According to a recent study from market research firm Global Market Insights, Industries worldwide are actively demanding for 5G network connectivity, generating new growth prospects in the network slicing market.
For instance, self-driving vehicle manufacturers are adopting network slicing technology as these vehicles rely heavily on Vehicle-to-Anything (V2X) communication for effective functioning. Moreover, these vehicles demand high bandwidth video streaming capabilities.
With network slicing, users can benefit from a common wireless infrastructure that supports both low latency and high bandwidth applications. The technology offers media streaming, wireless broadband connectivity, and real-time control to autonomous vehicles. Use cases with various requirements for functionality, connectivity, and performance may drive the demand for network slicing across various industries.
Companies operating in this industry are focusing on developing innovative products that can offer customized virtual networks. They are launching new solutions that support network slicing and 5G connectivity. Taking an instance to highlight the same, in 2019, ZTE collaborated with Hutchison Drei Austria and introduced a 5G slicing service store in Europe. The company offered custom network slices, with real-time KPI monitoring and network optimizing capability.
The bandwidth of network optimizes, with several users connected on a network and pre-defined KPIs. Such significant 5G networks may fuel the market growth over the forecast period.
Demand for network slicing in industrial IoT applications is expected to support network slicing market growth. Companies worldwide are leveraging IoT technology to streamline the operational efficiency and industrial processes. Taking 2019 for instance, ZTE Corporation completed the 5G network slicing trial in China.
The company collaborated with Zhejiang Bluetron and China Telecom for the development of this next-generation technology. Integrating 5G network with IoT applications and mobile edge computing servers improves the operational efficiency of industrial processes. With increasing product penetration, studies suggest that the network slicing market share in the manufacturing sector is anticipated to exceed USD 100 million by the year 2026.
5G network is often forecast as the next pioneering invention in the connectivity landscape, helping businesses bridge their geographical gap in no time. Numerous industrial sectors are actively looking to adopt 5G network connectivity in their business model, which could strengthen network slicing market growth. Citing an instance, autonomous vehicle manufacturers are implementing network slicing solutions in their vehicles as they heavily rely on Vehicle-to-Anything (V2X) communication for functioning effectively.
Moreover, video streaming in vehicles needs high bandwidth, which can be fulfilled with the help of network slicing technology as it supports both low latency and high bandwidth applications. Also, the solution offers media streaming, wireless broadband connectivity, and real-time control to autonomous vehicles.
In a bid to ascertain a significant mark on the network slicing industry, prominent players have begun to develop new and innovative products that can deliver customized virtual networks. Besides, these companies are even planning to launch new solutions that support both 5G bandwidth and network slicing. Earlier in 2019, ZTE had joined hands with Hutchison Drei Austria and unveiled a 5G slicing service outlet in Europe. The firm provided custom network slices, with live KPI monitoring and network optimizing ability
Key Companies covered in network slicing market are Affirmed Networks, Amdocs, Argela Technologies, Cisco Systems, Inc., Cloudstreet, HCL Technologies Limited, Huawei Technologies Co., Ltd., Mavenir, Nokia Corporation, Parallel Wireless, Inc., RedZinc Services Ltd., Telefonaktiebolaget LM Ericsson, and ZTE Corporation.