Network Slicing Market Highlights
The network slicing market size is projected to grow from USD 105.74 million in 2020 to USD 1,936.67 million by 2027, at a Compound Annual Growth Rate (CAGR) of 51.48% during the forecast period.
Network Slicing Market Key Players
Key players profiled in the global network slicing market report include Huawei Technologies (China), ZTE Corporation (China), Ericsson (Sweden), Affirmed Networks (US), CISCO Systems (US), Nokia (Finland), Samsung (South Korea), NTT Docomo (Japan), BT Group PLC (UK), NEC Corporation (Japan), Aria Networks (UK), Parallel Wireless (US), Mavenir (US), AMDOCS (US), and Argela Technologies (Turkey).
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Network Slicing Market Drivers
Advances in 5G Technology to Boost Network Slicing Market
Advances in 5G technology will boost the market growth over the forecast period. 5G network slicing offers ultra-low latency to offer an advanced user experience with its superfast data transmission features that is fuelling its demand in mission-critical applications. It also allows for ultra-reliable communication with low latency for vehicle-to-vehicle communication in high-speed scenarios and crowded urban areas.
Increasing Mobile Data Traffic Volumes to Offer Robust Opportunities
The increasing adoption of network slicing in overcoming the challenges caused due to mobile data traffic will offer robust opportunities for the network slicing market in the forecast period. Government support, internet subscribers, and rising mobile data traffic will support market growth.
Security Split to act as Market Challenge
Security fractures and other types of challenges like information sharing and exposure constraints may act as market restraint over the forecast period. Besides, network slice requests brokerage that may limit the growth of the adoption of network slicing services may also impede market growth.
Economic Downturn due to COVID-19 Pandemic to act as Market Challenge
The economic downturn caused due to the COVID-19 pandemic may act as a market challenge over the forecast period.
The global network slicing market has been segmented based on application, end user, and component.
By component, the solution segment will lead the market over the forecast period for the increasing adoption of networking slicing solutions to deliver high-speed network coverage services across various end users.
By end user, the telecom operators will dominate the market over the forecast period for the increasing customer demands for high-speed connectivity services and major telecom operators partnering with global network solution providers for testing network slicing technologies for 5G networks.
By application, the healthcare industry will spearhead the market over the forecast period for the growing adoption of remote healthcare services across the world.
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Network Slicing Market Regional Analysis
North America to Spearhead Network Slicing Market
North America will spearhead the market over the forecast period. Faster adoption of innovative technologies in Canada and the US, the region being most technologically advanced, the presence of several key players like CISCO Systems, Affirmed Networks, Parallel Wireless, Mavenir and AMDOCS, and the early adoption of 5G network services in different areas like AR/VR, automotive, and media and entertainment for the high customer digital engagement are adding to the global network slicing market growth over the forecast period. Besides, increasing adoption of technologies like IoT, network function virtualization, and cloud computing, rapid proliferation of 5G devices, favorable government policies and regulations, growing subscriber bases, and demand for broadband services are also adding market growth.
The global Network Slicing Market Demand is both fragmented as well as competitive for the presence of various international and domestic key players. Such players have encompassed innovative strategies to stay at the vanguard and also cater to the the burgeoning demand of consumers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
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