Network Slicing Market Size to grow by USD 1621.7 million between 2024-2028
According to a research report “ Network Slicing Market” by Component (Solution, Services) End-user (Communication service providers, Enterprises) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 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. In the modern business landscape, smart cities have gained substantial traction due to their potential to enhance urban living experiences. The advent of advanced wireless technologies, including Li-Fi, 5G, LoRa, and network slicing, as well as the IoT, is poised to revolutionize the way we manage and utilize city resources. However, the current mobile and wireless infrastructure, which predates the IoT and smart devices, poses a significant challenge. To effectively support the intricacies of a smart city network, it is imperative that developers upgrade to the latest wireless technologies, ensuring seamless integration of connected cars, water systems, and transportation networks..
Browse market data tables, figures, and in-depth TOC on “Network Slicing Market” by Component (Solution, Services) End-user (Communication service providers, Enterprises) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
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.
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.
North America is forecasted to hold the largest market size by region 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.
The Network Slicing Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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
Network slicing is an innovative technology that enables Communication Service Providers (CSPs) to allocate customized network resources to specific IoT applications and industries, such as financial services, energy and utilities, online education, and remote access services. This technology is particularly important for mission-critical applications, including video centric applications, mobile networking, and machine type communication, which require low latency, high bandwidth, and dedicated resources. Network slicing allows for the management of various network domains and functions, ensuring service quality for businesses and consumers. The technology is also essential for 5G services, enabling the deployment of virtual networks for various industries, including smart cities, smart factories, and high power applications. Network functions management, Network Functions Virtualization (NFV), and Software Defined Networking (SDN) are key components of network slicing, allowing for the orchestration of core network functions, including Big Data analytics, artificial intelligence, and autonomous driving. The network slicing market is expected to grow significantly in the coming years, driven by the increasing adoption of IoT technologies, the need for customized services, and the digitalization of various industries. Network slicing vendors offer cloud-based solutions, mobile edge computing, and service level agreements to meet the unique requirements of different sectors, including e-commerce, retail, and manufacturing. The technology also offers opportunities for shared spectrum and unlicensed spectrum, enabling CSPs to offer 5G services to a larger customer base, including SMEs, Large Enterprises, and Government Institutes. The standardization of network slicing through open source communities and multi-domain infrastructure is also crucial for the growth of the market. The network slicing market is expected to be driven by the increasing demand for speed, bandwidth, and low latency across various industries, including consumer goods, travel and hospitality, transportation and logistics, textile, manufacturing, core industries, and utilities. The technology is also expected to play a crucial role in the deployment of 5G services, enabling the development of new applications in areas such as virtual reality, augmented reality, and autonomous driving. In conclusion, network slicing is a game-changing technology that offers significant opportunities for Communication Service Providers to meet the unique requirements of various industries and applications. The technology is expected to drive the growth of the 5G market and enable the deployment of innovative applications across various sectors, including finance, energy, education, and manufacturing. The market is expected to be driven by the increasing demand for customized services, digitalization, and automation, and the need for high-speed, low-latency networks. The adoption of cloud-native architecture and the integration of Big Data analytics, artificial intelligence, and autonomous driving are also expected to drive the growth of the market. However, security breaches and the need for standardization and shared resources remain key challenges for the market.
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