WILMINGTON, DE, UNITED STATES, June 6, 2024 /EINPresswire.com/ -- The global network slicing industry size was valued at $172.56 million in 2019, and is projected to reach $921.02 million by 2027, registering a CAGR of 23.7% from 2020 to 2027.

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Increase in demand for next generation 5G network to enable better speed and bandwidth capabilities, rise in use cases of network slicing for Industry 4.0, growth in development of smart cities and smart services, surge in demand for network performance due to growth in mobile data-traffic volumes fuel the growth of the global network slicing market. On the other hand, several security concerns associated with network slicing impede the growth to some extent. However, increase in adoption for remote surgery and autonomous vehicles and emerging applications across government, industrial, and enterprises sectors present new opportunities in the industry.

Covid-19 scenario-

The outbreak of covid-19 has augmented the demand for broadband services, due to the rising trend of mobile networking and remote working in several industries including retail, telecom, IT, and healthcare.

This drift is pretty likely to persist post pandemic too, as communications service providers are focusing toward 5G rollouts along with shooting up the investments for network slicing.

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Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to the extensive adoption of mobile devices across the developing countries such as China & India. In addition to this, there is rapidly growing investments in 5G infrastructure across the region to facilitate an array of new services for consumers, by driving economic growth. For instance, according to the Asia-Pacific edition of the GSMA's Mobile Economy series, Asia's mobile operators are projected to invest around $370 billion building-out new 5G networks between 2018 and 2025. Such investments are opportunistic for the growth of network slicing market in the region.

Based on region, North America held the major share in 2019, generating around two-fifths of the global market. The region across Asia- Pacific, on the other hand, would manifest the fastest CAGR of 27.5% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.

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The global network slicing market is experiencing significant growth, driven by several key factors. The increasing demand for advanced 5G networks, with their enhanced speed and bandwidth capabilities, is a primary driver. This demand is further fueled by the expanding use cases of network slicing in the context of Industry 4.0, as well as the development of smart cities and associated smart services.

The key market players analyzed in the global network slicing market report include Argela Technologies, ZTE, Cisco Systems Inc., Hewlett Packard Enterprise, Huawei Technologies Co., Ltd., Affirmed Networks Inc., Samsung, Mavenir, Nokia, and Telefonaktiebolaget LM Ericsson. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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