Network Function Virtualization Market to reach $70bn by 2024

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Network Function Virtualization Market to reach
70bn by 2024 Global Market Insights Inc.
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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.

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• 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

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

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Industry Coverage

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• 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
  market.
• 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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