Global Network Function Virtualization Market to Reach USD 180.67 Billion by 2031 | Top Players Such as - Ciena, Mavenir and VMware

According to the report published by Allied Market Research, The Global Network Function Virtualization Market to Reach USD 180.67 Billion by 2031 | Top Players Such as - Ciena, Mavenir and VMware. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Decrease in capital and operational expenditure offered by network function virtualization and increase in deployment of virtualized 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 market growth. On the other hand, the 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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The global network function virtualization market was valued at USD 21.90 billion in 2021, and is projected to reach USD 180.67 billion by 2031, growing at a CAGR of 23.8% from 2022 to 2031.

The network function virtualization market is segmented into Component, Enterprise Size and End User. By component, it is divided into hardware, solution and services. On the basis of enterprise size, it is categorized into large enterprises and SMEs. By end user, it is segregated into service providers, data centers and enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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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. However, the services segment is projected to witness the largest CAGR of 25.2% from 2022 to 2031. This is because services play a vital role in the NFV market. Services focus on meeting client requirements, including reduced cost and enhanced software performance.

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. However, the SMEs segment is projected to witness the largest CAGR of 25.0% from 2022 to 2031. Surge in need to make business more streamlined and rise in need to improve efficiency by shortening the time taken to troubleshoot a solution majorly drive the growth of the network function virtualization among small- & medium-sized businesses.

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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. However, Asia-Pacific is projected to manifest the fastest CAGR of 26.2% during the forecast period. This is because the region has a robust IT infrastructure and solid software and service offerings. In addition, the rise in penetration of cloud-based services drives growth of the market in this region.

This report gives an in-depth profile of some key market players in the network function virtualization (NFV) market, include Affirmed Networks, Ciena, Cisco Systems, Inc., Comba telecom systems, Dell EMC, ECI Telecom, Ericsson, Fujitsu Limited, Hewlett Packard Enterprise, Huawei Technologies Co., Ltd., NEC Corporation, Mavenir, NETSCOUT, Nokia Corporation, VMware, Inc., Wind River Systems, Inc. and ZTE Corporation. This study includes market trends, Network Function Virtualization Market Analysis, and future estimations to determine the imminent investment pockets.

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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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