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Network Function Virtualization, Global Market Report, Growth, Trends 2024
Network Function Virtualization, Market Growth, Global Opportunities, Analysis 2024
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According to The Business Research Company's, 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 Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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, Accentur*e plc, 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.
Network Function Virtualization Market 2024 Key Insights:
• 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%.
• Cloud-Based Services Fueling Network Function Virtualization Market Growth
• Embracing Technological Advancements In The Network Function Virtualization Market
• North America was the largest region in the network function virtualization market in 2023
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