IMARC Group has recently released a new research study titled “Network Function Virtualization (NFV) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the global network function virtualization market growth, drivers, segmentation, opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the network function virtualization market?

The global network function virtualization (NFV) market size reached US$ 22.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.2 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.

What is network function virtualization (NVF)?

Network functions virtualization or NFV is an approach to virtualize network services, including firewalls, routers, and load balancers, that have conventionally been run on proprietary hardware. Such services are packaged as virtual machines on commodity hardware.

It permits service providers to run their networks on basic servers instead of proprietary ones. The user doesn’t require to have dedicated hardware for each network function with NFV. It also helps in improving agility and scalability by letting service providers provide new network services and applications on demand, without requiring additional hardware resources.

What are the growth prospects and trends in the industry?

The increasing demand for a cost-effective and efficient network management system represents a significant factor driving the market growth. Moreover, the widespread adoption of telecom equipment and services among data centers and significant expansion of the banking, financial services, and insurance (BFSI) industry are contributing to the growth of the market across the globe.

The demand for internet of things (IoT) deployments, cloud-based services, cloud migration, and security agility is increasing rapidly due to the complexity of networks, which is expected to propel the demand for NFV. Other factors, such as the increasing investment in 5G network technology and the rising need for server virtualization, are creating a positive outlook of the market.

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Key Market Segmentation:

The report has segmented the global network function virtualization market based on offering, deployment mode, enterprise size, application, end user and region.

Breakup by Offering:

  • Software
  • Orchestration and Automation
  • Services

Breakup by Deployment Mode:

  • Cloud-Based
  • On-Premises

Breakup by Enterprise Size:

  • Small and Medium Enterprises
  • Large Enterprises

Breakup by Application:

  • Virtual Appliance
  • Core Network

Breakup by End-User:

  • BFSI
  • Healthcare
  • Retail
  • Manufacturing
  • Government and Defense
  • Education
  • IT and Telecom
  • Others

Breakup by Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East and Africa

Competitive Landscape With Key Players:

The competitive landscape of the network function virtualization market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

  • Affirmed Networks Inc. (Microsoft Corporation)
  • Allot Ltd., Amdocs
  • Ciena Corporation (Tellabs Inc.)
  • Cisco Systems Inc.
  • Dell EMC (Dell Technologies Inc.)
  • Huawei Technologies Co. Ltd.
  • Intel Corporation
  • Juniper Networks Inc.
  • NEC Corporation
  • Nokia Corporation
  • Telefonaktiebolaget LM Ericsson
  • ZTE Corporation

Key Highlights of the Report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market Trends
  • Market Drivers and Success Factors
  • Impact of COVID-19
  • Value Chain Analysis
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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