According to a research report "Network Function Virtualization (NFV) Market major driving factors include the growing need for advanced network management systems to handle the increasing network traffic and complexities. Network Function Virtualization (NFV) Market by component, Virtualized Network Function (VNF), application. end users, and region - Global Forecast to 2024" published by MarketsandMarkets. The Network Function Virtualization market size is projected 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.
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Among end user , the enterprises segment to
grow at the highest CAGR during the forecast period
Enterprise customers are
rapidly adopting NFV architecture, as it offers significant benefits such as
improved network efficiency through centralized management, enhanced IT
agility, and network customization through fast and reliable application
services. These customers have been categorized into various verticals,
including Banking, Financial Services, and Insurance (BFSI), manufacturing,
retail, healthcare, education, IT-enabled services, and government and defense.
In the present scenario, the deployment of NFV is prevalent across IT-enabled
services, BFSI, and retail verticals.
Under services, the implementation segment to
grow at the highest CAGR during the forecast period
Implementation services
add value to the network infrastructure of businesses. These services assist
end users in optimizing their network operations effectively. In addition to
this, they help enhance service delivery and manage network performance
monitoring and management costs. They support companies in efficiently
deploying and managing the implementation of new solutions. NFV vendors are
also providing migration services that play a vital role in integrating and
deploying NFV.
End users such as telecom service
providers face a skills gap when it comes to implementing NFV, thereby paving
the way for new players with niche capabilities in executing virtual networks.
These players offer implementation services, which include the implementation
of NFV solutions in users’ infrastructure. With the increasing awareness of the
capabilities of various vendors in the NFV market among end users, the demand
for implementation services is expected to increase. As already witnessed, with
the move toward LTE and 5G spectrum, NFV has already become the invariable
choice of network architecture for most end users. Some of the leading NFV
implementation service providers are Huawei, Nokia, and Cisco.
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North
America to lead the NFV market during the forecast period
Based
on regions, North America is expected to lead the NFV market during the
forecast period. It is a market with high growth potential in NFV. The NFV
market in North America is aided by the early and fast adoption of
technologies, such as cloud computing, Software-Defined everything (SDx), and
IoT. High industrialization in countries such as the US and Canada has always
been a positive factor for aiding fast growth in various business verticals.
The countries in North America have favorable standards and networking
regulations that help in boosting the NFV market growth. North America is a
home for numerous NFV infrastructure providers, including Cisco, IBM, Juniper
Networks, and Extreme Networks. It is also a potential market for investment
opening up new opportunities for the adoption of NFV infrastructure. Due to
increased 5G deployments, the adoption of NFV is increased in the region.
However, in NFV, the control of the whole network is with the controller;
hence, the deployment requires various organizational, functional, and cultural
changes within organizations.
Major
NFV vendors providing a host of solutions and services include Cisco (US),
Ericsson (US), Huawei (China), VMware(US), Nokia (Finland), HPE (US), Dell EMC
(US), Juniper Networks (US), Affirmed Networks (US), NETSCOUT (US), NEC
(Japan), Ribbon Communications (US), ZTE Corporation (China), Fujitsu (Japan),
Ciena (US), ECI Telecom (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 growth strategies.
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