Pune, July 31, 2024 (GLOBE NEWSWIRE) -- Network Slicing Market Size Analysis:
“According to the SNS Insider report, the Network Slicing Market size was US$ 756 million in 2023. It is expected to reach US$ 24,231 Million by 2032 and increase up to a CAGR of around 47% over the forecast period from 2024 to 2032. The explosion results from the continuous changes in transmission technologies and the continuously increasing demand for customized networks.”
Market Scope
The major driver for the growth of the network slicing market is due to rapid deployment and adoption of 5G networks which helps in multiple virtual networks on a single physical network. It is this ability that has the potential to change how businesses and consumers engage with digital services, opening a new offering for bespoke network solutions. With the use of IoT and M2M communication by industries on the rise, network slicing becomes even more vital to personalized connectivity solutions. A network slice is a logical virtual network formed on top of the physical 5G infrastructure that can be tailored to specific services or applications. This flexibility is important to meet the specific needs of numerous sectors, from high-speed low-latency applications like Augmented Reality and Virtual Reality to long-range, low-power IoT sections in Smart Cities & Factories. Network slicing is a vital means to cope with rapidly growing network connections, of higher speed and reliability in secure environments; especially so when it comes to emerging markets.
Network slicing is great and allows for more efficient resource utilization, higher quality services to be provisioned on-demand, and cost savings. Permits up to 30% gain on utilization of resources based on a particular slice ddynamically enables allocation/prioritization (resources allocated from the network). This will reduce power consumption by 20-30%, a substantial decrease in more environmentally friendly network operation, which is a significant reduction and contributes to more sustainable network operations.
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Major Players Analysis Listed in this Report are:
- Ericsson
- Samsung
- Nokia Corporation
- Huawei Technologies
- ZTE Corporation
- Cisco Systems Inc.
- HPE
- Mavenir Systems Inc.
- VMware
- Affirmed Networks
- Samsung
- Amdocs, Inc.
- Intel Corporation
- Hewlett Packard Enterprise
- Tambora Systems Ltd.
- Other Players
Network Slicing Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 756 Mn |
| Market Size by 2032 | USD 24231 Mn |
| CAGR | CAGR of 47% From 2023 to 2032 |
| Base Year | 2022 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The deployment of 5G technology is a major driver for network slicing, providing the necessary infrastructure to support multiple network slices with different performance requirements on a single physical network. |
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Recent Developments
- In the UK Ericsson, BT Bunch, and Qualcomm Innovations Inc., tested end-to-end enterprise and consumer 5G network slicing demonstrating it could be achieved for the first time in February 2024. Powered by the Ericsson 5G Center and its Radio Access Network Technology, this prototype demonstrates how network slicing drives innovation in 5G services.
- T-Mobile introduced a 5G network slicing beta for developers in August 2023. The video calling application will be available on it, which delivers beneficial network conditions for example faster uplink and downlink speeds improved latency plus more reliable assistance over T-Mobile's 5G SA (stand-alone) network.
- Nokia then launched a revolutionary offering in June 2023 that allowed Android smartphone owners to buy and activate network slices on demand. Featured on Android 14, this innovation empowers customers to elevate their experiences in gaming, broadcasting, or streaming live events and sharing them with the social media audience.
Segment Analysis
By Enterprise Type
The network-slicing market dominated by large enterprises in 2023 and accounted for a 65% share with the availability of 5G networks and IoT technologies that are necessary to provide enhanced customer service and operational efficiency. SMEs are growing at a significant CAGR of 51% during the forecast period. While SMEs have been slower to realize network-slicing benefits, higher productivity gains, and cost reductions are becoming more apparent importantly.
By End-User
In 2023, The healthcare end-use segment was the largest revenue contributor and held a market share of above 22%. Innovations such as robotic surgeries, IoT, and AI are transforming health management with the use of network slicing for better faithful communication. By integrating 5G networks with network slicing hospital operations are advancing such as real-time inventory and patient movement tracking for more effective patient care and cost savings.
Network Slicing Market Key Segmentation:
By Component
- Solution
- Services
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By End-User
- Communication Service Providers
- Enterprises
By Industry Vertical
- Manufacturing
- Healthcare
- Fast-Moving Consumer Goods
- Retail
- E-commerce
- Automotive
- Others
Regional Analysis
North America dominated the network-slicing market with a revenue share of 37.2% in 2023. This growth was driven by technological advancements for its early adoption of 5G services and government initiatives especially considering the relevance to this technology such as FCC's (Federal Communications Commission) initiative in years 2019 associated with promoting development of new generation networks have driven market growth significantly. Additionally, North America is also a leader in the field of augmented reality (AR), virtual reality (VR), self-driving cars, and artificial intelligence which further supports its dominance.
Asia Pacific is expected to grow with the highest growth rate during the forecast period. This growth is being driven by technology infrastructure which translates to unprecedented growth of emerging economies like Japan, China, and India. The increasing acceptance of mobile devices and growing partnerships among the regional players have a positive impact on market prospects of network slicing in this region.
Key Takeaways
- Rapid adoption of customized network solutions, productivity enhancement, and low energy consumption boosts the market growth
- The innovations brought by the convergence of 5G and IoT are creating a surge in demand for network-slicing solutions.
- one of the most important sectors for network slicing adoption is healthcare as they need truly reliable connectivity.
- Major developments are advancements of Ericsson, T-Mobile, and Nokia demonstrating ongoing improvements to network slicing within improving connectivity and quality of services.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Network Slicing Market Segmentation, by Component
8. Network Slicing Market Segmentation, by Enterprise Type
9. Network Slicing Market Segmentation, by End-User
10. Network Slicing Market Segmentation, by Industry Vertical
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
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