Network function virtualization Market to Grow at a CAGR of 23.8% to Reach USD 180.67 Billion by 2031

Allied Market Research published a new report, titled, "Network function virtualization Market to Grow at a CAGR of 23.8% to Reach USD 180.67 Billion by 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Decrease in capital and operational expenditure offered by network function virtualization and increase in deployment of virtualised software among enterprise data centers, including internet service providers (ISP) and cloud service providers (CSP) and rapid automation across IT sectors drive the growth of the global Network Function Virtualization Market. However, increased network security risks in network function virtualization hamper the market growth. On the other hand, increase in demand for data-intensive applications and the need for cloud-based services present new opportunities in the coming years.

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Based on component, the hardware segment captured the highest market share in 2021, contributing to nearly half of the global network function virtualization market, and is expected to maintain its leadership status during the forecast period. The virtualization of network functions reduces dependency on dedicated hardware appliances for network operators, and allows for improved scalability and customization across the entire network. Such benefits provide numerous opportunities for the growth of the hardware segment.

Based on enterprise size, the large enterprises segment held the highest market share in 2021, contributing to around two-thirds of the global network function virtualization market, and is expected to maintain its dominance during the forecast period. This is because the combination of orchestration, automation, and programmability provided by virtualization enables the IT department of large enterprises to become more agile.

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Based on end user, the enterprises segment held the highest market share in 2021, contributing to nearly two-fifths of the global network function virtualization market. Increased focus of enterprises on re-architecting their networking infrastructure to achieve automation, network security, and application performance is one of the major factors leading to significant adoption of network function virtualization technologies among enterprises.

Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for nearly two-fifths of the global network function virtualization industry, and is expected to maintain its dominance in terms of revenue by 2031. The NFV market in North America is aided by the early and fast adoption of technologies, such as cloud computing, software defined everything (SDx), and IoT. The favorable standards and networking regulations help in boosting the market growth in this region.

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Covid-19 Scenario

• The Covid-19 pandemic led to supply chain disruptions due to limited import and export of devices such as smartphones, computers, and tablets to and from China. China's manufacturing plants were closed for several months and the NFV industry's production, sales, and operations were gravely affected.

• However, some companies are working hard to help the NFV market recover. Moreover, local governments have taken some remedies to mitigate the negative effects of COVID-19. Hence, the NFV industry is expected to slowly come back to its normal phase after 2022.

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