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Virtualized Evolved Packet Core Market hit USD 3,700 million in 2020 and will grow at 22.8% CAGR till 2028 | Size, Analysis & Forecast
Virtualized Evolved Packet Core Market
The Virtualized Evolved Packet Core Market was valued around USD 3,700 million in 2020 and is expected to grow at a CAGR of 22.8% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/virtualized-evolved-packet-core-vepc-market-analysis-industry-research/
The factors driving the growth of Virtualized Evolved Packet Core Market includes rise in mobile data traffic around the world, increasing penetration of smartphones, commercialization of 5G technology and growing demand for broadband services over mobile networks. According to the report published by Statista, the total mobile data traffic across India was estimated around 13 exabytes per month in 2021 and is expected to reach more than 49 exabytes per month by the end of 2027, which will accelerate the Virtualized Evolved Packet Core Market size in the approaching years. Moreover, rising awareness about the benefits of virtual evolved packet core solutions, strategic partnerships between key industry leaders and developments in Machine-to-Machine (M2M) communication networks, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, rise in the number of smart cities and smart factories, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
However, growth of the Virtualized Evolved Packet Core Market is hindered due to rising concerns related to security.
The prominent players operating in the market are Affirmed Networks, Mavenir, SAMSUNG, Telefonaktiebolaget LM Ericsson, Huawei Technologies Co., Ltd., Cumucore, Nokia, ZTE, CISCO and Athonet srl, among others.
Based on Network Type, the 5G Network segment is predicted to grow at a significant CAGR during the forecast period
On-going development in 5G infrastructure and transformation from existing network to automated, software-defined 5G network, are some of the factors responsible for the segment's growth.
Based on Application, the LTE, VOLTE, and VOWi-Fi segment is projected to grow at a remarkable CAGR over the forecast period
VoLTE enables high-definition (HD) voice quality, enhances the battery life of device and alleviates indoor coverage problems, are some of the features pushing growth of the segment.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
As per the Virtualized Evolved Packet Core Market Research, increasing Government's expenditure on the development of 5G infrastructure, rapid digitalization, rising population growth rates, improved living standards and high per capita incomes, are some of the important factors augmenting the market growth in North American region.
Key Developments
In 2020, Mavenir partnered with Hudson Valley Wireless to offer its cloud-native LTE vPEC to support Hudson's recent project.
In 2019, CISCO collaborated with Gogo, one of the leading broadband connectivity service providers to the aviation industry.
Market Segmentation
Segmentation by Component
Solutions
Services
Segmentation by Deployment Mode
On-Premises
Cloud
Segmentation by Network Type
4G Network
5G Network
Segmentation by End User
Telecom Operators
Enterprises
Segmentation by Application
LTE, VOLTE, and VOWi-Fi
Broadband wireless access
IOT and M2M
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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