Network Slicing Market Size to grow by USD 1621.7 million between 2024-2028
The Network Slicing Market is segmented by Component (Solution and Services), End-user (Communication service providers and Enterprises), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). As per the Global Forecast research report 2024-2028 published by Technavio, the market size is estimated to grow by USD 1621.7 million, at a CAGR of 37.12% during the forecast period. There are several companies that are contributing to the market as per this report. Strategic collaboration among market participants .
By Component, the Solution segment is projected to dominate the market size in 2024
Network slicing technology offers significant benefits for businesses by enhancing security and improving IT infrastructure management. This solution employs tools for computers and IT personnel to configure and manage network resources effectively. Network slicing systems can be implemented as hardware appliances, on-premises software, or SaaS. By catering to diverse industry verticals with customized solutions, network slicing enables operators to expand their customer base and generate new revenue streams. In multi-tenant enterprise campuses, where multiple entities with stringent connectivity requirements coexist, network slicing solutions provide a crucial advantage, ensuring optimal network performance and security.
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By End-user, Communication service providers segment is expected to hold the largest market size for the year 2024
The Network Slicing market is experiencing significant growth due to the increasing demand for customized and efficient network solutions from businesses. Network slicing enables service providers to allocate dedicated network resources to specific use cases, enhancing network performance and reducing operational costs. This innovative technology is revolutionizing industries, particularly in sectors requiring high bandwidth and low latency, such as automotive, healthcare, and manufacturing. By providing tailored network solutions, the Network Slicing market is empowering businesses to optimize their operations and gain a competitive edge.
Why is North America forecasted to hold the largest regional market size in 2024?
In North America, particularly in advanced economies like the United States and Canada, the surge in Internet of Things (IoT) technology adoption for industrial applications is driving substantial growth in the telecommunications sector. The US, as a significant market in the region, is experiencing increased data traffic due to the widespread adoption of wireless technologies. This trend is propelling the network slicing market forward in North America, as service providers seek to optimize network resources and deliver customized, high-performance solutions to meet the unique requirements of various industries.
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Research Analysis Overview
Network slicing is a revolutionary technology in the telecom sector that enables the creation of customized network environments for different services and applications. By allocating shared resources in a dedicated manner, network slicing ensures optimal service quality for various use cases. Core network functions such as orchestration, Network Functions Virtualization (NFV), Software Defined Networking (SDN), and multi-domain infrastructure are key components of network slicing. Service level agreements (SLAs) are crucial in ensuring the quality of e-commerce, retail, and mobile network operator services over network slices. Network slicing vendors offer dedicated resources for latency-sensitive applications like video streaming and data-intensive services like cloud services. Standardization and open-source community efforts are essential for the widespread adoption of network slicing. Shared and unlicensed spectrum, along with 5G services, are expected to drive the growth of the network slicing market. Key players include mobile network operators, e-commerce companies, and retailers. Network slicing's ability to provide customized network environments for various applications makes it a game-changer in the telecom sector, offering improved data speeds and reduced latency for cellular network technology.
Market Research Overview
The global communications equipment market encompasses manufacturers of enterprise networking solutions, such as LANs, WANs, routers, switchboards, and exchanges, as well as communications infrastructure or telecom equipment. According to Technavio, the market size is determined by the revenue generated from equipment sales, broadcasting equipment, telecommunication equipment, and telecom service providers' infrastructure investments. Notably, this figure excludes cellular phone manufacturer revenues. Market expansion will be fueled by the rising number of data centers, as hyperscalers invest heavily in new facilities and capacity expansions. - The Network Slicing Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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