The global network function virtualization market revenue was around US$ 27.1 billion in 2022 and is estimated to reach US$ 185.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 23.8% during the forecast period from 2023 to 2031.
Network function virtualization (NFV) is a combination of software and hardware networks that deal in virtual networks. It helps in optimizing the networks and related processes, lowers power consumption, and reduces equipment price. It promotes the accessibility of various applications on one single network appliance. Reduction in capital and operational expense is a major benefit provided by network function virtualization.
Market Driving Factors
An increase in demand for agile network infrastructure is estimated to propel the market. The requirement for agile and adaptable network infrastructure becomes essential as businesses surge depend on digital services and operations. In addition, NFV addresses this demand by allowing the virtualization of network functions that were traditionally bound to specialized hardware devices. As a result, this decoupling of functions from hardware allows for more dynamic network management, enabling immediate adjustments to fulfill varying requirements.
Price efficiency and resource optimization boost the market. This is because NFV introduces cost-effective solutions by eradicating the requirement for dedicated hardware for each network function. Furthermore, virtualizing these processes and running them on standardized hardware lowers capital expenses while also enhancing resource utilization. Thus, organizations can combine their hardware resources using NFV and allocate them dynamically according to demand.
The advent of 5G technology is a main driver for NFV adoption. The deployment of 5G networks needs a highly adaptable and scalable infrastructure owing to the surge in data traffic, stringent latency needs, and diverse use cases. Furthermore, NFV's virtualized approach aligns well with these demands. By virtualizing network functions, telecom operators can immediately manage and deploy services specific to 5G, such as edge computing, network slicing, and virtual radio access networks.
Shortage of technical expertise in underdeveloped and backward economies will create obstacles to market growth.
Regional Analysis
North America dominated the market in terms of shares and is expected to maintain its dominance. This can be majorly attributed to the businesses being financed by their emerging technologies to implement streamlined work processes. Furthermore, early and rapid adoption of technologies, such as Software-defined everything (SDx), cloud computing, and IoT benefited the market. In addition, these favorable standards and networking laws helped propel the market growth in this region.
Asia-Pacific is estimated to dominate the market in terms of the growth rate. This is primarily due to the robust IT infrastructure, solid software, and service offerings. Additionally, the increase in penetration of cloud-based services fuels the market growth in this region.
Segmentation Insights
Component Insight
The hardware segment is predicted to dominate the market in terms of the rate. The virtualization of network functions decreases dependency on reliable hardware appliances for network operators and permits enhanced scalability and customization across the whole network. Such advantages offer various possibilities for segment growth.
Enterprise Size Insight
The large enterprises segment is anticipated to dominate the market in terms of the rate. Network function virtualization promotes large enterprises for the growth of network resources as well as new servers while minimizing the organizational burden. Thus, the combination of automation, orchestration, and programmability offered by virtualization allows the IT department of large enterprises to become more prevalent.
The SME segment is predicted to dominate the market in terms of the highest growth rate. An increase in requirement to make business more streamlined, and a surge in the need to enhance efficiency by shortening the time taken to troubleshoot a solution a major factors that boost the segment growth.
End User Insight
The Network Function Virtualization segment is estimated to dominate the market in terms of revenue. Network function virtualization provides Network Function Virtualization providers with cutting-edge capabilities such as managing large networks, secured sharing on the network, efficiency, and flexibility of networking processes. Furthermore, increase in the usage of cloud computing services & mobile devices and a concentration on technical developments in organizations. Thus, these elements are predicted to drive the market.
The services segment dominates the market in terms of the largest shares. This is because services play a crucial role in the NFV market, as services concentrate on meeting customer needs, including decreased prices and improved software performance. Additionally, there has been an upsurge in the utilization of services among end users over time, as it ensures sufficient functioning of software and platforms throughout the procedure.
Prominent Companies
Segmentation Outline
The global network function virtualization market segmentation focuses on Component, Enterprise Size, End User, and Region.
By Component
By Enterprise Size
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: NETWORK FUNCTION VIRTUALIZATION MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET, BY COMPONENT
5.1 OVERVIEW
5.2 HARDWARE
5.2.1 NFV SERVERS
5.2.2 STORAGE
5.2.3 SWITCHES
5.3 SOFTWARE
5.4 SERVICES
5.4.1 PROFESSIONAL SERVICES
5.4.2 MANAGED SERVICES
6 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET, BY ENTERPRISE SIZE
6.1 OVERVIEW
6.2 LARGE ENTERPRISES
6.3 SME
7 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET, BY END USER
7.1 OVERVIEW
7.2 SERVICE PROVIDERS
7.3 DATA CENTERS
7.4 ENTERPRISES
7.4.1 IT AND TELECOM
7.4.2 CONSUMER GOODS AND RETAIL
7.4.3 BFSI
7.4.4 GOVERNMENT AND DEFENSE
7.4.5 HEALTHCARE
7.4.6 OTHERS
8 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL NETWORK FUNCTION VIRTUALIZATION MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 ERICSSON
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 MAVENIR
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 AFFIRMED NETWORKS
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 ZTE CORPORATION
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 VMWARE INC.
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 FUJITSU LIMITED
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 COMBA TELECOM SYSTEMS
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 WIND RIVER SYSTEMS INC.
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 JUNIPER NETWORKS INC.
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 NETSCOUT SYSTEMS INC.
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 HEWLETT PACKARD ENTERPRISE COMPANY
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 CISCO SYSTEMS INC.
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 CIENA CORPORATION
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 HUAWEI TECHNOLOGIES CO. LTD
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 NOKIA CORPORATION
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 DELL EMC
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 ECI TELECOM
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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