Network function virtualization Market Size to Generate USD 180.67 Billion, growing at a CAGR of 23.8%

According to the report, the global network function virtualization industry generated $21.90 billion in 2021, and is estimated to reach $180.67 billion by 2031, witnessing a CAGR of 23.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Network Function Virtualization (NFV) is a technology that involves the virtualization of network services, allowing them to be deployed on a shared infrastructure. The Network Function Virtualization Market refers to the business ecosystem and industry related to the adoption, development, and deployment of NFV solutions and services.

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In traditional networking, network functions such as firewalls, load balancers, and routers are often implemented using dedicated hardware appliances. NFV, on the other hand, enables these functions to be decoupled from proprietary hardware and run as software on virtualized infrastructure. This virtualization brings flexibility, scalability, and cost-efficiency to network operations.

The Network Function Virtualization (NFV) market is experiencing significant growth driven by various factors. The increasing demand for agile and scalable network infrastructure is a key catalyst for the expansion of the NFV market. As organizations strive for greater flexibility and efficiency in managing their networks, the adoption of NFV solutions becomes pivotal.

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 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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The network function virtualization (NFV) market trends in Asia-Pacific is expected to exhibit the highest growth during the forecast period. The region has a robust IT infrastructure and solid software and service offerings, as well as leadership positions in emerging fields including robotics, which would provide lucrative growth opportunities for the network function virtualization market in this region. Furthermore, the technology environment in Asian countries is expanding, particularly in sectors such as healthcare, retail and BFSI. The growing digitalization towards business process, would provide the lucrative growth opportunities for the market in the Asia-pacific region.

The global network function virtualization (NFV) market was valued at $21.90 billion in 2021, and is projected to reach at $180.67 billion by 2031, growing at a CAGR of 23.8% from 2022 to 2031. Network functions virtualization is a way to virtualize network services, such as routers, firewalls, and load balancers, that have traditionally been run on proprietary hardware. These services are packaged as virtual machines (VMs) on commodity hardware, which allows service providers to run their network on standard servers instead of proprietary ones.

Further, virtualized network function can centralize the tasks while advancing scalability and capability, lead to the consolidation of the network environment and ease of management. Likewise, it acts as a security barrier installed to ensure secure access to a network as it can provide security services and traffic isolation within a cloud infrastructure, along with a customized firewall. Moreover, rapid automation across IT, sectors are propelling the growth of the Network Function Virtualization Industry.

Based on enterprise size, the large enterprises segment captured the largest Network Function Virtualization Market Share in 2021, and is expected to continue this trend during the forecast period. Network function virtualization facilitates large enterprises for the expansion of network resources as well as new servers while minimizing the administrative burden. The combination of orchestration, automation, and programmability provided by virtualization enables the IT department of large enterprises to become more agile. However, SMEs segment is expected to witness the highest growth market share in the upcoming year. 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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Depending on end user, the enterprises segment dominated the growth in 2021 and is expected to continue this trend during the Network Function Virtualization Market Forecast period. 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.

In addition, surge in adoption of advanced technologies in these enterprises such as cloud computing services, bring your own device (BYOD), Internet of Things (IoT), and Big Data are some of the factors driving the growth of the network function virtualization market. However, data center segment is expected to witness the highest growth in the upcoming year. Network function virtualization offers data center providers with advanced capabilities such as secured sharing on network, managing large network, efficiency, and flexibility of networking operations. Furthermore, surge in use of cloud computing services & mobile devices and focus on technological developments in organizations, the Network Function Virtualization Industry is expected to grow at a notable rate.

The network function virtualization (NFV) market was valued at $ 26.44 billion in 2022, and is projected to reach $180.67 billion by 2031, registering a CAGR of 23.8%. The current estimation of 2031 is projected to be higher than pre-COVID-19 estimates. The Covid-19 pandemic is anticipated to provide various opportunities for growth of the market in the coming years. NFV aids greater visibility into networks which provides lucrative opportunities for market growth. Enterprises are adopting NFV to eliminate usage and destruction of physical devices.

Moreover, NFV enhances resilience during downtime and thus reducing downtime. Thus, organizations are widely deploying network function virtualization to increase their efficiency. Furthermore, the virtual environment of NFV allows segregation into multiple virtual machines. This enables the developers to quickly resolve the issue. This provides an ideal situation for developers to test and create a clone quickly and run test issues without hampering the work and production. In addition, the centralized network gives comprehensive visibility into the network and infrastructure, providing enormous potential for the Network Function Virtualization Market Size growth during the forecast period.

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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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