These solutions reduce the operational expenditure, increase capital expenditure (CAPEX) efficiency, and boost the operational efficiency and also assist carriers in implementing network slice lifecycle management in 5G preparation. Depending on offering, the 5G network slicing market is divided into service and solution. Between these, the service category is expected to demonstrate the faster growth in the market in the coming years.
This is ascribed to the soaring requirement for professional services such as integration, security, and consulting for network management in order to comply with the government regulations. When application is taken into consideration, the market is categorized into asset management, remote monitoring, supply chain management, network monitoring, and real-time streaming. Out of these, the remote monitoring category contributed the highest revenue to the market in 2019, as per the observations of P&S Intelligence, a market research company based in India.
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Geographically, North America dominated the 5G network slicing market in 2019, and this trend will continue in the coming years as well. This is ascribed to the growing 5G penetration in the region. According to the GSMA Intelligence, 5G technology will account for 46% of the total connections in the region by the end of 2025. Moreover, the surging information technology (IT) spending and the existence of several industry players are also fueling the market expansion in this region.
Hence, it can be said with surety that the market will boom in the forthcoming years, primarily because of the increasing usage of smartphones and mobile data traffic, surging adoption of the 5G technology, and soaring demand for high-speed network all over the world.
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