Market Scope:
The network slicing market size projected to grow from USD 105.74 million in 2019 to USD 1,936.67 million by 2026, at a Compound Annual Growth Rate (CAGR) of 51.48% during the forecast period.
The global network slicing market is growing continually. Rising demand for mission-critical infrastructure as the shift to cloud, digitize operations, and introduction of private 5G offerings are key driving forces behind the market growth. Besides, advances in SDN technology that can automate network slicing end-to-end push the growth of the market. With the rising pressure among mobile operators to offer optimal networks for various business models through end-to-end network slicing capability, the market is expected to gain huge momentum in the next six years.
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Network Slicing Market Drivers
Rising Demand for 5G-Compatible Netwok Solutions Influences Market Size
Network slicing is expected to help to achieve the maximum potential of 5G, allowing multiple logical networks as virtually independent business operations in a single common physical infrastructure efficiently and without requiring high productive resources. Resultantly, the proliferation of 5G is expected to drive market growth, positioning network slicing as a crucial tool for enabling communication with many devices comprising the complex IoT implementations.
As 5G technology scales, network slicing would become one of the major 5G deployment models. Service providers are targeting high revenue-generating network slicing applications such as smart healthcare, cloud gaming, and IoT applications. Increasing demand for high-speed network coverage across industries and integrating SDN & network function virtualization (NFV) technologies is estimated to impact market growth positively.
Regional Analysis
North America dominates the global network slicing market. The region is one of the most technologically advanced regions with key industry players such as Affirmed Networks, CISCO Systems, Parallel Wireless, AMDOCS, and Mavenir. Besides, factors such as the faster adoption of innovative technologies and increasing initiatives to develop new modules & deployment of private networks substantiate the market size.
Furthermore, the region is the early adopters of 5G network services in various areas such as automotive, media & entertainment, and AR/VR. The high customer digital engagement fosters the market shares. Moreover, increasing demand for the improved coverage and wider scope of commercial applications where the technology can be applied create significant growth opportunities.
COVID-19 Impact on the Global Network Slicing Market
The onset of the pandemic has positively impacted the network slicing industry. Remote working (Work-from-home) mandates increased the market demand for high-speed networks and IoT securities. The pandemic has also fostered digitization and automation across the manufacturing sectors, which increased IoT deployments and the need for private networking solutions.
Many organizations leveraged 5G capabilities with reduced latency, increased bandwidth, network slicing, and edge as they seek ways to try new use cases and highly automated deployment and management approach.
Creating business-specific applications that take advantage of the technologies and services available from the vendor and operator became primitive, and focusing on asset monitoring & optimization, field worker productivity & safety, and visual inspection became important.
The market has been experiencing a constant uptick over the last few months, and increasing investments by solution providers are seen fostering R&D activities to develop network-slicing solutions.
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Competitive Analysis
The network slicing market is estimated to witness significant product launches and major strategic deals, such as mergers & acquisitions, collaboration, expansion, and product development. Leading market players make significant investments in research and development activities and drive their expansion plans.
For instance, recently, on Aug.12, 2021, IBM and Verizon announced their plans to create a testbed to develop and trial 5G industrial applications in Texas. Verizon has deployed its 5G Ultra Wideband service and multi-access edge computing platform at IBM’s Texas facility to experiment on robotics, manufacturing process automation, guided vehicles, data analytics, and visual quality inspection.
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