Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global network slicing market size was valued at USD 518.4 million in 2022 and is projected to reach USD 13.6 billion by 2030, exhibiting a CAGR of 51.1% over the forecast period. Fortune Business Insights presents this information in their latest report titled "Global Network Slicing Market Forecast, 2023-2030."
Network slicing is a method of producing more than one logical and virtualized network over a combined multi-domain infrastructure. To support users, networks, services, and specific applications, mobile network operators can speedily create network slices with Network Function Virtualization (NFV), Software-Defined Networking (SDN), orchestration, analytics, and automation.
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Key Industry Development
Reliance Jio developed the 5G Network Slicing Platform on its fifth-generation network, permitting network slicing-as-a-service.
Key Takeaways
- Network slicing market size in North America was USD 193 million in 2022
- Large Enterprises to Dominate Market owing to Growing Product Demand
- Growing Data Generation of Employees to Uplift the Healthcare Segment
- The media and entertainment segment is projected to grow at the highest CAGR over the forecast period.
Discover the Leading Players Featured in the Report:
“Companies leading the global network slicing market are Samsung (South Korea), Nanjing ZTE software Co. Ltd. (China), Intel Corporation (U.S.), Amdocs, Inc. (U.S.), Nokia Corporation (Finland), Telefonaktiebolaget LM Ericsson (Sweden), VMware, Inc. (U.S.), Mavenir Systems, Inc. (U.S.), Affirmed Networks (U.S.), Tambora Systems Ltd. (India).”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 51.1% |
| 2030 Value Projection | USD 13.6 Billion |
| Base Year | 2022 |
| Network Slicing Market Size in 2022 | USD 518.4 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 130 |
| Segments Covered | Enterprise Type, End User and Geography |
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Drivers and Restraints
Increasing Demand for 5G Networks to Fuel the Market
As compared to previous mobile networks, 5G networks have improved the speed and bandwidth of networks, which meet customers' needs for security, latency, coverage, reliability, and service levels. The given reason is expected to fuel the market and play a key role in 5G network growth.
Moreover, NFV and SDN technologies automate advanced networks through software. Digital transformation of networks through software is driving such technologies. NFV is used for network functions, such as routing, firewalls, and load balancing, whereas SDN provides services across hardware components.
Segmentation
By Enterprise Type
- Large Enterprises
- Small & Medium Enterprises
By End-User
- Healthcare
- Government
- Transportation & Logistics
- Energy & Utilities
- Manufacturing
- Media & Entertainment
- Financial Services
- Others (Retail, Agriculture, IT & Telecommunication)
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Acceptance of New Technologies to Help North America Dominate the Market
North America is the early adopter of 5G network services in virtual reality, autonomous driving, augmented reality, and artificial intelligence. The region also accepts new technologies and dominates the market by holding the largest network slicing market share.
Asia Pacific is expected to grow at the highest CAGR during the estimated period. Several developing economies, such as China, Japan, and India, are anticipated to grow in the market.
Europe is estimated to hold the second largest share in the market globally due to rising concerns of improving operational efficiencies, handling enormous data, and evolving digital technologies such as 5G, mobile platforms, Big Data, and cloud.
The Middle East & Africa and South America are anticipated to rise during the estimated period.
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Competitive Landscape
Market Players Focus on New Product Launches to Strengthen Market Position
Leading companies in the market are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work with and take over local rivals to gain a solid regional footing. These companies prioritize developing innovative products and effective marketing strategies to capture a larger market share. It is projected that the growing volume of international trade will present lucrative opportunities for market players.
FAQs
How big is the network slicing market?
The global network slicing market size was USD 518.4 million in 2022. It is expected to reach USD 13.6 billion by 2030.
How fast is the network slicing market growing?
The global network slicing market will exhibit a CAGR of 51.1% during the forecast period, 2023-2030.
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