According to a new market research report "Network Function Virtualization (NFV) Market by Component (Solutions,Orchestration and Automation, and Professional Services), Virtualized NetworkFunction, Application (Virtual Appliance and Core Network), End User, andRegion - Global Forecast to 2024", published by MarketsandMarkets, the global NFV Market sizeis expected to grow from USD 12.9 billion in 2019 to USD 36.3 billion by 2024,at a Compound Annual Growth Rate (CAGR) of 22.9% during the forecast period.
The demand for network virtualization and automation andemergence of cloud services, data centers consolidation, and servervirtualization are some of the major drivers of this market.
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98 - Tables
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Among end user, the enterprises segment to grow at thehighest CAGR during the forecast period
Enterprise customers are rapidly adopting NFV architecture,as it offers significant benefits such as improved network efficiency throughcentralized management, enhanced IT agility, and network customization throughfast and reliable application services. These customers have been categorizedinto various verticals, including Banking, Financial Services, and Insurance(BFSI), manufacturing, retail, healthcare, education, IT-enabled services, andgovernment and defense. In the present scenario, the deployment of NFV isprevalent across IT-enabled services, BFSI, and retail verticals.
Under services, the implementation segment to grow at thehighest CAGR during the forecast period
Implementation services add value to the networkinfrastructure of businesses. These services assist end users in optimizingtheir network operations effectively. In addition to this, they help enhanceservice delivery and manage network performance monitoring and managementcosts. They support companies in efficiently deploying and managing theimplementation of new solutions. NFV vendors are also providing migrationservices that play a vital role in integrating and deploying NFV.
End users such as telecom service providers face a skills gapwhen it comes to implementing NFV, thereby paving the way for new players withniche capabilities in executing virtual networks. These players offerimplementation services, which include the implementation of NFV solutions inusers’ infrastructure. With the increasing awareness of the capabilities ofvarious vendors in the NFV Market among end users, the demand forimplementation services is expected to increase. As already witnessed, with themove toward LTE and 5G spectrum, NFV has already become the invariable choiceof network architecture for most end users. Some of the leading NFVimplementation service providers are Huawei, Nokia, and Cisco.
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North America to lead the NFV Market during the forecastperiod
Based on regions, North America is expected to lead the Network Function Virtualization Market during the forecast period. Itis a market with high growth potential in NFV. The NFV Market in North Americais aided by the early and fast adoption of technologies, such as cloudcomputing, Software-Defined everything (SDx), and IoT. High industrializationin countries such as the US and Canada has always been a positive factor foraiding fast growth in various business verticals. The countries in NorthAmerica have favorable standards and networking regulations that help inboosting the NFV Market growth. North America is a home for numerous NFVinfrastructure providers, including Cisco, IBM, Juniper Networks, and ExtremeNetworks. It is also a potential market for investment opening newopportunities for the adoption of NFV infrastructure. Due to increased 5Gdeployments, the adoption of NFV is increased in the region. However, in NFV,the control of the whole network is with the controller; hence, the deploymentrequires various organizational, functional, and cultural changes withinorganizations.
Major Network Function Virtualization Market vendorsproviding a host of solutions and services include Cisco (US), Ericsson (US),Huawei (China), VMware(US), Nokia (Finland), HPE (US), Dell EMC (US), JuniperNetworks (US), Affirmed Networks (US), NETSCOUT (US), NEC (Japan), RibbonCommunications (US), ZTE Corporation (China), Fujitsu (Japan), Ciena (US), ECITelecom (Israel), Metaswitch (UK), Mavenir (US), Radisys (US), and Wind River(US). The study included an in-depth competitive analysis of these key players,along with their company profiles, recent developments, and key growthstrategies.
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