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5G Network Slicing Market Growth Prospects, Key Vendors, and Future Scenario
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One of the key growth drivers for the 5G network slicing market is the increasing mobile data traffic. The surging penetration of smartphones and the rising availability of high-speed network services have resulted in high-volume mobile data usage. According to the World Telecommunication/ICT Indicators Database by the International Telecommunication Union (ITU) of the World Bank, around 7.98 billion individuals were using mobile phones in 2019. The large portion of population across the world is using smartphones for their communication, entertainment, and work purposes.
Categories under the vertical segment of the 5G network slicing market include retail, manufacturing, government, automotive, energy & utilities, healthcare, and banking, financial services, and insurance (BFSI). These verticals are leveraging on the 5G technology to enhance productivity, as it addresses the requirement for lower latency, high internet speed, and improved data capacity, and enables organizations in real-time monitoring of their assets. Moreover, the deployment of this technology brings new levels of functionality and performance to cellular networks by allowing vital applications, including IoT-enabled applications.
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According to P&S Intelligence, globally, North America accounted for largest share in the 5G network slicing market in 2019, and it is expected to retain its dominance in the forecast years as well. This is primarily due to the high adoption of 5G technology in the region. Additionally, factors such as mounting information technology (IT) expenditure, presence of a large number of market players, and early adoption of advanced technologies will also supplement the regional market growth.
Thus, the rising penetration of 5G technology and the surging mobile traffic data will boost the market growth in the coming years.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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