Network Function Virtualization Market Forecasts 2018-2024 By Top Key Players: Huawei Technologies, Ericsson, Cisco, Juniper Networks, VMware, Nokia, F5 Networks, HP, AT&T, Citrix, Riverbed Technology, Broadcom Inc., Verizon, Arista Networks, Amdocs, IBM
Network Function Virtualization (NFV) Market was estimated at over USD 5 billion in 2017, and is set to exceed USD 70 billion by 2024; according to a new research report by Global Market Insights, Inc. The network function virtualization market growth is attributed to the growing trend of mobility in enterprise IT infrastructures, lower telecom carrier costs enabled by NFV deployment, and consistent industry as well as government initiatives for the commercialization of 5G network technology. As network service providers have invested in multiple technology transitions for mobile, broadband access, and business services over the years, disparate networks with their own proprietary architecture have emerged.
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This has led to enormous CAPEX and OPEX budget bloats. NFV allows service providers to effectively virtualize network functions such as load balancers, firewalls, subscriber policy management, and mobile RAN (Radio Access Network) functions. Due to the excellent flexibility and agility offered by NFV solutions, enterprises can scale their networking infrastructure in response to increased workloads by using cloud-native NFVs. This flexibility allows them to reduce the cost incurred in procuring additional hardware appliances for supporting newly introduced network services.
The manufacturing sector in 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. In the manufacturing sector, companies are leveraging the latest data center technologies and the best design practices for enabling a better control over supply chains, enhancing productivity through automation and closely managing the manufacturing processes through the use of data processing solutions. Data center functions are being increasingly utilized to consolidate operations and to integrate different manufacturing processes.
The hardware segment held a majority share of around 48% in 2017 in the global network function virtualization market due to the 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 market growth due to the extensive deployment of NFV-MANO platforms as well as VNF software applications meant for virtualizing a diverse set of network functions.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Huawei Technologies
4. Juniper Networks
7. F5 Networks
11. Riverbed Technology
12. Broadcom Inc.
14. Arista Networks
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Network Function Virtualization Market, By Component
o NFV severs
o NFV Management and Orchestration (MANO)
o Virtual Network Function (VNF) software
o Training and consulting
o Integration and maintenance
o Managed service
Network Function Virtualization Market, By Application
o IT & Telecom
o Retail & consumer goods
Browse key industry insights spread across 240 pages with 268 market data tables & 28 figures & charts from the report, Network Function Virtualization (NFV) Market in detail along with the table of contents:
Data center operations are expected to play a critical role in gathering and managing machine related performance metrics to facilitate the real-time management of operational processes in manufacturing industries. With increasing diversity of connected devices and machine systems, modern networking functions, such as NFV and SDN, will enable a better management of networking functions in large-scale industrial networks in the manufacturing sector over the forecast period.
NFV’s appeal lies in its ability to deliver more network function performance with lesser data center rack space, power, and cooling. This capability is provided by the virtualized architecture of the network framework supported by sophisticated NFV software platforms and applications. Also, NFV software solutions can quickly provision different types of virtual security appliances to enable software-defined security to manage a dynamic threat landscape and protect the network integrity.
Companies operating in the global network function virtualization market focus on product development and innovation to develop robust network virtualization platforms along with strategic collaborations and partnerships to leverage their mutual technological capabilities and create innovative service offerings. Major players, such as Huawei Technologies, Ericsson, Cisco, Juniper Networks, VMware, Nokia, F5 Networks, HP, AT&T, Citrix, NFWare, Riverbed Technology, 6Wind, Broadcom Inc., Verizon, Pluribus, Arista Networks, Amdocs, and IBM.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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