Network Function Virtualization (NFV) Market size to grow by USD 49.79 billion between 2022 - 2027 | The high penetration of wireless network infrastructure drives the market growth - Technavio
NEW YORK, Oct. 12, 2023 /PRNewswire/ -- The Network Function Virtualization (NFV) Market size is expected to increase by USD 49.79 billion, accelerating at a CAGR of 24.39% during the forecast period. The global network function virtualization (NFV) market is experiencing substantial growth due to the widespread expansion of wireless networks and the increasing availability of the Internet worldwide. NFV helps in supporting the use of social and mobile applications across various industries. Furthermore, the growing construction of data centers for network data storage is driving the adoption of NFV and software-defined networking (SDN) technologies. This adoption is primarily motivated by evolving business needs across different sectors, promising a bright future for the global NFV market. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy full report here
Network Function Virtualization (NFV) Market: Challenge
The network function virtualization (NFV) market faces a major challenge in the form of data privacy and security concerns. Increased connectivity and data sharing have led to more security issues and data breaches. The rise of the Internet of Things (IoT) has blurred the lines between physical and virtual worlds, making industrial sensor and device data vulnerable to cyberattacks. To mitigate this risk, robust authentication measures are needed for data accessible on the internet. The fear of cyber intrusions could slow down the adoption of network services, potentially impacting the growth of the global NFV market.
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Network Function Virtualization (NFV) Market: Segmentation
The network function virtualization market has been segmented by Component (Solutions and Services ), End-user (IT and telecom, BFSI, Government, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America).
During the forecast period, the solutions segment is expected to experience substantial growth in market share. This growth is driven by the adoption of network function virtualization (NFV), which replaces hardware appliances with virtual software and infrastructure offered by vendors. This software allows networks to deliver on-demand services, a task that is more challenging when relying on physical hardware appliances.
North America is expected to contribute significantly, accounting for 37% of global market growth during the forecast period. The demand for improved network infrastructure to gain a competitive edge and the increasing complexity of network setups are driving the adoption of network function virtualization (NFV) in the region. Competition among NFV providers has led to product enhancements to maintain market share. Notably, the United States and Canada have the highest NFV adoption rates in North America, further boosting market growth in this region.
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Network Function Virtualization (NFV) Market: Key Companies
- 6WIND
- A10 Networks Inc.
- Access Co. Ltd.
- Ciena Corp.
- Cisco Systems Inc.
- Cloud Software Group Inc.
- Dell Technologies Inc.
- Fortinet Inc.
- Fujitsu Ltd.
- Hewlett Packard Enterprise Co.
- Huawei Technologies Co. Ltd.
- Intel Corp.
- International Business Machines Corp.
- Juniper Networks Inc.
- Nokia Corp.
- Oracle Corp.
- Radware Ltd.
- Sandvine Corp.
- Telefonaktiebolaget LM Ericsson
- Ekinops SA
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TOC:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Sizes
- Five Forces Analysis
- Market Segmentation by Component
- Market Segmentation by End-User
- Market Segmentation by Geography
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, & Trends
- Company Landscape
- Company Analysis
- Appendix
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