Network Function Virtualization Market Size, Emerging Trends, Growth Rate, Business Opportunities And Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Network Function Virtualization Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The network function virtualization market size has grown exponentially in recent years. It will grow from $22.29 billion in 2023 to $26.86 billion in 2024 at a compound annual growth rate (CAGR) of 20.5%. The growth in the historic period can be attributed to need for cost reduction in network infrastructure, demand for scalability and flexibility, advances in virtualization technologies, growth in data traffic and network complexity, transition to software-defined networking (sdn).

The network function virtualization market size is expected to see exponential growth in the next few years. It will grow to $57.11 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to focus on edge computing, increased demand for network automation, emphasis on network security in virtualized environments, reduction in capital and operating costs, optimization of networks and related processes. Major trends in the forecast period include containerization in nfv deployments, network slicing for customized services, multi-vendor nfv solutions and interoperability, integration of nfv with cloud-native technologies, dynamic orchestration for service agility.

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Market Segmentation:
The network function virtualization market covered in this report is segmented -
1) By Component: Solutions, Orchestration And Automation, Services
2) By Infrastructure: Hardware Resources, Virtualized Resources
3) By Application: Virtual Appliance, Core Network
4) By End User: Service Providers, Data Centres, Enterprises

Major Driver - Cloud-Based Services Fueling Network Function Virtualization Market Growth
Increasing demand for cloud-based services is significantly contributing to the growth of the network function virtualization market going forward. Cloud refers to servers that are provided over the Internet and the software and databases that run on those servers. Network operators can get new network services dynamically using cloud solutions rather than installing new hardware. For instance, according to the 2022 State of the Cloud Report by Flexera, a US-based software company which surveyed 753 technical professionals, revealed that overall small to midsized businesses (SMBs) cloud spend had grown substantially to 53% reaching $1.2 million spend annually in 2022, which was up from 38% in 2021. Therefore, the increase in demand for cloud-based services is driving the network function virtualization market growth.

Competitive Landscape:
Major companies operating in the network function virtualization market report are Cisco Systems Inc., Telefonaktiebolaget LM Ericsson, Huawei Technologies Co. Ltd., VMware Inc., Nokia Corporation, Hewlett Packard Enterprise Company, Dell Technologies Inc., Juniper Networks Inc., Affirmed Networks Inc., NetScout Systems Inc., NEC Corporation, Ribbon Communications Operating Company Inc., ZTE Corporation, Fujitsu Limited, Ciena Corporation, Amdocs Limited, Mavenir Systems Inc., Radisys Corporation, ECI Telecom Ltd., Metaswitch Networks Ltd., Wind River Systems Inc., Comba Telecom Systems Holdings Ltd., Red Hat Inc., Intel Corporation, Redline Communications Group Inc., Arista Networks Inc., Broadcom Inc., F5 Networks Inc., Fortinet Inc.

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Top Trend - Embracing Technological Advancements In The Network Function Virtualization Market
Technological advancements have emerged as a key trend gaining popularity in the network function virtualization market. Major companies operating in the NFV sector are focused on developing the latest technologies to sustain their position in the market. For instance, in February 2022, Mobileum, a US-based telecom analytics company, and VoerEir, a Sweden-based cloud technology company, partnered to create a powerful test platform for network function virtualization infrastructure. The combination of Mobileum's SITE active test solution and VoerEir's Touchstone test suite provides a vertically integrated solution that allows communication service providers to fully automate testing of services from the lab to the live network, as well as virtual and cloud-native network functions.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Network Function Virtualization Market Characteristics
3. Network Function Virtualization Market Trends And Strategies
4. Network Function Virtualization Market - Macro Economic Scenario
5. Network Function Virtualization Market Size And Growth
…..
27. Network Function Virtualization Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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