Network Function Virtualization Market Rising at 42% CAGR 2024 | IBM, HP, AT&T, Huawei, Ericsson, Cisco, Juniper, VMware, Nokia, F5 Networks, Citrix, Amdocs, Broadcom, Verizon, Pluribus

Network function virtualization is still in its preliminary phase in the telecom industry but over the last few years, the technology has spurred significant transformation in the industry. NFVs offer a host of benefits to network operators including low equipment dependency, reduced power consumption, and cost efficiency, which have also been its primary drivers. NFV also enables reduction in underlying hardware, elasticity, scalability, and automation to enhance the flexibility of network service provisioning and cuts down the time to deploy new services.

The global network function virtualization market is estimated to gain substantial momentum over the ensuing years, owing to the rapidly expanding telecom sector along with network virtualization to support 5G.

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In addition, the system enhances operational efficiency and allows software entrants and small players to explore innovative products and build new revenue streams at much lower risk. Therefore, the global network function virtualization market will observe increased demand owing to the benefits associated with its adoption in the telecom sector.

NFV uses traditional IT virtualization techniques on commodity hardware such as storage, computing, and networking. Thus, by consolidating network functions into industry high-volume servers and storage, enterprises can benefit from the cost as well as innovation dynamics of the traditional IT. Complex networking tasks that traditionally required custom hardware builds on specialized devices can be performed by using commercial off-the-shelf (COTS) IT infrastructure using virtualization technologies such as NFV and SDN. In enterprise IT environment, the server, storage infrastructure, and associated complexity issues cause most of the enterprises to spend over 70% of their resources and budget on maintenance & operations while leaving less than 30% resources for innovation.

The NFV market is projected to register a CAGR of over 42% between 2018 and 2024. This robust growth can be attributed to the growing demand for server virtualization and data center consolidation. Data center consolidation involves reforming old data center facilities, architecture, network transformation, optimization, resource integration, and system migration to make them more energy-efficient, agile, reliable, and economical to offer sustainable development. As networks become more programmable, data center operations can be conducted in a more agile manner. As SDN and NFV are driving the convergence of data center and IT & telecommunications, they offer data center managers an improved scalability and flexibility to accommodate changing market demands.

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North America is expected to hold a majority share of the NFV market in 2017 due to the 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. The U.S. government is moving swiftly to lead the world in 5G, the next generation of wireless connectivity. The Federal Communications Commission (FCC) is emphasizing on making additional low, medium, and high-band spectrum available for 5G services. It also focuses on reducing regulatory barriers to encourage investments in 5G networks.

Asia Pacific NFV market is expected to register the fastest growth between 2018 and 2024 due to the increasing demand for cloud-based computing, storage, and networking solutions from the rapidly emerging technology companies in the region. With major investments in the NFV technology from telecom companies, such as ZTE and Huawei, in China, the innovation in NFV solutions and services is expected to accelerate rapidly over the forecast timeline. Under China?s Internet Plus initiative to modernize and transform traditional industries to join the modern economy, the telecom service providers in the country are rapidly embracing NFV technology to benefit from its flexibility, speed, and cost-effectiveness.

Table of Contents:

