Network Function Virtualization Market
Industry Insight
In recent years, Network Function Virtualization (NFV) has been gaining momentum in the technology industry, revolutionizing the way networks are designed and operated. NFV is a technology that enables the virtualization of network functions, which were traditionally performed by dedicated hardware devices, onto standard servers and other commodity hardware. This innovation brings numerous benefits to network operators, including lower costs, greater flexibility, and faster service delivery. A report by Marker Research Future (MRFR) estimates the global Network Function Virtualization Market analysis 2020 to surge at a ~22.9% CAGR during the forecast period 2022-2030. At this rapidity, the opportunities in the worldwide induction motors market are estimated to swell up with a high valuation of USD 42.1 Billion by the end of the year 2030.
Top Market Drivers
The Network Function Virtualization Market is likely to witness a sharp growth as network virtualization technologies that enable enterprises to eliminate the costs associated with the procurement and maintenance of hardware equipment. The technologies assist in delivering network services in a more scalable way compared to the conventional networking approach. The businesses are rapidly embracing network virtualization solutions as they encourage faster server provisioning and quick deployment of network services. The SMEs are anticipated to observe a heavy usage of virtualization solutions as they enable consolidation of server & applications and advance disaster recovery. Thus, by deploying such solutions, they can even handle multiple workloads with maximum uptime and improved performance in an efficient way.
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Background of Network Function Virtualization:
The origins of NFV can be traced back to the telecommunications industry, where it was conceived as a way to reduce the high costs associated with proprietary hardware in network functions. In 2012, the European Telecommunications Standards Institute (ETSI) established a working group to develop standards for NFV. Since then, numerous vendors and service providers have adopted NFV, recognizing its potential to transform the way networks are designed and operated.
Benefits of Network Function Virtualization:
There are several benefits of NFV that make it an attractive option for network operators. These include:
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Lower Costs: By virtualizing network functions, operators can reduce their hardware costs, as well as the space and power required to house the hardware.
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Greater Flexibility: NFV allows operators to quickly deploy and scale network functions as needed, without having to purchase additional hardware.
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Faster Service Delivery: With NFV, new network services can be deployed quickly and efficiently, enabling faster time-to-market for new products.
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Improved Agility: NFV enables operators to be more agile in responding to changing network requirements and customer needs.
How Network Function Virtualization Works:
NFV works by abstracting the software functions of a network function, such as a firewall or load balancer, from the underlying hardware. These software functions are then deployed on virtual machines or containers, which run on commodity servers or cloud infrastructure. This enables operators to deploy and manage network functions in a more flexible and scalable way.
On the same side, the rapid investments for the commercialization of 5G networks also can drive the demand for Network Function Virtualization solutions. The implementation of virtualization technology will also aid in augmenting the 5G network’s functional and architectural viability, which includes surged agility and reduced capital expenditure. All these factors are liable for the growth of the market in the forecast period.
The network function virtualization market is observed to be highly competitive with the incidence of large-scale as well as small-scale global and other vendors. All the companies and their race against each other to raise respective shares of revenue in the market. Such a cut-throat environment is estimated to further intensify new entrants in the market, which is chiefly motivated by technological upgrades of existing services.
Segmentation of Market: Network Function Virtualization
The study of global Network Function Virtualization has been conducted over the segments of application, deployment, infrastructure, and end-user.
Network function virtualization market by Application segment has included next-generation signaling, switching elements, traffic analysis, and service assurance.
The network function virtualization market by the Deployment segment has included on-premise and cloud.
The network function virtualization market by infrastructure segment has included the virtualization layer and hardware resources.
The network function virtualization market by the end-user segment has included cloud service providers, virtualized resources, information technology, the communication service provider (CSP), and BFSI.
Regional Outlook:
The geological analysis of Network function virtualization is being considered for the key regions such as Asia Pacific, North America, Europe, and the Rest of the World. The study observed that North America is leading the Network function virtualization market in support of an unusual move from concepts to commercial deployment of NFV by the telecom operators, which will compel the network function virtualization market growth in the future. The study shows that regions witnessing migration to 5G will also motivate the need for deploying network function virtualization (NFV). Also, the North America region is expected to retain its position over the forecast period, thus creating extensive opportunities for market players. The U.S. is a noteworthy contributor to the growth of network function virtualization owing to the superior technological infrastructure. Its suitability of innovative and niche systems such as network function virtualization, which is predictable to experience fast growth, propelling the market in North America.
In fact, the rising number of data centers in countries such as Mexico, Brazil, and GCC have surged the uptake of server virtualization solutions to run massive workloads and applications in the cloud. The mounting investments for the development of 5G infrastructures will also fuel market growth. Saudi Arabia, Mexico, Kuwait, and Dubai are exploring 5G technology and undertaking live trials of 5G on speed, latency, and equipment. Consequently, telecom operators in these regions are preparing to switch to virtualization technologies for flexible and scalable network management.
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Top Market Contenders:
The well-known players in the Network function virtualization market are listed as Juniper Networks (U.S.), Accenture PLC (Ireland), Cisco Systems, Inc. (U.S.), Alcatel-Lucent S.A. (France), Nokia Corporation (Finland), Huawei Technologies Co. Ltd. (China), NEC Inc. (Japan), Intel Corporation (U.S.), Connectem Inc. (U.S.), Amdocs Inc. (U.S.), 6WIND (France), Ericsson (Sweden), Open Wave Mobility Inc. (U.S.), Oracle Corporation(U.S.), an Oracle Corporation(U.S.),d Allot communications (U.S.).
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About Market Research Future (MRFR):
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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