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Network Function Virtualization Market Analysis, Segmentation and Industry Forecast To 2024 | Wind, Amdocs, Arista Networks, AT&T Inc., Broadcom Inc., Cisco, Citrix, Ericsson, F5 Networks, Hewlett Packard Enterprise

03-17-2020 01:23 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

NFV Market

NFV Market

The scope of the expansion of the network function virtualization market is not only limited to the IT & telecom sector but also has huge growth potential from the healthcare, BSFI, retail, manufacturing, and government sectors. The heavy investments pertaining to the 5G technology implementation across myriad geographies is further poised to proliferate the regional growth of the global network function virtualization industry. For instance, the Asia Pacific network function virtualization market is estimated to grow with the highest y-o-y rate of around 50% over 2018-2024, given the large-scale adoption of cloud-based computing technology by SMEs & business ventures & heavy investment in 5G testing and commercialization.

VMware Inc. has made it to the headlines for announcing its purchase of Dell EMC's Service Assurance Suite to enhance its networking services. According to reports, the Service Assurance Suite comprises software for controlling & monitoring the health and performance of IT networks. The Suite is also expected to provide visibility and analysis to both the virtual & physical networks and cloud environments by identifying how exactly the resources are used and whether the service level agreements are being met satisfactorily. VMware revealed that the key plan is to integrate Dell's technology into its NFV platform for telecommunication companies.

If industry analysts are to be believed, the addition of new capabilities would help the enterprises facilitate the impending deployments of 5G networks. With a number of carriers increasingly virtualizing core and edge networks with NFV, the global network function virtualization market is expected to accelerate at a commendable pace.

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Company profiled in Network Function Virtualization Market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Wind
o Amdocs
o Arista Networks
o AT&T Inc.
o Broadcom Inc.
o Cisco
o Citrix Systems
o Ericsson
o F5 Networks
o Hewlett Packard Enterprise
o Huawei Technologies Co. Ltd.
o Juniper Networks
o NFWare
o Nokia Corporation
o Oracle Corporation
o Pluribus Networks
o Riverbed Technology
o Verizon Communications
o VMware
o Wind River Systems

At a time when the global IT and telecommunication sector has been recording unprecedented growth owing to a major shift toward automation, next-generation technology solutions such as NFV have garnered immense significance. With the help of a robust virtualized network architecture in conjunction with NFV technology, the telecommunications companies can now launch new services in a couple of months.
Moreover, the deployment of NFV enables telecom network operators to significantly reduce power consumption through consolidating equipment, lower the maturation cycle, improve the flexibility of network service provisioning, and enhance operational efficiency. Because of all these advantages, the IT and telecommunication sector has emerged as the major contributor toward network function virtualization market share expansion in the recent times. The IT and telecommunication segment held over 32 percent of the revenue share of the overall network function virtualization market in the year 2017.

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In this regard, developing economies along the likes of India and China have emerged as the fastest growing terrains for the telecom industry in the last decade. This has, in turn, benefited the network function virtualization market players operating in these nations as the deployment of NFV technology in the telecommunication sector has been on the rise.

Testimony to the statements is the recently organized SDN & NFV India Congress 2017 which aimed at deliberating on the opportunities and the evolving role of NFV technology on 5G networks in the context of India's telecom industry. Held for the first time in India, the Congress has been supported by tech giants such as IBM, Juniper Networks, Ericsson, Huawei, UT Starcom, ADVA Optical Networking, and Nokia. Needless to mention, the outcomes of such proactive initiatives would aid the IT and telecom sector to retain the top spot across the application spectrum of network function virtualization market in the upcoming years.

Meanwhile, it would be prudent to mention that the seamless deployment of NFV technology has been facing certain challenges which includes ensuring compatibility with legacy platforms, interoperability, performance trade-off, and simplicity which might prove to be roadblocks in rapid product penetration. However, the applications of NFV technology would undoubtedly drive various business verticals toward the next phase of network evolution and would prepare an ecosystem where the advantages of 5G connectivity would be leveraged in a highly efficient and agile manner. Driven by an escalating demand for server consolidation and data center virtualization, the remuneration portfolio of the global network function virtualization market is projected to surpass USD 70 billion by 2024.

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