Newark, NJ, Nov. 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global network slicing market is expected to grow from USD 281.12 million in 2020 to USD 1176.90 million by 2028, at a CAGR of 19.6% during the forecast period 2021-2028
Certain factors are boosting the growth of the global network slicing market. Some of them include complying with public safety, regulations, advancements in the 5G technology, increasing innovative IoT platforms, growing digital transformations, and rising demand for high-speed network coverage over multiple market segments. In addition to this, the deployment of cutting-edge technologies like artificial intelligence, the IoT, and increased & virtual reality is immediately increasing. Furthermore, low latency is becoming a game-changer in virtual & augmented reality applications, which is anticipated to fuel the requirement for the network slicing infrastructure.
Network slicing is a system of creating various unique logical & virtualized networks over a common multi-domain infrastructure. Network slicing is the operators' best answer on building & managing a network, which meets and exceeds the emerging necessities of a broad range of users. Network slicing allows operators to maximize the return on investment via practical usage & management of the network resources and provide a differentiated service at scale is the benefit of the network slicing. Additionally, it gives service flexibility & the capacity to deliver services faster with high isolation, protection, and functional features to meet the contracted SLA.
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The global network slicing market is expected to witness significant growth due to the increasing demand for high-speed & extensive network coverage & the virtualization of networks. Additionally, renowned key players' various development & initiatives are further anticipated to propel market growth. Furthermore, the data protection & privacy issues connected with network slicing & the negative influence of COVID-19 on the global economy have emerged as notable limitations growth of the market. Additionally, the lack of infrastructure in underdeveloped & developing regions is anticipated to restrain 5G deployments and the market's growth proportionally. Further, an increasing constant increase in the number of IoT-connected devices & growing agile networks will build opportunities for the network slicing market in the forecast as mentioned above. Additionally, the lack of awareness is the key challenge faced by the industry operators due to which businesses are not deploying network slicing.
Key players operating in the network slicing market include Cisco Systems, Inc., Telefonaktiebolaget LM Ericsson, SK Telecom, Huawei Technologies Co., Ltd., ZTE Corporation, Nokia Corporation, and Parallel Wireless, Inc. To gain a significant market share in the global network slicing market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Parallel Wireless, Inc., Company is a vital manufacturer operating in the network slicing market.
- For example, in May 2021, Parallel Wireless, Inc., an expert in providing networks on all spectrums, achieved a breakthrough. The organization provided All G & an Open RAN solution to all six continents, including the rural areas. This has assured that most of them are equipped with a wireless network allowing them to stay connected.
The healthcare segment dominated the market and held the largest market share of 26.20% in 2020.
Based on application, the global network slicing market is segmented into automotive, healthcare, manufacturing, BFSI, retail, and transportation. The healthcare segment dominated the market and held the largest market share of 26.20% in 2020. This growth is attributed to the developing number of wireless medical devices, the increasing trend of online treatment amenities, and the increasing selection of remote healthcare services, particularly in the wake of the COVID-19 pandemic.
The service segment dominated the market and held the largest market share of 54.34% in 2020.
Based on component, the global network slicing market is segmented into services and solution. The service segment dominated the market and held the largest market share of 54.34% in 2020. This growth is attributed to the extensive adoption of integration & deployment services among end-users.
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The telecom operators segment dominated the market and held the largest market share of 56.12% in 2020.
Based on end user, the global network slicing market is segmented into enterprises and telecom operators. The telecom operators segment dominated the market and held the largest market share of 56.12% in 2020. This growth is attributed to the increasing requirement for better speed and bandwidth connectivity to serve consumer requirements.
Regional Segment Analysis of the Network Slicing Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the network slicing market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region holds the largest market share of 28.38% in the year 2020. This growth is attributed to the faster adoption of innovative technologies in developed nations in the region Canada & the US. The region is the most technologically modern with key industry players.. On the other hand, the Asia Pacific region is witnessing significant growth due to network infrastructure development and 5G being the most significant telecom trend. 5G’s network slicing abilities will also permit telcos to give critical service providers their own private 5G networks for security. Moreover, the real-time connectivity to the cloud, helping to meet their ever-evolving infrastructure requirements & enhance operational efficiency.
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About the report
The global network slicing market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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