Chapter 1. Methodology & Scope

1.1. Methodology

1.1.1. Initial data exploration

1.1.2. Statistical model and forecast

1.1.3. Industry insights and validation

1.1.4. Scope

1.1.5. Definition

1.1.6. Methodology and forecast parameters

1.2. Data Sources

1.2.1. Primary

1.2.2. Secondary

1.2.2.1. Paid sources

1.2.2.2. Public sources

Chapter 2. Executive Summary

2.1. NFV industry 360º synopsis, 2013 - 2024

2.1.1. Region trends

2.1.2. Component trends

2.1.3. Hardware trends

2.1.4. Software trends

2.1.5. Service trends

2.1.6. Application trends

Chapter 3. NFV Industry Insights

3.1. Introduction

3.2. Industry segmentation

3.3. NFV industry landscape

3.4. Industry ecosystem analysis

3.5. Features/benefits of NFV solutions

3.6. Technical network challenges for NFV

3.7. NFV architectural framework

3.8. SDN and NFV

3.9. Technology & innovation landscape

3.9.1. Network as a service

3.9.2. Software-defined Wide Area Networking (SD-WAN)

3.9.3. Virtual Customer Premise Equipment (vCPE)

3.10. Regulatory landscape

3.10.1.1. ISO/IEC 270001

3.10.1.2. Personally Identifiable Information (PII) Protection Controls of ISO/IEC 27018

3.10.1.3. European Telecommunications Standards Institute (ETSI) GS NFV -IFA 008

3.10.1.4. IEEE SDN/NFV Standardization

3.10.1.5. The National Institute of Standards and Technology (NIST) guidelines

3.10.1.6. The Open Compute Project and OPNFV

3.10.1.7. Gramm-Leach-Bliley Act of 1999

3.10.1.8. The Network and Information Security (NIS) Directive

3.11. Industry impact forces

3.11.1. Growth drivers

3.11.1.1. Significant CAPEX and OPEX savings for enterprises

3.11.1.2. Optimized network scalability and agility offered by NFV

3.11.1.3. Lower telecom carrier costs

3.11.1.4. Increasing demand for mobility

3.11.1.5. Increasing demand for data center consolidation and server virtualization

3.11.1.6. Growing investment in 5G network technology

3.11.2. Industry Pitfalls and Challenges

3.11.2.1. Lack of in-house technical expertise

3.11.2.2. Security concerns

3.11.2.3. Integration and interoperability issues

3.12. Porter's Analysis

3.13. PESTEL analysis

3.14. Growth potential analysis

Chapter 4. Competitive Landscape, 2017

4.1. Introduction

4.2. Competitive analysis of key market players

4.2.1. Cisco

4.2.2. VMware

4.2.3. Huawei

4.2.4. Nokia

4.2.5. Ericsson

4.3. Siemens Competitive analysis of other prominent players

4.3.1. Juniper

4.3.2. 6Wind

4.3.3. F5 Networks

4.3.4. Citrix

4.4. Competitive landscape

Chapter 5. NFV Market, By Component

5.1. Key trends, by component

5.2. Hardware

5.2.1. NFV servers

5.2.1.1. NFV servers market estimates and forecast, by region, 2013-2024

5.2.2. Storage

5.2.2.1. Storage market estimates and forecast, by region, 2013-2024

5.2.3. Switches

5.2.3.1. Swrtches market estimates and forecast, by region, 2013-2024

5.3. Software

5.3.1. NFV MANO

5.3.1.1. NFV MANO market estimates and forecast, by region, 2013-2024

5.3.2. VNF software

5.3.2.1. VNF software market estimates and forecast, by region, 2013-2024

5.4. Service

5.4.1. Training and consulting

5.4.1.1. Training and consulting market estimates and forecast, by region, 2013-2024

5.4.2. Integration and maintenance

5.4.2.1. Integration and maintenance market estimates and forecast, by region, 2013-2024

5.4.3. Managed service

5.4.3.1. Managed service market estimates and forecast, by region, 2013-2024

Outer scope of this report as the buzz around 5G networks grows, more and more companies opt for virtualization of their network infrastructure in a bid to introduce 5G services. Recently, for instance, Trend Micro’s Virtual Network Function Suite, a telecom IoT security solution, got certified as VMware Ready, allowing it to secure modern networks that are designed to support 5G and IoT. This certification will enable network service providers who have previously adopted VMware vCloud NFV to conveniently add network services from Trend Micro and encourage others who haven’t virtualized their networks to deploy an evaluation environment with VMware’s vCloud NFV.

Such developments will further augment the demand for NFV networks and contribute to the network function virtualization market growth over the coming years.

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