Network Function Virtualization (NFV) Market Worth $122 Billion by 2027, Growing at a CAGR of 34.9% From 2020- Exclusive Report by Meticulous Research®
REDDING, Calif., May 13, 2021 /PRNewswire/ -- According to a new market research report "Network Function Virtualization (NFV) Market by Component (Orchestration, Professional Services), Virtualized Network Function, Application (Virtual Appliances, Core Network), End User (Enterprises, Service Providers, Data Centers) - Global Forecast to 2027", published by Meticulous Research®, the Network Function Virtualization (NFV) market is expected to reach $122 billion by 2027, at a CAGR of 34.9% during the forecast period of 2020 to 2027.
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Network functions virtualization (NFV) involves strategies for virtualization of network services that traditionally run on proprietary, dedicated hardware. It incorporates cloud and virtualization technologies to drive rapid development of new network services with scalability and automation. It involves decoupling of network functions from proprietary hardware appliances and running them as software in virtual machines (VMs). NFV has been hugely beneficial for global IT industry to modernize their enterprise networks. It has the ability to virtualize classical network functions like switching, routing, firewalls and so on. Furthermore, NFV improves scalability and agility by allowing service providers to deliver new network services and applications on demand, without requiring additional hardware resources.
Increasing adoption of cloud computing and IoT has resulted in the evolution of business needs in terms of agility. Subsequently, network complexities and cloud-based services have also increased significantly in the past few years. Network function virtualization has emerged as one of the essential tools for organizations to address these issues associated with the network infrastructure. In the light of increasing data intensive applications and need of cloud-based services the demand for network function virtualization solutions and services is expected to increase substantially over the coming years, contributing to the market growth.
The growing number of network complexities, ever increasing demand for cloud-based services, deployment of IoT, security agility, cloud migration, increasing demand for network virtualization and automation, and need for advanced network management are some of the key factors supporting the growth of the global network function virtualization market. However, growing number of security risk across the NFV infrastructure, some misconceptions regarding NFV solutions, and lack of knowledge about network function virtualization solutions pose challenges for proliferation of network function virtualization solutions, especially in developing nations; thereby restraining the market growth to a certain extent.
Based on the component, the network function virtualization market is broadly segmented into solutions (comprising hardware and software solutions), orchestration & automation, and professional services. In 2020, the solutions segment dominated the overall network function virtualization market. The growing demand for network virtualization software running on standard server platforms owing to its benefits in the form of enhanced IT productivity and simplified data center management are supporting large share of the hardware and software solutions segments. Considering the rapid deployment of variety of connected devices across different business sectors, the demand for network function virtualization solutions is expected grow over the coming years as well, thereby registering a steady growth over the forecast period.
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Based on the function, the network function virtualization market is segmented into storage, compute, and network. In 2020, the network segment dominated the overall network function virtualization market. The growth of this segment is attributed to the growing demand of wireless services and mobility solutions, increased mobile broadband speeds, and advancements in the 5G network technology.
Based on application, the network function virtualization market is segmented into core network and virtual appliances. The core network segment accounted for the largest share of the overall network function virtualization market in 2020. Besides, core network application is also expected to grow with the fastest CAGR over the coming years. The growth of this segment is mainly attributed to increasing M2M connections across various industries, growth in data traffic, and growing demand for high speed and improved network connectivity. Rising growth of mobile data traffic coupled with the proliferation of smart devices, and increasing usage of social media platform is also supporting the fastest growth of this segment over the forecast period. The core network segment comprises mobile edge computing, virtualized evolved packet core, virtualized radio access network, and virtual internet protocol multimedia subsystem. The virtualized evolved packet core application segment accounted for the largest share of the overall network function virtualization market for core network functin. The virtualized packet core function provides better stability, performance and agility in service provisioning. Besides, the benefits such as reduction in total cost of operation and dynamic resource allocation are also some of the key factors supporting large share of this segment among core network function virtualization market. However, the mobile edge computing segment is expected to grow at fastest CAGR over the forecast period. The rising demand for low latency processing and consistently growing mobile data traffic is expected to drive the growth in this market segment over the forecast period.
Based on the end user, the network function virtualization market is segmented into enterprises, data center, and communication service providers. The enterprises segment accounted for the largest share of the overall network function virtualization market in 2020. The growth of this segment is mainly attributed to increasing adoption of NFV solutions among enterprise customers owing to its benefits such as improved network efficiency through centralized management, enhanced IT agility, and ability of network customization through fast and reliable application services.
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Geographically, the global network function virtualization market is segmented into five regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa with a further analysis of major countries in these regions. North America accounted for the largest share of the global network function virtualization market in 2020, followed by Europe, and Asia-Pacific region. The largest share of this region is mainly attributed to the presence of prominent players offering advanced network function virtualization solutions and services across different industry sectors and greater acceptance of IoT and cloud services in the region. The North America region is also slated to grow at the fastest CAGR of during the forecast period. The high growth rate is mainly attributed to the rising demand of cloud-based services and proliferation of advanced networking and communication technologies.
The global network function virtualization market is highly fragmented in nature comprising several small level companies, start-ups, and international players. These companies are adopting different strategies in order to stay competitive and garner greater market share. At present, development of new products and services is one of the most preferred strategies adopted by the players operating in the network function virtualization market. However, strategic partnerships, collaborations, and agreements are some of the other growth strategies adopted by the leading players in this market. Majority of partnerships and collaborations are aimed towards broadening product portfolios, advancing the technological capabilities of existing products, and developing capabilities to cater the changing demands of users. Growing demand for wireless services and mobility, increased mobile broadband speeds, and advancements in the 5G network technology is encouraging companies to concentrate their efforts towards network function compared to compute and storage function.
Some of the prominent players operating in the global network function virtualization market are Ericsson (Sweden), Juniper Network, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Affirmed Networks (U.S.), Ribbon Communication, Inc. (U.S.), Mavenir Systems, Inc. (U.S.), Fujitsu, Ltd. (Japan), Metaswitch Networks (U.K.), Hewlett Packard Enterprise (U.S.), Ciena Corporation (U.S.), Huawei Technologies Co., Ltd. (China), and NETSCOUT Systems, Inc. (U.S.). among others.
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Scope of the report
Network Function Virtualization Market, by Component
Network Function Virtualization Market, by Virtualized Network Function
Network Function Virtualization Market, by Application
Network Function Virtualization Market, by End-user
Network Function Virtualization Market, by Geography
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