Network Function Virtualization Global Market Intelligence Report Offers Key Futuristic Top Trends, Research Methodology and Competitive Landscape By 2033

Network Function Virtualization Market

Overview and Scope
Network function virtualization is a method for network operators to accelerate service deployment by decoupling functions such as a firewall or encryption from dedicated hardware and moving them to virtual servers. The network function virtualization model helps network services to be installed and controlled by software running on standardized compute nodes that were traditionally running on proprietary hardware. It incorporates virtualization and cloud technologies to drive new network service development with elastic scale and automation. The network function virtualization (NFV) is used to improve network responsiveness, flexibility, and scalability.

Sizing and Forecast
The network function virtualization market size has grown exponentially in recent years. It will grow from $22.29 billion in 2023 to $26.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to need for cost reduction in network infrastructure, demand for scalability and flexibility, advances in virtualization technologies, growth in data traffic and network complexity, transition to software-defined networking (sdn).

The network function virtualization market size is expected to see exponential growth in the next few years. It will grow to $57.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to focus on edge computing, increased demand for network automation, emphasis on network security in virtualized environments, reduction in capital and operating costs, optimization of networks and related processes. Major trends in the forecast period include containerization in nfv deployments, network slicing for customized services, multi-vendor nfv solutions and interoperability, integration of nfv with cloud-native technologies, dynamic orchestration for service agility.

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Segmentation & Regional Insights
The network function virtualization market covered in this report is segmented –
1) By Component: Solutions, Orchestration And Automation, Services
2) By Infrastructure: Hardware Resources, Virtualized Resources
3) By Application: Virtual Appliance, Core Network
4) By End User: Service Providers, Data Centres, Enterprises

North America was the largest region in the network function virtualization market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the network function virtualization market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
Increasing demand for cloud-based services is significantly contributing to the growth of the network function virtualization market going forward. Cloud refers to servers that are provided over the Internet and the software and databases that run on those servers. Network operators can get new network services dynamically using cloud solutions rather than installing new hardware. For instance, according to the 2022 State of the Cloud Report by Flexera, a US-based software company which surveyed 753 technical professionals, revealed that overall small to midsized businesses (SMBs) cloud spend had grown substantially to 53% reaching $1.2 million spend annually in 2022, which was up from 38% in 2021. Therefore, the increase in demand for cloud-based services is driving the network function virtualization market growth.

Key Industry Players
Major companies operating in the network function virtualization market report are Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., VMware Inc., Nokia Corporation, Hewlett Packard Enterprise Company, Dell Technologies Inc., Juniper Networks Inc., Affirmed Networks Inc., NetScout Systems Inc., NEC Corporation, Ribbon Communications Operating Company Inc., ZTE Corporation, Fujitsu Limited, Ciena Corporation, Amdocs Limited, Mavenir Systems Inc., Radisys Corporation, Accenture plc, ECI Telecom Ltd., Metaswitch Networks Ltd., Wind River Systems Inc., Comba Telecom Systems Holdings Ltd., Red Hat Inc., Intel Corporation, Redline Communications Group Inc., Arista Networks Inc., Broadcom Inc., F5 Networks Inc., Fortinet Inc.

The network function virtualization market report table of contents includes:
1. Executive Summary