Network Function Virtualization Market Projected to reach USD 42.85 billion with a health CAGR of 22.90% by 2032 – Report by Market Research Future (MRFR)

Growing enterprises deploying virtualized software is driving the market growth

Tokyo, Japan, June 23, 2023 (GLOBE NEWSWIRE) — According to the research report published by Market Research Future (MRFR), “Network Function Virtualization Market Information Deployment Mode, By Organization Size, And By Region – Market Forecast Till 2032”. The Network Function Virtualization Market could thrive at a rate of 22.90% between 2023 and 2032. The market size will be reaching around USD 42.85 billion by the end of the year 2032.

Network Function Virtualization Market Synopsis:

Network function virtualization (NFV), which deals with virtual networks, uses both hardware and software. It reduces power usage, lowers equipment expenses, and aids in streamlining networks and related tasks.

On a single network appliance, many apps can be accessed more conveniently. By using cutting-edge technologies like data intelligence, big data analytics, and artificial intelligence, network function virtualization aims to increase organisational performance and efficiency. The importance of network function virtualization is being understood by a growing number of small and medium-sized end customers.

Operations like intrusion detection, domain name service (DNS), network address translation (NAT), and firewalls are decoupled by network function virtualization. Due to the increasing demand for data-intensive applications in the mobile sector, which also calls for more network capacity to meet customer demands, the worldwide NFV market should grow.

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Key Players

  • Juniper Networks (U.S.)
  • Accenture PLC (Ireland)
  • Cisco Systems Inc. (U.S.)
  • Amdocs Inc. (U.S.)
  • Alcatel-Lucent S.A. (France)
  • Huawei Technologies Co. Ltd. (China)
  • NEC Inc. (Japan)
  • Intel Corporation (U.S.)
  • Connectem Inc. (U.S.)

Scope of the Report – Network Function Virtualization Market:

Report Metrics Details
Market Size by 2032 USD 42.85 billion
CAGR during 2023-2032 22.90%
Base Year 2022
Forecast 2023-2032
Key Market Opportunities The network function virtualization market offers a variety of growth prospects in the worldwide market thanks to the rapid development of technologies like the internet of things (IoT) and artificial intelligence.
Key Market Dynamics The market size and infrastructure network complexity are expected to grow throughout the anticipated period, which makes it possible for the market share of network function virtualization to expand.

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Market Drivers:

The decrease in equipment power, cooling, and space requirements as well as the ease of network service management have significantly increased market demand for the NFV. Significant growth in the BFSI, healthcare, retail, manufacturing, and information technology (IT) sectors is one of the key factors promoting a positive outlook for the industry. Advanced network management & NFV solutions are now more necessary than ever to handle the growing network traffic & data complexity.

Network services virtualization addresses the issues of expensive capital investment, support & maintenance, and end-of-life events of the physical networking equipment by using commercial off-the-shelf technology.

Virtualization facilitates the deployment of high-capacity, industry-standard servers, switches, and storage in data centres, network nodes, and end-user facilities by combining a number of network devices.The market is shaped by new technological advancements in order to stay up with the evolving demands of the consumer base. Technologies like virtualization and SD-WAN are some of the most recent developments in the telecommunications industry. Significant expenditures in infrastructure modernization and an increase in the usage of automation technologies like the Internet of Things (IoT) and artificial intelligence (AI) are the main factors driving the growth of the for-network functions virtualizations market in the United States. boosting the market revenue for network function virtualization.

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Market for Network Function Virtualization is divided into three categories:

The Network Function Virtualization market is divided into Cloud and On-premise segments based on deployment. With 70% of market revenue coming from the cloud segment, the market was dominated by it. Many of the VNFs that VNF providers provide have switched to a container-based architecture. These VNFs, also known as Cloud-Native Network Functions (CNF), leverage a number of commonly found Internet infrastructure technologies.

Solution & Services are a part of the Network Function Virtualization market segmentation based on components. The solution category brought in the most money (73%) overall. The increased use of automation and virtualization technologies is responsible for its growth.

Virtual Appliances and Core Networks are two market segments under Network Function Virtualization that are based on connection. The category of virtual appliances brought in the most money. For a variety of network tasks, such as domain name services, traffic forwarding, security, monitoring, and caching, virtual appliances are typically utilised.

Service providers, data centres, and businesses are included in the Network Function Virtualization market segmentation based on end users. In 2022, the enterprise’s sector held the majority share and contributed around 38% of the market revenue for network function virtualization.

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Regional Insights:

Market insights by region are covered in the study and include Asia-Pacific, North America, Europe, and the rest of the globe. This market will be dominated by the Asia-Pacific region for Network Function Virtualization, and the uptake of technologies like Software Defined Everything (SDx), cloud computing, and the Internet of Things.

The region also includes countries like China, India, and Japan, all of which are expected to contribute to the growth of the subscriber base, favourable governmental regulations, and the demand for more data storage and security in the area. In addition, the Indian Network Function Virtualization market had the quickest rate of growth in the Asia-Pacific region, while China’s Network Function Virtualization market had the greatest market share.

The market for network function virtualization in North America is anticipated to see the quickest CAGR between 2023 and 2032. This is due to the growth of supporting technologies like Software Defined Everything (SDx), cloud computing, and IoT. Furthermore, in North America, the US Network Function Virtualization market had the greatest market share while Canada’s was expanding at the fastest rate.

Related Reports:

  • Wireless Network Infrastructure Ecosystem Market– The global wireless network infrastructure ecosystem market is expected to surpass USD 51,716 Million by 2030 with a CAGR rate of 12.32% during the projected period.
  • Mobile virtual network operator Market– The Mobile virtual network operator market is projected to grow from USD 85.4 Billion in 2023 to USD 151.3 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.51% during the forecast period (2023 – 2030)
  • Virtual Network Functions Market– The virtual network functions market is expected to grow at a high CAGR of approximately 23.80% by the end of the forecast period of 2027. With total revenue of USD 170.3 billion.

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