Global Network Function Virtualization (NFV) Market to 2024 by Offering, Deployment Mode, Enterprise Size, Application, End-user, Competitive Landscape
DUBLIN, Oct. 20, 2020 /PRNewswire/ -- The "Network Function Virtualization (NFV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global network function virtualization (NFV) market experienced double-digit growth during 2014-2019.
NFV performs various networking functions, operates them from a hardware base and enables the user to run the software in virtual machines. In comparison to the traditionally used firewalling devices and routers, modern NVF solutions can be deployed on multiple hardware. It is often used along with various other services, such as domain name service (DNS), network address translation (NAT), firewalls and caching. NFV architecture consists of an element manager, virtualized infrastructure manager, orchestrator and operation support system.
Significant growth in the banking, financial services and insurance (BFSI), healthcare, retail, manufacturing and information technology (IT) industries is one of the key factors creating a positive outlook for the market. This has increased the requirement for advanced network management and NFV systems to handle the growing network traffic and data complexities. Furthermore, widespread adoption of virtual appliances is also driving the market.
They are usually based on various networking operations, such as traffic forwarding, monitoring, security, caching, intrusion detection systems and domain name service. NFV offers optimized network scalability and agility to manage the entire network and improve its overall performance, which is acting as another growth-inducing factor. It can also be integrated with the Internet of Things (IoT) and private cloud computing services for enhanced flexibility.
Other factors, including the growing demand for data center consolidation and erver virtualization, along with increasing investments in the 5G network technology, are expected to drive the market further.
Looking forward, the market to continue its strong growth during the next five years.
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