IMARC Group has recently released a new research study titled “Network Function Virtualization (NFV) Market Report by Offering, Deployment Mode, Enterprise Size, Application, End-User and Region 2023-2028”, offers a detailed analysis of the market growth, drivers, segmentation, opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the network function virtualization market?
The global network function virtualization market size reached US$ 22.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.2 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.
What is network function virtualization (NVF)?
Network function virtualization (NFV) is a technology framework that aims to transform traditional network infrastructure by replacing dedicated hardware devices with software-based virtual network functions (VNFs) running on standard servers and cloud computing platforms. NFV decouples network functions from the underlying hardware, allowing for greater flexibility, scalability, and cost-efficiency in the deployment and management of network services. NFV leverages virtualization technologies to create VNFs, which are software representations of network functions.
By eliminating the need for dedicated hardware appliances, NFV reduces capital and operational expenditures. NFV enables rapid deployment of network services and the ability to scale them up or down based on demand. Virtualized network functions can share physical infrastructure, leading to more efficient utilization of computing resources. NFV can be integrated with orchestration and automation systems to streamline network provisioning, management, and optimization. NFV is particularly valuable for telecommunications and service providers, as it enables them to modernize their networks, improve service delivery, and reduce operational costs.
What are the growth prospects and trends in the industry?
Network function virtualization (NFV) enables service providers to replace dedicated hardware appliances with virtualized network functions running on standard servers which represents one of the key factors driving the growth of the market across the globe. This further results in cost savings by reducing capital expenditure on proprietary hardware and simplifying maintenance. NFV allows for rapid scaling of network functions to accommodate changing traffic demands. This flexibility ensures that service providers efficiently allocate resources as needed. NFV facilitates the rapid deployment and provisioning of new network services. This agility is crucial in launching innovative services and responding to market demands quickly. NFV enables dynamic resource allocation and load balancing, optimizing network performance and improving the quality of service for end-users.
The rollout of 5G networks requires greater flexibility and scalability in network infrastructure. NFV plays a pivotal role in enabling the deployment of 5G services and accommodating the diverse requirements of IoT and edge computing. NFV is closely aligned with edge computing initiatives, enabling the deployment of virtualized network functions at the network edge to reduce latency and enhance the performance of emerging edge applications. As more organizations migrate their IT services to the cloud, NFV aligns with this trend by providing cloud-native capabilities for network services. The development of industry standards and open-source initiatives for NFV ensures interoperability between different vendors’ solutions, giving organizations more flexibility in choosing NFV components. Traditional hardware-based network infrastructure is evolving toward a more software-centric and virtualized approach. NFV is a fundamental part of this evolution.
The competitive landscape among service providers drives the adoption of NFV as they seek to differentiate themselves by offering innovative services and improving cost-effectiveness. NFV can assist service providers in meeting regulatory requirements, such as data privacy and network neutrality, by enabling network customization and control. The demand for high-quality, low-latency services, such as video streaming, online gaming, and remote collaboration, is pushing service providers to invest in NFV to ensure optimal service delivery.
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Key Market Segmentation:
The report has segmented the global network function virtualization market based on offering, deployment mode, enterprise size, application, end user and region.
Breakup by Offering:
- Software
- Orchestration and Automation
- Services
Breakup by Deployment Mode:
- Cloud-Based
- On-Premises
Breakup by Enterprise Size:
- Small and Medium Enterprises
- Large Enterprises
Breakup by Application:
- Virtual Appliance
- Core Network
Breakup by End-User:
- BFSI
- Healthcare
- Retail
- Manufacturing
- Government and Defense
- Education
- IT and Telecom
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape With Key Players:
The competitive landscape of the network function virtualization market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Affirmed Networks Inc. (Microsoft Corporation)
- Allot Ltd., Amdocs
- Ciena Corporation (Tellabs Inc.)
- Cisco Systems Inc.
- Dell EMC (Dell Technologies Inc.)
- Huawei Technologies Co. Ltd.
- Intel Corporation
- Juniper Networks Inc.
- NEC Corporation
- Nokia Corporation
- Telefonaktiebolaget LM Ericsson
- ZTE Corporation
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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