Meticulous Research® – leading global market research company published a research report titled “Network Function Virtualization Market by Component (Orchestration, Professional Services), Virtualized Network Function, Application (Virtual Appliances, Core Network), End User (Enterprises, Service Providers, Data Centers)– Global Forecast to 2027”.
According to this latest publication from Meticulous Research®, the network function virtualization (NFV) market is expected to grow at a CAGR of 34.9% from 2020 to 2027 to reach $122 billion by 2027. The growth in this market is majorly attributed to factors such as increased network complexities and ever-increasing demand for cloud-based services, rapid deployment of IoT on a considerable scale, increasing demand for data center consolidation and server virtualization, and need for security agility. Besides, the rapid proliferation of disruptive technologies in emerging economies of Asia Pacific including China and India is offering significant growth opportunities for network function virtualization market. However, the growing number of security risks across the NFV infrastructure and negative impact of COVID-19 on the global economies emerged as notable restrain for the global network function virtualization market.
The global network function virtualization market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of component (solution, orchestration and automation, professional services), virtualized network function (storage, compute, and network), application (virtual appliances, core network), and end-user (enterprises, service providers, and data center). The study also evaluates industry competitors and analyses the market at a country level.
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Based on component, the solution segment is estimated to account for the largest share of the overall network function virtualization market in 2020. However, the orchestration & automation segment is expected to emerge as the fastest-growing segment throughout the forecast period. These solutions allow a smooth workflow within an organization with complex workloads. With present scenario, companies are changing their strategies and are reducing their dependencies over human resources for critical application. The restructuring of internal policies to reduce dependencies and achieve autonomy in the process, organizations have started to adopt orchestration & automation. With the current scenario of the global pandemic and lack of skilled workforce, the trend of adopting orchestration & automation is expected to continue rapidly, thereby propelling the fast growth of the segment over the coming years.
Based on application, the core network segment is estimated to account for the largest share of the overall NFV market. Core network primarily includes several critical networking operations, such as traffic monitoring, security, caching, and intrusion detection system. The fast growth of this segment is mainly attributed to the increasing demand for advanced network management systems to handle the increased network traffic and complexities. It helps in boosting the scalability and utility of existing network resources and provide a better security function without the cost of additional hardware of individual applications. To reduce the workload on their existing infrastructure, companies have started to incorporate core network into their system, and hence the segment is also expected to grow with the fastest growth rate over the coming years.
Based on end-user, the enterprise segment is estimated to command the largest share of the overall network function virtualization market in 2020. The large share of this segment is mainly attributed to the trend of rapid adoption of network function virtualization solutions by enterprises as it offers significant benefits such as improved network efficiency through centralized management, enhanced IT agility, and network customization through fast and reliable application services. Besides, significant investments in cloud-based virtualization solutions are also expected to aid enterprise sector to scale up the network without increasing the complexities and set-up cost. However, the data center segment is expected to grow with the fastest CAGR over the coming years.
Geographically, the North America region is estimated to command the largest share of the global network function virtualization market in 2020. The large share of this region is primarily attributed to the presence of developed economies such as the U.S. and Canada in the region and their primary focus on innovating the existing solutions. In addition, North America is adopting network function virtualization solutions on a considerable scale to enhance their IT infrastructure and leverage the benefits of new technologies, such as 5G and IoT. Besides, presence of the majority of established network function virtualization players and start-ups have also supported the dominance of this region in this market.
Some the key players operating in the global network function virtualization market are Cisco Systems Inc. (U.S.), Juniper Networks Inc. (U.S.), Affirmed Networks (U.S.), Ribbon Communication Inc. (U.S.), Fujitsu Ltd. (Japan), Huawei Technologies Co., Ltd (China), VMware Inc. (U.S.), Nokia Corporation (Finland), Ericsson AB (U.S.), Ciena Corporation (U.S.), Hewlett Packard Enterprises (U.S.), ZTE Corporation (U.S.), Radisys (U.S.), Dell EMC (U.S.), and Wind River Systems, Inc. (U.S.).
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