Wilmington, Delaware, United States, April 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Network function virtualization (NFV) enables the deployment of network functions as software applications, thereby enabling a flexible and agile network infrastructure. Network operators leverage NFV to scale network resources and services to meet changing demand, reduce costs, and improve operational efficiency.
Surge in usage of NFV to deploy new network services on-demand is likely to propel the global network function virtualization (NFV) market. The market stood at US$ 12.2 Bn in 2022 and is projected to expand at a CAGR of 39.7% from 2023 to 2031 and reach US$ 241.5 Bn by the end of 2031.
Network virtualization (NV) technologies enable companies to deliver programmable and scalable network services to meet the customer needs. Key benefits of NFV approach include improved resource allocation through dynamic provisioning, network orchestration, easier network upgrades, and reduced OPEX and CAPEX.
Recent market trends indicate a shift of telecommunication companies to adopt edge networks in a bid to explore new revenue streams. Rise in adoption of edge computing services is therefore likely to positively influence the network function virtualization (NFV) market outlook in the next few years.
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Key Findings of Study
- Rise in Usage of Scalable Network Services to Bolster Market Growth: Increasing trend of usage of scalable network services among customers is anticipated to propel usage of network function virtualization (NFV). Cloud and virtualization technologies enable deployment of new network services cost-effectively and faster, making their customers more agile. A case in point is significant adoption of NFV for wireless telecommunications technology.
- Software-Defined Networking (SDN) & Network Virtualization (NV) to Gain Traction: Rise in adoption of software-defined networking (SDN) among enterprises and service providers is likely to augment the network function virtualization (NFV) market size. Demand for NFV to automate the security of the cloud infrastructure is expected to offer significant business opportunities to companies in the market.
- The implementation of 5G and next-gen mobile networks through network function virtualization is poised to accelerate market development. The need for high operational agility in 5G network implementation is likely to bolster the usage of software-defined networking (SDN) and network virtualization (NV) technologies.
Key Drivers
- High demand among network service providers to automate the management and orchestration of network, storage, and compute resources is a key driver of the global network function virtualization (NFV) market.
- NFV enables these (service providers) to scale network functions and applications without the need for a dedicated/propriety hardware, thereby helping them cut down on operational expenses (OPEX) and CAPEX.
- High penetration of cloud-based services among enterprises is a key trend likely to propel the network function virtualization (NFV) market
- Rise in demand for network virtualization technology to allow cost-effective data connectivity in private network or edge deployments is expected to offer significant opportunities to virtualization technology & solution providers in the next few years.
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Regional Growth Dynamics
North America accounted for leading market share in 2022. The trend is anticipated to continue during the forecast period. Presence of several prominent services providers, especially large technology companies in the U.S., is expected to drive the market.
Surge in adoption of IoT, 5G, and edge computing solutions among telecom operators is anticipated to fuel the market during the forecast period.
The market in Asia Pacific is expected to expand at a rapid pace from 2023 to 2031. Expansion of mobile and broadband technologies have fueled market development in the region. Penetration of cloud infrastructure in the region is likely to spur adoption of NFV technology and tools.
Competition Landscape
Cloud computing and virtualization technology and solutions providers are focusing on offering innovative software-defined networking in order to increase revenue in the network function virtualization (NFV) market.
Key players operating in the network function virtualization (NFV) industry are Cisco Systems Inc., VMware, Inc., Red Hat, Ciena, Nutanix, Nokia Corporation, Huawei, Hewlett Packard Enterprise (HPE), Fujitsu, Juniper Networks, Affirmed Networks, Inc., and ZTE Corporation.
Key Points from TOC:
1. Preface
1.1. Market Introduction
1.2. Market Segmentation
1.3. Key Research Objectives
2. Assumptions and Research Methodology
2.1. Research Methodology
2.1.1. List of Primary and Secondary Sources
2.2. Key Assumptions for Data Modelling
3. Executive Summary: Global Network Function Virtualization (NFV) Market
4. Market Overview
4.1. Market Definition
4.2. Technology/ Product Roadmap
4.3. Market Factor Analysis
4.3.1. Forecast Factors
4.3.2. Ecosystem/ Value Chain Analysis
4.3.3. Market Dynamics (Growth Influencers)
4.3.3.1. Drivers
4.3.3.2. Restraints
4.3.3.3. Opportunities
4.3.3.4. Impact Analysis of Drivers and Restraints
4.4. COVID-19 Impact Analysis
4.4.1. Impact of COVID-19 on Network Function Virtualization (NFV) Market
4.5. Market Opportunity Assessment – by Region (North America/ Europe/ Asia Pacific/ Middle East & Africa/ South America)
4.5.1. By Component
4.5.2. By End-user
5. Global Network Function Virtualization (NFV) Market Analysis and Forecast
5.1. Market Revenue Analysis (US$ Mn), 2017-2031
5.1.1. Historic Growth Trends, 2017-2022
5.1.2. Forecast Trends, 2023-2031
6. Global Network Function Virtualization (NFV) Market Analysis, by Component
6.1. Overview and Definitions
6.2. Key Segment Analysis
6.3. Network Function Virtualization (NFV) Market Size (US$ Mn) Forecast, by Component, 2018 - 2031
6.3.1. Solutions
6.3.2. Services
TOC Continued……
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Network Function Virtualization (NFV) Market Segmentation
Component
- Solutions
- Services
End-users
- Service Providers
- Data Centers
- Enterprises
- BFSI
- Healthcare
- Retail
- Manufacturing
- Government
- Others
Regions Covered
- North America
- South America
- Europe
- Asia Pacific
- Middle East & Africa
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