- The network planning and optimization segment is expected to be the fastest growing professional service
- The remote monitoring application area is expected to hold the largest market share
- North America is expected to have the largest market share in the network slicing market
The network slicing market is expected to gain traction due to the rise in demand for high-speed and large network coverage, increased growth in mobile data traffic volumes, increase in demand for broadband services over mobile network, and growing demand for the virtualization of networks.
Moreover, the trending technologies, such as Industrial Internet of Things (IIoT) and Cloud Radio Access Network (C-RAN), and the evolving next-generation wireless networks are some of the other factors that are expected to contribute to the overall growth of the network slicing market. MarketsandMarkets forecasts the global network slicing market size to grow from $112.3 Million in 2017 to $302.2 Million by 2022, at a Compound Annual Growth Rate (CAGR) of 21.9%.
Network planning and optimization is one of the important aspects in enabling implementation of network slicing technologies. This service helps maximize the performance of the operators’ network infrastructure, so they can deliver the best quality experience to their customers and keep the Capital Expenditure (CAPEX) under control. Furthermore, it enables improved customer experience with better data throughput, lowers the Total Cost of Ownership (TCO), and reduces the client complaints with its advanced pre-emptive analysis service.
As global businesses are adopting digital platforms, remote monitoring has become a crucial part in maintaining a competitive edge in the market. The remote monitoring application area is a cloud-based end-to-end monitoring technology that operates multiple machines from remote locations.
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The 5G network is said to be gaining traction across every industry and new possibilities are emerging, due to improved addressing of solutions and extended security services, in addition to a higher bandwidth in the wireless communication link. 5G solutions represent a paradigm shift in the remote monitoring application and its tracking possibilities, enhanced with information transmission between the sensors.
North America is expected to hold the largest market share and dominate the network slicing market during the forecast period. In this region, operators have heavily invested in 5G tests and trials. Initially, 5G was deployed to provide additional capacity and coverage in areas, where the Long-Term Evolution (LTE) footprint was already present. In North America, the US is said to be leading the next generation of wireless technologies. The US is the global leader of 4G LTE. According to Cellular Telecommunications Industry Association (CTIA), a US trade association stated that 99.6% of the Americans now have access to 4G, which means, nearly every American can access the mobile broadband at speeds up to tens of Mbps per second.
The major vendors in the network slicing market include Ericsson (Sweden), Huawei (China), Nokia (Finland), Intel (US), Cisco (US), ZTE (China), SK Telecom (South Korea), Deutsche Telekom (Germany), Telefónica (Spain), Samsung Electronics (South Korea), and NTT DOCOMO (Japan).