Press release
Network Function Virtualization Market Analysis By Major Industry Companies: Amdocs, Arista Networks, AT&T, Broadcom Inc., Cisco, Ericsson, F5 Networks, Hewlett Packard Enterprise, Huawei Technologies, Juniper Networks, Nokia, Oracle, Riverbed Technology,
Network Function Virtualization (NFV) Market
North America is set to dominate the network function virtualization (NFV) market in 2017 owing to availability of an extensive data center ecosystem in the region, widespread adoption of industrial IoT (IIoT) in different industry verticals, and a major presence of leading global cloud service providers in the U.S.
Asia Pacific network function virtualization market is predicted to witness over 50% gains from 2018 to 2024 driven by increasing adoption of cloud-based computing and storage technology by SMEs in the region, expansion of data center ecosystem in the region by leading global cloud service providers, and large-scale investment in 5G testing and commercialization by telecom carriers in China.
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Competitive Market Analysis –
Network function virtualization (NFV) market players include some big names like Amdocs, Arista Networks, AT&T, Broadcom Inc., Cisco, Ericsson, F5 Networks, Hewlett Packard Enterprise, Huawei Technologies, Juniper Networks, Nokia, Oracle, Riverbed Technology, Verizon, VMware, Wind River, 6WIND, Citrix Systems, NFWare, and Pluribus Networks.
Component Segment Analysis –
The hardware segment dominated the network function virtualization market with 48% share in 2017 owing to large-scale adoption of NFV servers for virtualizing diverse network functions such as firewalls, Network Address Translation (NAT), routing, and Internet Protocol Security (IPSec).
As the market evolves, the software segment is expected to lead the NFV market due to extensive deployment of NFV-MANO platforms as well as VNF software applications meant for virtualizing a diverse set of network functions.
The service segment is predicted to register more than 50% gains during the forecast period led by large-scale adoption of managed services for effectively managing virtualized network infrastructures.
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Application Segment Analysis –
The manufacturing sector in the network function virtualization market is expected to witness the fastest growth while registering a CAGR of around 50% between 2018 and 2024 due to the large-scale implementation of IIoT technology leading to a rapid growth in the number of connected components in the industrial IT environment.
The IT & Telecom application accounted for 32% network function virtualization (NFV) market share in 2017 and and will continue its dominance to 2024 due to massive uptake of NFV solutions in the telecom sector.
Market Revenue Estimation –
Network Function Virtualization (NFV) Market exceeded USD 5 billion in 2017 and is projected to surpass USD 70 billion by 2024; growing at more than 42% gains from 2018 to 2024.
Market Growth Drivers –
1. Significant CAPEX and OPEX savings for enterprises
2. Optimized network scalability and agility offered by NFV
3. Lower telecom carrier costs
4. Increasing demand for mobility
5. Increasing demand for data center consolidation and server virtualization
6. Growing investment in 5G network technology
Browse key industry insights spread across 240 pages with 268 market data tables & 28 figures & charts from the report, “Network Function Virtualization (NFV) Market Size By Component (Hardware [NFV Servers, Storage, Switches], Software [NFV Management and Orchestration {NFV-MANO}, VNF Software], Service [Training & Consulting, Integration & Maintenance, Managed Service]), By Application (IT & Telecom, BFSI, Healthcare, Retail & Consumer Goods, Government, Manufacturing), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, China, Japan, Australia & New Zealand (ANZ), South Korea, India, Brazil, Mexico, GCC, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/network-function-virtualization-nfv-market
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