The global market for network slicing, which is a method of producing multiple logical, virtual networks over a single infrastructure, is projected to grow from $759.0 million in 2023 to $13.6 billion by 2030, at a CAGR of 51.1 percent, according to Fortune Business Insights. Asia Pacific is expected to grow at the highest CAGR during the estimated period. Several developing economies, such as China, Japan, and India, are anticipated to grow in the market.
To support specific applications, mobile network operators can speedily create network slices using Network Function Virtualization (NFV), Software-Defined Networking (SDN), orchestration, analytics, and automation, according to a report titled “Network Slicing Market Forecast, 2023-2030.”
NFV and SDN technologies automate advanced networks through software, which is being driven by digital transformation of networks. NFV is used for network functions, such as routing, firewalls, and load balancing, whereas SDN provides services across hardware components.
“Network Slicing Market is expected to flourish due to the widespread acceptance of IoT and developments in Machine-to-Machine (M2M) communication networks to rehabilitate multiple industries by connecting all systems, appliances, and devices,” the report reads. “SDN and NFV enable software to automate modern networks. They are leading the digital transformation of network infrastructure through the telecommunications industry.”
The report highlights Reliance Jio’s development of a 5G Network Slicing Platform that provides network slicing-as-a-service.
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