The network slicing market was worth US$ 370 Million in 2022 and is predicted to be worth US$ 3 Billion by 2032, growing at a CAGR of 23.2% during the forecast period.
The network slicing market is gaining pace as cellular network technology evolves, providing faster data rates and lower latency. The fast increase in the volume of data carried by cellular networks has been driven mostly by consumer demand for video and a movement in business practices toward the usage of cloud services.
The pandemic has greatly increased demand for broadband services, aided by rising mobile networking and remote access services in various industries, including retail, telecommunications, information technology, and healthcare.
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As companies worldwide begin to reopen, communications service providers are shifting their emphasis to 5G rollouts and increasing expenditures on network slicing. COVID-19 has fueled demand for 5G use cases such as remote office, telemedicine, remote education, and robotics, which has boosted the network slicing market.
Industry 4.0, automation, and digitalization have had a significant impact on the adoption of network slicing and mission-critical business applications. Most industries have experienced digital transformations to meet the increased need for operational agility from customers and enterprises.
Businesses urgently want a robust network to support their digital transformation journey. Technological breakthroughs and the developing ecosystem have opened the path for introducing new commercial applications in a variety of industries. Asia Pacific held the greatest share of the network slicing market in 2020, followed by North America, Europe, Latin America, and the Middle East and Africa.
North America’s network slicing market is predicted to develop rapidly over the forecast period, owing primarily to the increased usage of cloud computing, network function virtualization, and IoT. The fast proliferation of 5G devices, rising subscriber bases, favorable government policies and regulations, and demand for broadband services across the U.S. are likely to enhance network slicing market growth in the coming years.
Key Takeaways from the Network Slicing Market Report:
In the component sector, solution from the network slicing market is anticipated to flourish at the quickest CAGR of 21.1% through 2032.
With a CAGR of 21.1% through 2032, professional service is predicted to grow significantly in the services sector of the network slicing market.
The market size for the network slicing market in the United States is expected to reach US$ 1 Billion by 2032, growing at a CAGR of 22.9% during the projected period.
United Kingdom is expected to reach a market size of US$ 128 Million in network slicing by 2032, with a CAGR of 21.7% during the forecast period.
China’s network slicing market is expected to be worth US$ 217 Million by 2032, with a CAGR of 22.7% over the forecast period.
Japan is expected to have a market size for network slicing of US$ 179 Million by 2032, with a CAGR of 22.2% during the forecast period.
By 2032, South Korea is expected to reach a market size of US$ 118 Million in network slicing, with a CAGR of 21.9% during the forecast period.
Competitive Landscape:
ZTE Corporation (China), Cisco Systems, Inc. (US), Ericsson AB (Sweden), Affirmed Networks, Inc. (US), Mavenir Systems, Inc. (US), Huawei Technologies Co., Ltd (China), Nokia Corporation (Finland), Parallel Wireless, Inc. (US), Amdocs, Inc. (US), and Intel Corporation are the key players in the network slicing market.
Recent Development:
May 2019 – The China Media Group, China Mobile, and Huawei accomplished the first UHD live streaming verification using a true end-to-end 5G network slice. This is also the network slicing market’s first live streaming slice on a 5G SA network that is 3GPP-compliant.
Ericsson and AT&T cooperated in March 2019 to deliver the world’s first lifecycle management based on ONAP software for network slices across multiple enterprise sites. One of the demonstration’s significant successes was ensuring the stability of both the infrastructure and ONAP parts while displaying network slices at the same time.
Dish Network Corporation teamed with Blue Planet in September 2020 to automate network slicing using Blue Planet’s cloud-native inventory and service order management technology.
Telefonica Deutschland is going to launch an autonomous network with Blue Planet in September 2020. Blue Planet may enable service providers to reduce their operating expenses (OPEX) while improving its network to support services such as 5G, video streaming, and online gaming.
Brillio and Blue Planet teamed up in April 2019 to deliver network automation to the enterprise and expedite digital transformation.
