Network Function Virtualization Market to reach $70bn by 2024 - PowerPoint PPT Presentation

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Network Function Virtualization Market to reach $70bn by 2024


More Information @ The network function virtualization market is projected to exhibit an accelerated growth between 2018 and 2024 due to the growing demand for data center virtualization and server consolidation among enterprise customers and the benefits of reduced CAPEX and OPEX for enterprises through the virtualization of networking functions. – PowerPoint PPT presentation

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Title: Network Function Virtualization Market to reach $70bn by 2024

Network Function Virtualization Market to reach
70bn by 2024 Global Market Insights Inc.
Industry Overview
  • Network Function Virtualization (NFV) Market size
    is set to exceed USD 70 billion by 2024 driven
    by increasing demand for data center
    consolidation and server virtualization. The NFV
    market growth is attributed to the growing trend
    of mobility in enterprise IT infrastructures,
    lower telecom carrier costs enabled by NFV
    deployment, and consistent industry as well as
    government initiatives for the commercialization
    of 5G network technology. As network service
    providers have invested in multiple technology
    transitions for mobile, broadband access, and
    business services over the years, disparate
    networks with their own proprietary architecture
    have emerged.
  • This has led to enormous CAPEX and OPEX budget
    bloats. NFV allows service providers to
    effectively virtualize network functions such as
    load balancers, firewalls, subscriber policy
    management, and mobile RAN (Radio Access Network)
    functions. Due to the excellent flexibility and
    agility offered by NFV solutions, enterprises can
    scale their networking infrastructure in response
    to increased workloads by using cloud-native
    NFVs. This flexibility allows them to reduce the
    cost incurred in procuring additional hardware
    appliances for supporting newly introduced
    network services.

  • The hardware segment held a majority share of
    around 48 in 2017 in the global NFV market due
    to the large-scale adoption of NFV servers for
    virtualizing diverse network functions such as
    firewalls, Network Address Translation (NAT),
    routing, and Internet Protocol Security (IPSec).
    As the market evolves, the software segment is
    expected to lead the network function
    virtualization market growth due to the extensive
    deployment of NFV-MANO platforms as well as VNF
    software applications meant for virtualizing a
    diverse set of network functions.
  • NFVs appeal lies in its ability to deliver more
    network function performance with lesser data
    center rack space, power, and cooling. This
    capability is provided by the virtualized
    architecture of the network framework supported
    by sophisticated NFV software platforms and
    applications. Also, NFV software solutions can
    quickly provision different types of virtual
    security appliances to enable software-defined
    security to manage a dynamic threat landscape and
    protect the network integrity.
  • The manufacturing sector in the network function
    virtualization market is expected to witness the
    fastest growth while registering a CAGR of around
    50 between 2018 and 2024 due to the large-scale
    implementation of IIoT technology leading to a
    rapid growth in the number of connected
    components in the industrial IT environment.


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NFV Market

Europe Network Function Virtualization (NFV)
Market Share, By Application, 2017

Industry Coverage

  • Asia Pacific NFV market is projected to grow with
    the highest CAGR of around 50 during the
    forecast period. The increasing adoption of
    cloud-based computing and storage technology by
    SMEs in the region, expansion of data center
    ecosystem in the region by leading global cloud
    service providers, and large-scale investment in
    5G testing and commercialization by telecom
    carriers in China are some of the major factors
    influencing the growth of the Asia Pacific NFV
  • Companies operating in the global NFV market
    focus on product development and innovation to
    develop robust network virtualization platforms
    along with strategic collaborations and
    partnerships to leverage their mutual
    technological capabilities and create innovative
    service offerings. Major players, such as Huawei,
    Cisco, Nokia, HPE, and VMware focus, on
    developing modern network virtualization
    infrastructure to enable service providers to run
    network services in a faster and more efficient
    manner while enabling significant CAPEX and OPEX
    savings on hardware investment.
  • Some of the key players operating in the network
    function virtualization market are Cisco, Huawei,
    Ericsson, VMware, Juniper, F5 Networks, Nokia,
    ATT, HP, Citrix, NFWare, WindRiver, Riverbed,
    Broadcom, Oracle, Verizon, 6Wind, Arista, Amdocs,
    IBM, and Pluribus.

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