What's Driving the Network Function Virtualization Market Trends? Amdocs, Arista Networks, AT&T, Broadcom, Cisco, Ericsson, F5 Networks, Hewlett Packard Enterprise, Huawei Technologies, Juniper Networks, Nokia, Oracle, Riverbed Technology, Verizon, VMware

Asia Pacific network function virtualization market outlook is anticipated to record the fastest growth over 2018-2024 owing to the intensifying demand for cloud-based storage, networking, and computing solutions from the rapidly developing technology firms in the region.

With investments in NFV technology from telecom firms, including Huawei and ZTE, in China, the advancement in NFV services and solutions is estimated to grow rapidly over 2018-2024. For instance, China's Internet Plus initiative has been introduced with an aim to update and transform traditional sectors to join modern economy. Telecom service providers in the country have been rapidly adopting NFV technology to benefit from its speed, cost-effectiveness, and flexibility.

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Increasing deployment of NFC technology due to the need of robust data management systems will fuel network function virtualization market share over the ensuing years. Growing demand for atomization of orchestration and organization of computing resources, storage devices, and network are key driving factors in the development of NFV and Software Defined Networking (SDN) technologies. The requirement for data center virtualization and server consolidation will also contribute as the major factors augmenting network function virtualization market forecast which predicts the industry share to exceed $70 billion by 2024.

The Major Key Players in the Network Function Virtualization Market are as Follows:
1. Amdocs
2. Arista Networks
3. AT&T Inc.
4. Broadcom Inc.
5. Cisco Systems, Inc.
6. Ericsson
7. F5 Networks, Inc.
8. Hewlett Packard Enterprise
9. Huawei Technologies Co., Ltd.
10. Juniper Networks, Inc.
11. Nokia Corporation
12. Oracle Corporation
13. Riverbed Technology, Inc.
14. Verizon Communications
15. VMware, Inc.
16. Wind River Systems, Inc.

Healthcare sector is predicted to account for more than 15% of the network function virtualization market share by 2024. The growth can be attributed to the escalating penetration of virtualization technologies for managing massive healthcare IT networks. With a virtualized network, healthcare institutions gain the capability to advance network agility, decrease operational costs, and prioritize critical traffic.

For example, for such institutions, it becomes very important to recognize and prioritize network traffic and assign high bandwidth to critical applications related to patient care. The adoption of network and server virtualization has been enabling hospitals to organize their application workloads in the hospital data centers. These are the factors which will help to accelerate network function virtualization market by 2025.

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Huge investment of telecom service providers to commercialize 5G will also play a major role for enhancing network function virtualization market trends. A few of the typical problems in complex carrier networks are a huge variety of proprietary nodes and hardware appliances and the demand of supplementary proprietary hardware for introduction of new services. NFV enables telecom carriers to utilize network resources without being concerned about their physical location. Carriers are capable of using a single platform for various users, tenants, and applications with enhanced network device. Moreover, by reducing the standard network operator cycle of improvement, NFV lessens product's time to market.

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