Global Network Function Virtualization (NFV) Market to Reach $60.1 Billion by 2027 at a 22.14% CAGR
DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Network Function Virtualization (NFV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global network function virtualization (NFV) market size reached US$ 18.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 60.1 Billion by 2027, exhibiting a CAGR of 22.14% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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 privatecloud computing services for enhanced flexibility. Other factors, including the growing demand for data center consolidation and server virtualization, along with increasing investments in the 5G network technology, are expected to drive the market further.
Key Market Segmentation
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For more information about this report visit https://www.researchandmarkets.com/r/55okw3
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