According to a new report by Vantage Market Research, the network slicing market is expected to reach USD 922.63 Million by 2028, growing at a CAGR of 22.98% from 2021 to 2028. The increasing IoT connections, development of smart infrastructures, the introduction of 5G technology, and increasing demand from end-use industries are anticipated to augment the growth of the network slicing market within the forecast period.
- The solutions segment is projected to grow at a CAGR of over 12.14% over the forecast period owing to increasing demand for high-speed and wide network coverage.
- The telecom operators segment held a market share of around 32.12% in 2020. This share is due to the increasing networking technologies across the globe.
- The BFSI segment is projected to grow at a CAGR of over 10.52% over the forecast period owing to the increasing adoption of various technologies across the domain.
‘North America is expected to expand at a CAGR of over 18.23% from 2021 to 2028. This surge is attributed to the early adoption and emergence of new technologies in the region.
Some of the key players in the network slicing market include Affirmed Networks Inc., Argela Technologies, Cisco Systems Inc., Hewlett Packard Enterprise, Huawei Technologies Co., Ltd., Mavenir, Nokia, Samsung, Telefonaktiebolaget LM Ericsson, and ZTE, among others.
The increasing demand from various end-use industries across the world is anticipated to augment the growth of the network slicing market during the forecast period. Network slicing is widely used in various industries like manufacturing, healthcare, automotive, media & entertainment, transport & logistic, BFSI, and government, among others. The automotive industry is one of the most important industries that need increased performance in terms of throughput, reliability, latency, mobility, and capacity while meeting diversified requirements from multiple services. Network slicing is mostly required in automotive applications such as safety and traffic efficiency, autonomous driving, teleoperated driving, vehicular internet and infotainment, and remote diagnostics and management. Furthermore, the increasing demand from the healthcare sector for imaging, diagnosis, data analytics, and remote treatment is also likely to support the growth of the market. Hence, the increasing applications of network slicing in several industries across the globe are anticipated to support the growth of the network slicing market in the years to come.
The increasing technological advancements that are used in communication are expected to support the growth of the communication test and measurement market over the forecast period. The emergence of next-generation wireless technologies like IoT (Internet of Things) technology will result in more enhanced smart infrastructures for cities. The network slicing allows the most economical model for IoT service delivery and it also offers new revenue generation, lower OPEX, and greater CAPEX efficiency. Furthermore, the increasing research and development activities in the telecom industry to deploy technologies such as 5G, LTE & advanced LTE, and wired technologies are also expected to augment the growth of the market in the years to come. Additionally, most of the major players are focusing on developing more innovative technologies in order to improve and enhance the quality of their network slicing solutions.
Asia Pacific region is projected to grow at a substantial CAGR. This is attributable to the increasing use of smart devices and the penetration of the internet in the region. Furthermore, the increasing telecom enterprises and smart device manufacturers are also expected to support the growth of the network slicing market in the region.