Network Slicing Market Size, Share, Demand | Global Opportunities 2024-2032
IMARC Group's report titled "Network Slicing Market Report by Component (Solution, Services), End User (Telecom Operators, Enterprises), Industry Vertical (Manufacturing, Healthcare, Automotive, Media and Entertainment, Transport and Logistic, BFSI, Government, and Others), and Region 2024-2032", The global network slicing market size reached US$ 464.4 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,472.2 Million by 2032, exhibiting a growth rate (CAGR) of 19.6% during 2024-2032.
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Factors Affecting the Growth of the Network Slicing Industry:
- Rising Demand for Enhanced Quality of Service (QoS):
The increasing need for enhanced quality of service (QoS) is catalyzing the demand for network slicing in telecommunications. Network slicing allows for the allocation of resources according to specific service requirements, ensuring optimal performance for various applications and user segments. Moreover, network slicing enables service providers to meet the diverse QoS needs of individual users, whether it is ultra-low latency for autonomous vehicles, high bandwidth for multimedia streaming, or stringent security for financial transactions. It also enhances user experience and fosters innovation by dynamically partitioning the network and prioritizing traffic based on application characteristics.
- Increasing Internet of Things (IoT) Applications:
The growing adoption of network slicing due to rising IoT applications across industries is offering a positive market outlook. IoT devices, ranging from sensors and actuators to smart appliances and industrial machinery, require reliable and low-latency connectivity to function effectively. Moreover, network slicing enables service providers to optimize network resources and prioritize traffic based on IoT application requirements, ensuring efficient data transmission and minimal latency for critical applications. It also plays a crucial role in supporting the scalability and flexibility needed to accommodate diverse use cases and realize the full potential of the IoT.
- Growing Demand for Customized Services:
The rising demand for customized network services is supporting the market growth. Enterprises and individuals are seeking tailored solutions to meet their specific requirements, such as low latency for real-time applications, high bandwidth for data-intensive tasks, or enhanced security for sensitive transactions. Furthermore, network slicing enables service providers to create virtualized networks that dynamically allocate resources based on individual needs, delivering customized QoS levels for diverse applications and user segments. This ability to offer personalized services enhances satisfaction and loyalty among users while opening new revenue streams for service providers.
Leading Companies Operating in the Global Network Slicing Industry:
- Affirmed Networks Inc. (Microsoft Corporation)
- Amdocs
- Argela Technologies (Türk Telekomünikasyon A.)
- Aria Networks Ltd.
- BT Group plc
- Cisco Systems Inc.
- Hewlett Packard Enterprise Development LP
- Huawei Technologies Co. Ltd.
- Mavenir
- NEC Corporation (AT&T Inc.)
- Nokia Corporation
- Samsung Electronics Co. Ltd
- Telefonaktiebolaget LM Ericsson
- ZTE Corporation
Network Slicing Market Report Segmentation:
By Component:
- Solution
- Services
Solution represents the largest segment as it encompasses a wide range of offerings, including software, hardware, and integrated systems designed to address specific challenges and provide value to users.
By End User:
- Telecom Operators
- Enterprises
Telecom operators hold the biggest market share due to their ability to deliver high-speed and reliable connectivity.
By Industry Vertical:
- Manufacturing
- Healthcare
- Automotive
- Media and Entertainment
- Transport and Logistic
- BFSI
- Government
- Others
Government accounts for the largest market share driven by the rising need for reliable and secure communication solutions.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America enjoys a leading position in the network slicing market on account of the increasing focus on enhanced user experience.
Global Network Slicing Market Trends:
The introduction of fifth generation (5G) technology is catalyzing the demand for network slicing. 5G has inherent architecture network slicing support, enabling service providers to partition their networks into virtualized slices tailored to specific applications or user groups. Additionally, the rising need for enhanced flexibility, efficiency, and scalability in network management is propelling the market growth. Furthermore, network slicing is becoming increasingly vital for delivering diverse services across industries, ranging from ultra-reliable communications for critical applications to high-throughput connections for multimedia streaming.
Integration of network slicing with edge computing and cloud platforms enhances agility and scalability, catering to evolving service demands.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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