The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033.
The Network Function Virtualization by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Network Function Virtualization , 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.
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.
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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
Top Major Players:
Cisco Systems Inc.
Telefonaktiebolaget LM Ericsson
Huawei Technologies Co. Ltd.
VMware Inc.
Nokia Corporation
North America was the largest region in the network function virtualization market in 2023.
Technological advancements have emerged as a key trend gaining popularity in the network function virtualization market. Major companies operating in the NFV sector are focused on developing the latest technologies to sustain their position in the market. For instance, in February 2022, Mobileum, a US-based telecom analytics company, and VoerEir, a Sweden-based cloud technology company, partnered to create a powerful test platform for network function virtualization infrastructure. The combination of Mobileum’s SITE active test solution and VoerEir’s Touchstone test suite provides a vertically integrated solution that allows communication service providers to fully automate testing of services from the lab to the live network, as well as virtual and cloud-native network functions.
The network function virtualization market report table of contents includes:
1. Executive Summary
2. Network Function Virtualization Market Characteristics
3. Network Function Virtualization Market Trends And Strategies
4. Network Function Virtualization Market – Macro Economic Scenario
5. Global Network Function Virtualization Market Size and Growth
….……..
31. Global Network Function Virtualization Market Competitive Benchmarking
32. Global Network Function Virtualization Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Network Function Virtualization Market
34.Network Function Virtualization Market Future Outlook and Potential Analysis
35.Appendix
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