According to the latest report by IMARC Group, titled "Network Function Virtualization (NFV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global network function virtualization market reached a value of US$ 22.3 Billion in 2022. Network function virtualization (NFV) is a network architecture idea that supports IT virtualization technologies to virtualize entire sections of network node functions into building blocks that can be connected or chained together to produce and deliver communication services. It helps optimize the networks and related operations, thus lowering power consumption and reducing equipment costs. It separates communication services from dedicated hardware, such as routers and firewalls, which enables network operations to dynamically provide new services without installing new hardware. It allows virtual network functions to run on a standard generic server controlled by a hypervisor, which is less expensive than purchasing proprietary hardware devices.
Global Network Function Virtualization Market Trends:
The global market is majorly driven by the increasing demand for cloud-based services. In line with this, the rising deployment of the internet of things (IoT), security agility, and cloud migration is favoring the market growth. The growing number of network complexities and the need for advanced network management systems are also acting as other growth-inducing factors. In line with this, the NFV market is anticipated to witness considerable growth as network virtualization technologies enable enterprises to eliminate the costs associated with procuring and maintaining hardware equipment. In addition to this, large-scale enterprises are rapidly embracing network virtualization solutions as they promote faster server provisioning and quick deployment of network services. Moreover, the growing demand for data center consolidation and server virtualization, along with increasing investments in 5G network technology, is positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 72.2 Billion by 2028, exhibiting a CAGR of 19.9% during 2023-2028.
- On the basis of the offering, the market has been divided into software, orchestration and automation, and services.
- Based on the deployment mode, the market has been segmented into cloud-based and on-premises.
- Based on the enterprise size, the market has been classified into small and medium enterprises, and large enterprises.
- Based on the application, the market has been bifurcated into virtual appliance and core network.
- On the basis of end-user, the market has been segregated into BFSI, healthcare, retail, manufacturing, government, defense, education, IT and telecom, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of the 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, and ZTE Corporation.
|Base Year of the Analysis
||Offering, Deployment Mode, Enterprise Size, Application, End-User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and ZTE Corporation
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