Network Functions Virtualization (NFV) Market to Reach $180.67 Billion Globally by 2031 at a CAGR of 23.8%: Allied Market Research
The decrease in CAPEX and OPEX offered by network function virtualization and the increase in deployment of virtualized software among enterprise data centers, including Internet Service Providers (ISPs) and vendors cloud services (CSP) and rapid automation in IT sectors are driving the growth of the global network function virtualization (NFV) market.
PORTLAND, Oregon., August 5, 2022 /PRNewswire/ — Allied Market Research has released a report titled, “Network Functions Virtualization Market By Component (Hardware, Software, Services), By Enterprise Size (Large Enterprises, SMBs), By End User (Service Providers, Data Centers, Enterprises): Global Opportunities Analysis and Industry Forecast, 2021- 2031. » According to the report, the global network function virtualization industry generated $21.90 billion in 2021, and should reach $180.67 billion by 2031, growing at a CAGR of 23.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, major segments, major investment pockets, value chain, regional landscape and competitive scenario.
Drivers and Opportunities
The decrease in CAPEX and OPEX offered by Network Functions Virtualization and the increase in the deployment of virtualized software among enterprise data centers, including Internet Service Providers (ISPs) and cloud services (CSP) and rapid automation in IT sectors are driving the growth of the global network function virtualization market. However, increasing network security risks in network function virtualization is hampering the growth of the market. On the other hand, the increase in demand for data-intensive applications and the need for cloud-based services present new opportunities in the coming years.
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- The Covid-19 pandemic has led to supply chain disruptions due to the limited import and export of devices such as smartphones, computers and tablets to and from China. China manufacturing plants were shut down for several months and production, sales and operations of the NFV industry were severely affected.
- However, some companies are working hard to help the NFV market recover. In addition, local governments have taken corrective measures to mitigate the negative effects of COVID-19. Therefore, the NFV industry is expected to slowly return to its normal phase after 2022.
Get a detailed analysis of the impact of COVID-19 on the Network Function Virtualization Market:
The Law Enforcement Equipment segment during the forecast period
Based on components, the hardware segment captured the highest market share in 2021, contributing nearly half of the global network function virtualization market, and is expected to maintain its leading status during the period. forecast. Network functions virtualization reduces reliance on dedicated hardware appliances for network operators and enables improved scalability and customization across the entire network. Such advantages provide many opportunities for the growth of the hardware segment. However, the services segment is expected to witness the largest CAGR of 25.2% from 2022 to 2031. Indeed, services play a vital role in the NFV market. Services focus on meeting customer requirements, including reducing costs and improving software performance.
The large enterprise segment to maintain its dominance over the forecast period
Based on enterprise size, the large enterprise segment held the highest market share in 2021, contributing approximately two-thirds of the global network functions virtualization market, and is expected to maintain its dominance during of the forecast period. Indeed, the combination of orchestration, automation and programmability provided by virtualization allows the IT department of large enterprises to become more agile. However, the SME segment is expected to experience the largest CAGR of 25.0% from 2022 to 2031. The increase in the need to streamline operations and the increase in the need to improve efficiency by shortening the time taken to troubleshoot a solution are dramatically driving the growth of network function virtualization in small and medium-sized businesses.
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The data center segment to achieve the fastest growth during the forecast period
On the basis of end-user, the enterprise segment held the highest market share in 2021, contributing nearly two-fifths of the global network functions virtualization market. The increased focus of enterprises on re-architecting their network infrastructure to achieve automation, network security, and application performance is one of the major factors driving significant enterprise adoption of network function virtualization technologies. . However, the data center segment is expected to experience the largest CAGR of 24.6% from 2022 to 2031. Indeed, network function virtualization provides data center providers with advanced features such as secure sharing over the network , wide area network management, efficiency and flexibility of networking operations.
North America maintain revenue dominance by 2031
Based on the region, North America contributed the highest market share by revenue in 2021, accounting for nearly two-fifths of the global market network functions virtualization industryand is expected to maintain its revenue dominance by 2031. The NFV market in North America is facilitated by the early and rapid adoption of technologies such as cloud computing, software-defined everything (SDx), and IoT. Favorable standards and networking regulations are helping to drive the market growth in this region. However, Asia Pacific is expected to show the fastest CAGR of 26.2% during the forecast period. Indeed, the region has a robust IT infrastructure and strong software and service offerings. Also, increasing penetration of cloud-based services is driving the market growth in this region.
Main market players
- Cisco Systems, Inc.
- Huawei Technologies Co., Ltd.
- VMware, Inc.
- Nokia Company
- Hewlett-Packard Enterprise Company
- Juniper Networks, Inc.
- ZTE Company
- FUJITSU LIMITED
- Combined telecommunications systems
- Confirmed networks
- NetScout Systems, Inc.
- Wind River Systems, Inc.
- ECI Telecom
- Ciena Corporation
The report analyzes these key players in the global network function virtualization market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.
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