Network Function Virtualization Market is expected to reach USD 19 Billion by 2023 with a CAGR of 31% | NFV Industry Leaders Accenture, Alcatel-Lucent, Nokia, NEC Inc, Amdocs, Oracle

Network Function Virtualization Market is expected to grow at USD 19 Billion by 2022, at 31% of CAGR over a forecast period from 2018 to 2022, Network Function Virtualization Market, By Application (Switching Elements, Traffic Analysis, Next Generation Signalling), Deployment (Cloud, On-premise), By Infrastructure (Hardware Resources, Virtualized Resources), By End-User (CSP, BFSI, Cloud Service Provider) - Forecast 2022

Global Network Function Virtualization Market – Overview

Network function virtualization market is a method to deploy and manage the range of network components such as routers, firewall, and others by replacing the hardware network elements with software that runs on virtualized network infrastructure. The network function virtualization market promotes the integration of various network components in software which support various industry standard server. Additionally, it can be integrated in network deprived areas for the installation of physical infrastructure.

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Rapid technological advancements and increased network complexity are some of the factors which are influencing the growth of Network Function Virtualization Market. In the recent years, there is an exponential rise in the data traffic that has led to network congestion. Also, the rising demand of OTT services such as Netflix and Amazon Prime along with declining data tariffs rates are some of the factors that are responsible for growth of data traffic. Considering this, the communication service providers are unable to meet the increasing consumer expectations for personalized services due to lack of telecom infrastructure. In this regard, the integration of network function virtualization in the telecommunication network helps the communication service providers to reduce the operational cost (OPEX) and capital expenditure (CAPEX) by reducing management complexities.

However, security issues related to network function virtualization is one of the factors which is expected to hinder the growth of this market. During the deployment of virtualized network functions, the network operators need to be careful regarding the security of the network as it can be easily targeted by hackers.

Key Players

The prominent players in the global network function virtualization market are Accenture PLC (Ireland), Juniper Networks (US), Alcatel-Lucent S.A. (France), Cisco Systems, Inc. (US), Huawei technologies Co. Ltd. (China), Nokia Corporation (Finland), Intel Corporation (US), NEC Inc. (Japan), Amdocs Inc. (US), Connectem Inc. (US), Ericsson (Sweden), 6WIND (France), Oracle Corporation(US), Open Wave Mobility Inc. (US), Allot communications (US) among others

Industry News

Nov 2018, Ericsson partnered with Telenor Group for the deployment of 5G NFV.

Ericsson and Telenor Group signed a contract for the network function virtualization (NFV). Telenor will integrate the cloud core solutions of Ericsson across multiple data centers for 5G deployment with the modification of its core network across Sweden, Norway, and Denmark. The contract also comprises virtual IMS, support services, and lead system integration.

Sep 2017, VMware signed a software licensing agreement with Vodafone Group.

In the contract, Vodafone has integrated the cloud NFV provided by VMware that offers ETSI-compliant, multi-tenant NFV platform across network and applications which enables time and cost efficient deployment and operation of services.

Global Network Function Virtualization Market - Segmentation

Segmentation by application: switching elements, traffic analysis, service assurance, and next generation signalling.

Segmentation by deployment: cloud and on-premise

Segmentation by infrastructure: hardware resources, virtualization layer, and virtualized resources

Segmentation by end-user: communication service provider (CSP), information technology, cloud service provider, and BFSI

Segmentation by Region: North America, Europe, Asia-Pacific, and Rest of the world.

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Global Network Function Virtualization Market Regional Analysis

The regional analysis of global network function virtualization market is studied for North America, Europe, Asia-Pacific, and the Rest of the World.
North America dominates the network function virtualization market due to the presence of early technology adopters and increasing investment in research and development department by the developed countries such as US and Canada.

Asia-Pacific is expected to reach the highest CAGR during the forecasted period (2018—2023) due to the growing need of the advancement in the telecommunication sector to meet consumer demands due to the rising growth of data traffic with the adoption of IoT technology and smartphones.

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