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Network Function Virtualization Market Share | Insights and Forecast Research Report 2024

Author : Ronak Bora | Published Date : 2020-08-25 

The network function virtualization market is projected to register a CAGR of over 42% between 2018 and 2024. This robust growth can be attributed to the growing demand for server virtualization and data center consolidation. Data center consolidation involves reforming old data center facilities, architecture, network transformation, optimization, resource integration, and system migration to make them more energy-efficient, agile, reliable, and economical to offer sustainable development. As networks become more programmable, data center operations can be conducted in a more agile manner. As SDN and NFV are driving the convergence of data center and IT & telecommunications, they offer data center managers an improved scalability and flexibility to accommodate changing market demands.

Another important factor expected to drive the adoption of NFV solutions is the massive investment by telecom service providers for the commercialization of 5G. Some of the typical issues in complex carrier networks are a huge diversity in proprietary nodes & hardware appliances and the requirement of additional proprietary hardware for launching new services. NFV allows telecom carriers to use network resources without worrying about their physical location. With optimized network device utilization, carriers can use a single platform for different applications, users, and tenants. Also, by minimizing the typical network operator cycle of innovation, NFV reduces product's time to market.

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Bringing about a disruptive change in the way present-day digital networks are being built, operated, and managed, the network function virtualization market has established itself as one of the most profitable niche verticals of the sustainable and smart industry. Owing to a substantial increase in the demand for robust data management systems across various business sectors, the deployment rate of NFV technology has witnessed a massive jump over the past few years. Especially, the rising number of collaborations between IT giants and renowned cloud service providers has consequentially boosted the growth prospects of network function virtualization market. For instance, the recently formed partnership between Indian IT major Tech Mahindra and cloud computing behemoth VMware is a testament to the growing prominence of NFV technology in connecting virtual machines and physical interfaces.

Elaborating further, both the firms are likely to integrate VMware’s OpenStack ready NFV platform with digital transformation expertise of Tech Mahindra to assist global communication service providers in accessing new market opportunities, accelerating new service delivery, and enhancing the overall business economics. Moreover, the solutions provided by both the companies would be based on distributed micro data center architecture that will certainly lower the expenses related to network infrastructure. Apparently, the formation of such robust partnerships would optimistically impact the network function virtualization market share in the years ahead.

North America is expected to hold a majority share of the network function virtualization market in 2017 due to the availability of an extensive data center ecosystem in the region, widespread adoption of industrial IoT (IIoT) in different industry verticals, and a major presence of leading global cloud service providers in the U.S. The U.S. government is moving swiftly to lead the world in 5G, the next generation of wireless connectivity. The Federal Communications Commission (FCC) is emphasizing on making additional low, medium, and high-band spectrum available for 5G services. It also focuses on reducing regulatory barriers to encourage investments in 5G networks.

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Asia Pacific network function virtualization market is expected to register the fastest growth between 2018 and 2024 due to the increasing demand for cloud-based computing, storage, and networking solutions from the rapidly emerging technology companies in the region. With major investments in the NFV technology from telecom companies, such as ZTE and Huawei, in China, the innovation in NFV solutions and services is expected to accelerate rapidly over the forecast timeline. Under China's "Internet Plus" initiative to modernize and transform traditional industries to join the modern economy, the telecom service providers in the country are rapidly embracing NFV technology to benefit from its flexibility, speed, and cost-effectiveness.

Table of Contents (ToC) of the report:

Chapter 5. Network Function Virtualization Market, By Component

5.1. Key trends, by component

5.2. Hardware

5.2.1. NFV servers

5.2.1.1. NFV servers market estimates and forecast, by region, 2013-2024

5.2.2. Storage

5.2.2.1. Storage market estimates and forecast, by region, 2013-2024

5.2.3. Switches

5.2.3.1. Swrtches market estimates and forecast, by region, 2013-2024

5.3. Software

5.3.1. NFV MANO

5.3.1.1. NFV MANO market estimates and forecast, by region, 2013-2024

5.3.2. VNF software

5.3.2.1. VNF software market estimates and forecast, by region, 2013-2024

5.4. Service

5.4.1. Training and consulting

5.4.1.1. Training and consulting market estimates and forecast, by region, 2013-2024

5.4.2. Integration and maintenance

5.4.2.1. Integration and maintenance market estimates and forecast, by region, 2013-2024

5.4.3. Managed service

5.4.3.1. Managed service market estimates and forecast, by region, 2013-2024

Chapter 6. Network Function Virtualization market, By Application

6.1. Key trends, by application

6.2. IT & Telecom

6.2.1. IT & Telecom market estimates and forecast, by region, 2013-2024

6.3. BFSI

6.3.1. BFSI market estimates and forecast, by region, 2013-2024

6.4. Healthcare

6.4.1. Healthcare market estimates and forecast, by region, 2013-2024

6.5. Retail & consumer goods

6.5.1. Retail & consumer goods market estimates and forecast, by region, 2013-2024

6.6. Government

6.6.1. Government market estimates and forecast, by region, 2013-2024

6.7. Manufacturing

6.7.1. Manufacturing market estimates and forecast, by region, 2013-2024

6.8. Other applications

6.8.1. Other applications market estimates and forecast, by region, 2013-2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/network-function-virtualization-nfv-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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