
- North America
- Rest of Europe
- South Korea
- Australia and New Zealand
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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