Network Splicing Services Are Providing Lucrative Opportunities To Offer Broad Range Network Services
The world is undergoing technological advancements and increase utilizing network-based services. The network splicing is the method of making multiple distinctive logical and virtualized networks on a recurrent multi-domain network infrastructure. The mobile network operators use network functions like software-defined networking, functions virtualization, analytics, orchestration and automation. Network splicing enables the single network to offer varied services based on the end user demand. This application helps to reduce the operating cost and aids the network operators to control capital expenditure.
The rising commercialization of the 5G services and availability of the shared spectrum are majorly driving the market growth. The rising demand for the improved network speed and efficiency and network security virtualization are fueling the growth of the network slicing market. Additionally, the growing demand for the network coverage and capacity is propelling the growth of the network splicing.
Network Splicing Market Dynamics
The Global Network Splicing Market was valued at USD 737.48 Million in 2020 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 6.8% between 2021 to 2028. The COVID-19 outbreak had positively impacted the network splicing market. The upsurge in need for connectivity during the pandemic had enhanced the market growth. The telecommunication and network services were increasingly used by the customers owing to rising health care concerns and nationwide lockdown. The network splicing market is broadly classified on the basis of components, end-users and application. The component segment is further classified as the solutions and services. The solution segment is growing at incremental rate owing to the support for the network resources to ensure quality of the service.
The leading market players in the network splicing market are Huawei, Affirmed Networks, Nokia, Tambora Systems, Parallel WirelessMavenir, Argela, BT 2020, NTT DOCOMO Inc and Cisco Systems Inc. These market players are increasingly focusing on the strategies like acquisitions and mergers and investments in technological innovations to expand their customer base and strengthen their position in regional and global market.
Geographically, North-America is the major contributor for the network splicing market share. This dominance is fueled by the acceptance of agile networks, industrial IoT and smart connected devices in order to employee 5G networks platforms for the business processes. The presence leading and well-established network service providers in the North-America region is making the market highly competitive.